Bank Of New York Mellon Corp. (BK) Shares Gap Up to $40.53
Shares of 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 traded.
Several analysts have issued reports on the stock. Jefferies Group reissued a “hold” rating and issued a $38.00 price objective on shares of Bank Of New York Mellon Corp. in a research note on Thursday. Zacks Investment Research raised shares of Bank Of New York Mellon Corp. from a “sell” rating to a “hold” rating in a research note on Tuesday, August 23rd. Credit Suisse Group AG set a $42.00 price objective on shares of Bank Of New York Mellon Corp. and gave the stock a “hold” rating in a research note on Tuesday, August 9th. Deutsche Bank AG raised their price objective on shares of Bank Of New York Mellon Corp. from $46.00 to $47.00 and gave the stock a “buy” rating in a research note on Friday, August 5th. Finally, Argus reissued a “hold” rating on shares of Bank Of New York Mellon Corp. in a research note on Friday, July 22nd. Six research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $44.80.
The company has a 50-day moving average price of $39.74 and a 200 day moving average price of $38.83. The firm has a market capitalization of $43.61 billion and a P/E ratio of 14.65.
Bank Of New York Mellon Corp. (NYSE:BK) last announced its quarterly earnings data on Thursday, July 21st. The company reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.75 by $0.01. The business had revenue of $3.78 billion for the quarter, compared to analysts’ expectations of $3.79 billion. During the same period in the prior year, the company posted $0.73 EPS. The firm’s revenue was down 2.8% on a year-over-year basis. On average, analysts forecast that Bank Of New York Mellon Corp. will post $3.03 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, August 12th. Stockholders of record on Tuesday, August 2nd were paid a $0.19 dividend. The ex-dividend date was Friday, July 29th. This represents a $0.76 annualized dividend and a dividend yield of 1.86%.
In other news, Director Trian Fund Management, L.P. purchased 152,000 shares of the company’s stock in a transaction dated Friday, July 22nd. The stock was acquired at an average price of $38.87 per share, with a total value of $5,908,240.00. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website.
An institutional investor recently raised its position in Bank Of New York Mellon Corp. stock. Dimensional Fund Advisors LP increased its position in Bank Of New York Mellon Corp. (NYSE:BK) by 2.7% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 6,603,716 shares of the company’s stock after buying an additional 174,940 shares during the period. Dimensional Fund Advisors LP owned 0.61% of Bank Of New York Mellon Corp. worth $272,206,000 as of its most recent filing with the SEC.
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.