Bank Of New York Mellon Corp. (BK) Shares Gap Up to $40.53
Bank Of New York Mellon Corp. (NYSE:BK) gapped up prior to trading on Friday . The stock had previously closed at $40.47, but opened at $40.53. Bank Of New York Mellon Corp. shares last traded at $40.78, with a volume of 2,291,795 shares.
A number of equities research analysts have weighed in on the company. Deutsche Bank AG reiterated a “buy” rating on shares of Bank Of New York Mellon Corp. in a report on Sunday, July 10th. Barclays PLC reiterated a “buy” rating on shares of Bank Of New York Mellon Corp. in a report on Saturday, July 9th. Jefferies Group reiterated a “hold” rating and issued a $38.00 target price on shares of Bank Of New York Mellon Corp. in a report on Thursday. TheStreet upgraded Bank Of New York Mellon Corp. from a “hold” rating to a “buy” rating in a report on Monday, May 2nd. Finally, Argus reiterated a “hold” rating on shares of Bank Of New York Mellon Corp. in a report on Friday, July 22nd. Six research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $44.80.
The firm has a 50-day moving average of $39.74 and a 200-day moving average of $38.83. The firm has a market cap of $43.61 billion and a price-to-earnings ratio of 14.65.
Bank Of New York Mellon Corp. (NYSE:BK) last released its quarterly earnings data on Thursday, July 21st. The company reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.75 by $0.01. The business earned $3.78 billion during the quarter, compared to analysts’ expectations of $3.79 billion. During the same quarter last year, the business posted $0.73 EPS. The company’s quarterly revenue was down 2.8% compared to the same quarter last year. Equities analysts expect that Bank Of New York Mellon Corp. will post $3.03 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 12th. Shareholders of record on Tuesday, August 2nd were issued a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 1.86%. The ex-dividend date was Friday, July 29th.
In other Bank Of New York Mellon Corp. news, Director Trian Fund Management, L.P. acquired 370,000 shares of the company’s stock in a transaction on Monday, June 6th. The stock was acquired at an average price of $42.39 per share, for a total transaction of $15,684,300.00. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website.
Several hedge funds and institutional investors have recently added to or reduced their stakes in BK. Airain ltd purchased a new position in Bank Of New York Mellon Corp. during the fourth quarter worth approximately $2,781,000. Schwab Charles Investment Management Inc. boosted its position in Bank Of New York Mellon Corp. by 2.8% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 2,855,924 shares of the company’s stock worth $117,722,000 after buying an additional 78,998 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in Bank Of New York Mellon Corp. by 2.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 6,603,716 shares of the company’s stock worth $272,206,000 after buying an additional 174,940 shares during the last quarter.
The Bank of New York Mellon Corporation (BNY Mellon) 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 credit-related services; the leasing portfolio; corporate treasury activities, including its investment securities portfolio; its equity interest in ConvergEx Group; business exits, and corporate overhead.
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