Keefe, Bruyette & Woods downgraded shares of Bank of New York Mellon (NYSE:BK) from a market perform rating to an underperform rating in a report published on Friday, Marketbeat reports. Keefe, Bruyette & Woods currently has $49.00 price target on the bank’s stock, down from their previous price target of $55.00.

Several other equities research analysts have also recently issued reports on the stock. Vining Sparks reaffirmed a buy rating and set a $62.00 price objective on shares of Bank of New York Mellon in a research report on Tuesday, October 9th. Deutsche Bank lifted their price objective on shares of Bank of New York Mellon from $60.00 to $61.00 and gave the stock a buy rating in a research report on Thursday, September 27th. Zacks Investment Research cut shares of Bank of New York Mellon from a buy rating to a hold rating in a research report on Tuesday, September 25th. Wolfe Research began coverage on shares of Bank of New York Mellon in a research report on Tuesday, September 25th. They set an underperform rating for the company. Finally, ValuEngine cut shares of Bank of New York Mellon from a hold rating to a sell rating in a research report on Tuesday, August 7th. Four research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average target price of $58.38.

Shares of BK stock opened at $47.40 on Friday. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.69 and a quick ratio of 0.69. Bank of New York Mellon has a 52 week low of $46.37 and a 52 week high of $58.99. The company has a market capitalization of $47.40 billion, a price-to-earnings ratio of 13.17, a price-to-earnings-growth ratio of 1.47 and a beta of 1.05.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings data on Thursday, October 18th. The bank reported $1.06 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.04 by $0.02. The business had revenue of $4.07 billion during the quarter, compared to analysts’ expectations of $4.15 billion. Bank of New York Mellon had a net margin of 24.92% and a return on equity of 11.48%. The company’s revenue for the quarter was up 1.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.94 EPS. As a group, equities analysts forecast that Bank of New York Mellon will post 4.17 EPS for the current fiscal year.

Bank of New York Mellon announced that its Board of Directors has authorized a share repurchase plan on Thursday, June 28th that authorizes the company to repurchase $2.40 billion in shares. This repurchase authorization authorizes the bank to purchase up to 4.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board of directors believes its shares are undervalued.

The business also recently declared a quarterly dividend, which will be paid on Friday, November 9th. Investors of record on Tuesday, October 30th will be given a $0.28 dividend. The ex-dividend date is Monday, October 29th. This represents a $1.12 dividend on an annualized basis and a yield of 2.36%. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 31.11%.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. FMR LLC lifted its position in Bank of New York Mellon by 123.2% in the second quarter. FMR LLC now owns 18,383,793 shares of the bank’s stock valued at $991,438,000 after acquiring an additional 10,147,809 shares during the last quarter. Longview Partners Guernsey LTD lifted its position in Bank of New York Mellon by 0.7% in the third quarter. Longview Partners Guernsey LTD now owns 17,773,813 shares of the bank’s stock valued at $906,287,000 after acquiring an additional 124,800 shares during the last quarter. Artisan Partners Limited Partnership lifted its position in Bank of New York Mellon by 0.5% in the second quarter. Artisan Partners Limited Partnership now owns 13,668,727 shares of the bank’s stock valued at $737,154,000 after acquiring an additional 63,107 shares during the last quarter. Morgan Stanley lifted its position in Bank of New York Mellon by 66.0% in the second quarter. Morgan Stanley now owns 8,460,980 shares of the bank’s stock valued at $456,300,000 after acquiring an additional 3,363,091 shares during the last quarter. Finally, Vulcan Value Partners LLC lifted its position in Bank of New York Mellon by 13.2% in the second quarter. Vulcan Value Partners LLC now owns 7,871,202 shares of the bank’s stock valued at $424,494,000 after acquiring an additional 918,540 shares during the last quarter. 83.47% of the stock is owned by hedge funds and other institutional investors.

About Bank of New York Mellon

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.

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