Zacks Investment Research upgraded shares of Bank Of New York Mellon (NYSE:BK) from a hold rating to a buy rating in a report issued on Wednesday, December 20th. They currently have $61.00 price target on the bank’s stock.
According to Zacks, “BNY Mellon's shares have underperformed the industry in the last six months. The company’s earnings surpassed the Zacks Consensus Estimate in two of the trailing four quarters. Easing margin pressure (driven by gradual rise in interest rates) and rising loan demand are expected to further aid revenue growth. Also, potential lesser regulations and cost-saving initiatives will likely drive profitability. Given a solid capital position, the company is expected to continue enhancing shareholder value through efficient capital deployment activities. However, concentration risk arising from significant dependence on fee-based income remains a matter of concern for the company in the near term.”
A number of other research analysts also recently weighed in on the stock. ValuEngine upgraded shares of Bank Of New York Mellon from a hold rating to a buy rating in a research report on Tuesday, December 5th. Royal Bank of Canada reiterated a hold rating and issued a $58.00 price target on shares of Bank Of New York Mellon in a research report on Wednesday, November 15th. Jefferies Group reiterated a hold rating on shares of Bank Of New York Mellon in a research report on Friday, October 20th. Morgan Stanley increased their price target on shares of Bank Of New York Mellon from $55.00 to $60.00 and gave the stock an equal weight rating in a research report on Friday, October 20th. Finally, Goldman Sachs Group restated a buy rating and set a $58.00 price objective (up from $52.85) on shares of Bank Of New York Mellon in a research report on Friday, October 20th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the stock. Bank Of New York Mellon presently has a consensus rating of Hold and a consensus target price of $56.59.
Shares of Bank Of New York Mellon (BK) traded up $0.59 on Wednesday, reaching $58.42. 3,484,223 shares of the company’s stock were exchanged, compared to its average volume of 4,190,000. The stock has a market capitalization of $60,360.00, a PE ratio of 17.18, a PEG ratio of 1.82 and a beta of 1.22. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 0.85. Bank Of New York Mellon has a twelve month low of $43.85 and a twelve month high of $58.68.
Bank Of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Thursday, October 19th. The bank reported $0.94 EPS for the quarter, beating the Zacks’ consensus estimate of $0.93 by $0.01. Bank Of New York Mellon had a net margin of 23.14% and a return on equity of 10.51%. The firm had revenue of $4.02 billion for the quarter, compared to analysts’ expectations of $3.99 billion. During the same quarter in the prior year, the company posted $0.90 earnings per share. The business’s revenue for the quarter was up 1.9% on a year-over-year basis. sell-side analysts forecast that Bank Of New York Mellon will post 3.55 EPS for the current fiscal year.
In other news, Vice Chairman Brian T. Shea sold 22,228 shares of the business’s stock in a transaction dated Friday, November 3rd. The shares were sold at an average price of $51.26, for a total value of $1,139,407.28. Following the completion of the sale, the insider now owns 181,815 shares in the company, valued at approximately $9,319,836.90. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Edward P. Garden sold 1,031,157 shares of the business’s stock in a transaction dated Friday, October 20th. The shares were sold at an average price of $53.13, for a total transaction of $54,785,371.41. The disclosure for this sale can be found here. Insiders have sold a total of 7,708,334 shares of company stock valued at $404,956,863 in the last quarter. 3.60% of the stock is currently owned by company insiders.
Several large investors have recently bought and sold shares of the company. Rowland & Co. Investment Counsel ADV purchased a new position in shares of Bank Of New York Mellon in the 4th quarter worth approximately $124,000. Sawyer & Company Inc purchased a new position in shares of Bank Of New York Mellon in the 4th quarter worth approximately $164,000. Rockland Trust Co. purchased a new position in shares of Bank Of New York Mellon in the 4th quarter worth approximately $291,000. DnB Asset Management AS grew its position in shares of Bank Of New York Mellon by 1.8% in the 4th quarter. DnB Asset Management AS now owns 110,467 shares of the bank’s stock worth $5,950,000 after buying an additional 2,000 shares during the last quarter. Finally, Abner Herrman & Brock LLC grew its position in shares of Bank Of New York Mellon by 4.2% in the 4th quarter. Abner Herrman & Brock LLC now owns 198,125 shares of the bank’s stock worth $10,671,000 after buying an additional 7,966 shares during the last quarter. Institutional investors and hedge funds own 82.92% of the company’s stock.
Bank Of New York Mellon Company Profile
The Bank of New York Mellon Corporation is an investments company. The Company operates businesses through two segments: Investment Management and Investment Services. The Company also has an Other segment, which includes the leasing portfolio, corporate treasury activities (including its investment securities portfolio), derivatives and other trading, corporate and bank-owned life insurance and renewable energy investments, and business exits.
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