Shares of Bank of New York Mellon Corp (NYSE:BK) have earned an average recommendation of “Hold” from the nineteen brokerages that are currently covering the firm, MarketBeat.com reports. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and eight have given a buy rating to the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $44.09.
A number of research firms have issued reports on BK. Zacks Investment Research lowered Bank of New York Mellon from a “hold” rating to a “sell” rating and set a $37.00 price target on the stock. in a research report on Tuesday, April 7th. Citigroup reduced their price target on Bank of New York Mellon from $53.00 to $45.00 and set a “buy” rating on the stock in a research report on Monday, March 16th. Bank of America reduced their price target on Bank of New York Mellon from $36.00 to $30.00 and set a “neutral” rating on the stock in a research report on Monday, March 23rd. Credit Suisse Group reduced their price target on Bank of New York Mellon from $54.00 to $44.00 and set an “outperform” rating on the stock in a research report on Monday, March 30th. Finally, ValuEngine lowered Bank of New York Mellon from a “hold” rating to a “sell” rating in a research report on Thursday, April 9th.
Shares of NYSE:BK opened at $37.63 on Friday. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.77. The business has a fifty day moving average of $37.16 and a two-hundred day moving average of $40.70. The stock has a market cap of $32.16 billion, a P/E ratio of 7.95, a PEG ratio of 1.30 and a beta of 1.10. Bank of New York Mellon has a 52-week low of $26.40 and a 52-week high of $51.60.
Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Thursday, April 16th. The bank reported $1.05 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.90 by $0.15. Bank of New York Mellon had a return on equity of 10.59% and a net margin of 21.60%. The business had revenue of $3.32 billion for the quarter, compared to analyst estimates of $3.87 billion. During the same quarter in the prior year, the company posted $0.94 EPS. The company’s quarterly revenue was down 14.8% on a year-over-year basis. On average, equities analysts anticipate that Bank of New York Mellon will post 3.49 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Monday, June 22nd. Stockholders of record on Friday, June 5th were issued a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 3.30%. Bank of New York Mellon’s dividend payout ratio is currently 30.85%.
In other news, major shareholder Berkshire Hathaway Inc sold 197,379 shares of the firm’s stock in a transaction that occurred on Tuesday, April 7th. The stock was sold at an average price of $35.31, for a total value of $6,969,452.49. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP J Kevin Mccarthy sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $35.12, for a total value of $351,200.00. Following the completion of the sale, the executive vice president now directly owns 119,870 shares of the company’s stock, valued at $4,209,834.40. The disclosure for this sale can be found here. Insiders sold a total of 245,292 shares of company stock valued at $8,743,527 over the last three months. Insiders own 0.12% of the company’s stock.
A number of hedge funds have recently modified their holdings of BK. Wealth Quarterback LLC bought a new position in Bank of New York Mellon in the 4th quarter worth approximately $6,405,810,000. Norges Bank bought a new position in Bank of New York Mellon in the 4th quarter worth approximately $446,977,000. Goldman Sachs Group Inc. grew its holdings in Bank of New York Mellon by 73.6% in the 4th quarter. Goldman Sachs Group Inc. now owns 6,940,933 shares of the bank’s stock worth $349,337,000 after buying an additional 2,941,984 shares in the last quarter. Nuveen Asset Management LLC grew its holdings in Bank of New York Mellon by 50.9% in the 1st quarter. Nuveen Asset Management LLC now owns 7,781,910 shares of the bank’s stock worth $262,095,000 after buying an additional 2,623,692 shares in the last quarter. Finally, Macquarie Group Ltd. grew its holdings in Bank of New York Mellon by 12.6% in the 4th quarter. Macquarie Group Ltd. now owns 18,187,866 shares of the bank’s stock worth $915,395,000 after buying an additional 2,034,774 shares in the last quarter. 81.67% of the stock is owned by hedge funds and other institutional investors.
Bank of New York Mellon Company Profile
The Bank of New York Mellon Corporation provides a range of financial products and services to institutions, corporations, and high net worth individuals in the United States and internationally. The company operates through two segments, Investment Management and Investment Services. It offers investment management, custody, foreign exchange, fund broker-dealer, collateral and liquidity, clearing, corporate trust, global payment, trade finance, and cash management services, as well as securities finance and depositary receipts.
Recommended Story: How prevalent are 12b-1 fees?
Receive News & Ratings for Bank of New York Mellon Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of New York Mellon and related companies with MarketBeat.com's FREE daily email newsletter.