ValuEngine Upgrades Bank Of New York Mellon (BK) to Buy
ValuEngine upgraded shares of Bank Of New York Mellon (NYSE:BK) from a hold rating to a buy rating in a research report report published on Tuesday morning.
Several other research firms also recently issued reports on BK. Zacks Investment Research downgraded shares of Bank Of New York Mellon from a buy rating to a hold rating in a report on Wednesday, October 11th. Royal Bank Of Canada restated a hold rating and set a $58.00 price objective on shares of Bank Of New York Mellon in a report on Thursday, August 31st. UBS downgraded shares of Bank Of New York Mellon from a buy rating to a neutral rating and set a $56.00 price objective on the stock. in a report on Friday, September 8th. Goldman Sachs Group restated a buy rating and set a $58.00 price objective (up previously from $52.85) on shares of Bank Of New York Mellon in a report on Friday, October 20th. Finally, Jefferies Group restated a hold rating and set a $56.00 price objective on shares of Bank Of New York Mellon in a report on Friday, September 15th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of Hold and a consensus target price of $55.28.
Bank Of New York Mellon (NYSE:BK) traded up $0.45 during trading on Tuesday, reaching $54.67. 4,422,903 shares of the company’s stock were exchanged, compared to its average volume of 4,561,581. The firm has a market cap of $55,522.47, a price-to-earnings ratio of 15.63, a price-to-earnings-growth ratio of 1.98 and a beta of 1.22. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.69 and a current ratio of 0.69. Bank Of New York Mellon has a 52-week low of $43.85 and a 52-week high of $55.40.
Bank Of New York Mellon (NYSE:BK) last released its earnings results on Thursday, October 19th. The bank reported $0.94 earnings per share for the quarter, topping 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 during the quarter, compared to analyst estimates of $3.99 billion. During the same quarter in the previous year, the business earned $0.90 EPS. The business’s revenue was up 1.9% on a year-over-year basis. analysts forecast that Bank Of New York Mellon will post 3.54 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, November 9th. Investors of record on Tuesday, October 31st were paid a $0.24 dividend. The ex-dividend date was Monday, October 30th. This represents a $0.96 dividend on an annualized basis and a yield of 1.76%. Bank Of New York Mellon’s payout ratio is currently 28.07%.
In related news, CFO Thomas P. Gibbons sold 38,152 shares of the company’s stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $54.15, for a total value of $2,065,930.80. Following the sale, the chief financial officer now owns 310,002 shares of the company’s stock, valued at $16,786,608.30. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Vice Chairman Brian T. Shea sold 22,228 shares of the company’s stock in a transaction dated Friday, November 3rd. The shares were sold at an average price of $51.26, for a total transaction of $1,139,407.28. Following the completion of the sale, the insider now directly owns 181,815 shares in the company, valued at approximately $9,319,836.90. The disclosure for this sale can be found here. In the last three months, insiders sold 7,708,334 shares of company stock worth $404,956,863. 3.60% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of BK. Invictus RG bought a new stake in Bank Of New York Mellon during the third quarter worth about $102,000. First Interstate Bank grew its stake in Bank Of New York Mellon by 56.2% during the second quarter. First Interstate Bank now owns 2,339 shares of the bank’s stock worth $119,000 after buying an additional 842 shares during the last quarter. Hudock Capital Group LLC grew its stake in Bank Of New York Mellon by 0.3% during the second quarter. Hudock Capital Group LLC now owns 2,556 shares of the bank’s stock worth $130,000 after buying an additional 7 shares during the last quarter. Advisory Services Network LLC grew its stake in Bank Of New York Mellon by 15.5% during the second quarter. Advisory Services Network LLC now owns 2,712 shares of the bank’s stock worth $138,000 after buying an additional 363 shares during the last quarter. Finally, Burt Wealth Advisors grew its stake in Bank Of New York Mellon by 2,186.7% during the second quarter. Burt Wealth Advisors now owns 2,744 shares of the bank’s stock worth $139,000 after buying an additional 2,624 shares during the last quarter. 82.83% of the stock is currently owned by institutional investors and hedge funds.
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About Bank Of New York Mellon
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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