Bank Of New York Mellon Corporation (The) (NYSE:BK) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Thursday.

According to Zacks, “BNY Mellon's shares have outperformed the industry in the last six months. The performance was supported by the company’s decent earnings surprise history. It surpassed the Zacks Consensus Estimate for earnings in two of the trailing four quarters. While easing margin pressure (driven by gradual rise in interest rates), potential lesser regulations, cost-saving initiatives and rising loan demand are expected to aid profitability, concentration risk arising from significant dependence on fee-based income remains a matter of concern in the near term.”

Several other brokerages have also recently weighed in on BK. Wells Fargo & Company began coverage on Bank Of New York Mellon Corporation (The) in a research report on Wednesday, August 9th. They issued a “market perform” rating and a $55.00 price target for the company. BidaskClub upgraded Bank Of New York Mellon Corporation (The) from a “hold” rating to a “buy” rating in a research report on Sunday, August 6th. Royal Bank Of Canada restated a “hold” rating on shares of Bank Of New York Mellon Corporation (The) in a research report on Friday, July 21st. Bank of America Corporation set a $52.00 target price on Bank Of New York Mellon Corporation (The) and gave the stock a “sell” rating in a research report on Friday, July 21st. Finally, Deutsche Bank AG boosted their target price on Bank Of New York Mellon Corporation (The) from $58.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, July 21st. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, five have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $53.82.

Bank Of New York Mellon Corporation (The) (NYSE:BK) last announced its quarterly earnings results on Thursday, July 20th. The bank reported $0.88 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.84 by $0.04. The company had revenue of $3.96 billion during the quarter, compared to analysts’ expectations of $3.91 billion. Bank Of New York Mellon Corporation (The) had a return on equity of 10.35% and a net margin of 23.35%. The firm’s quarterly revenue was up .4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.76 earnings per share.

Bank Of New York Mellon Corporation (The) declared that its board has initiated a share repurchase program on Wednesday, June 28th that permits the company to repurchase $3.10 billion in shares. This repurchase authorization permits the bank to repurchase up to 5.9% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.

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In other news, Vice Chairman Thomas P. Gibbons sold 184,380 shares of the company’s stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $53.95, for a total value of $9,947,301.00. Following the completion of the transaction, the insider now directly owns 455,927 shares in the company, valued at approximately $24,597,261.65. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Trian Fund Management, L.P. sold 10,000,000 shares of the company’s stock in a transaction dated Wednesday, August 9th. The stock was sold at an average price of $53.09, for a total value of $530,900,000.00. The disclosure for this sale can be found here. Insiders sold a total of 10,931,137 shares of company stock valued at $581,058,723 over the last quarter. Company insiders own 3.60% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Advisors Asset Management Inc. lifted its stake in shares of Bank Of New York Mellon Corporation (The) by 2.0% in the 1st quarter. Advisors Asset Management Inc. now owns 12,962 shares of the bank’s stock valued at $612,000 after acquiring an additional 252 shares during the last quarter. DekaBank Deutsche Girozentrale lifted its stake in shares of Bank Of New York Mellon Corporation (The) by 28.9% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 178,823 shares of the bank’s stock valued at $8,610,000 after acquiring an additional 40,052 shares during the last quarter. AMG National Trust Bank lifted its stake in shares of Bank Of New York Mellon Corporation (The) by 4.5% in the 1st quarter. AMG National Trust Bank now owns 50,477 shares of the bank’s stock valued at $2,384,000 after acquiring an additional 2,195 shares during the last quarter. Capital Fund Management S.A. lifted its stake in shares of Bank Of New York Mellon Corporation (The) by 18.4% in the 1st quarter. Capital Fund Management S.A. now owns 540,573 shares of the bank’s stock valued at $25,531,000 after acquiring an additional 84,157 shares during the last quarter. Finally, TIAA CREF Trust Co. FSB MO lifted its stake in shares of Bank Of New York Mellon Corporation (The) by 6.5% in the 1st quarter. TIAA CREF Trust Co. FSB MO now owns 51,667 shares of the bank’s stock valued at $2,440,000 after acquiring an additional 3,156 shares during the last quarter. Hedge funds and other institutional investors own 81.78% of the company’s stock.

About Bank Of New York Mellon Corporation (The)

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.

Analyst Recommendations for Bank Of New York Mellon Corporation (The) (NYSE:BK)

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