Zacks Reiterates Neutral Rating for The Bank of New York Mellon (BK)
The Bank of New York Mellon (NYSE:BK)‘s stock had its “neutral” rating reiterated by Zacks in a note issued to investors on Tuesday. They currently have a $36.00 price target on the stock. Zacks‘s price target points to a potential upside of 3.90% from the company’s current price.
Zacks’ analyst wrote, “BNY Mellon’s first-quarter 2014 earnings outpaced the Zacks Consensus Estimate. Results benefited from an increase in net interest revenues and fee income as well as prudent expense management partially offset by lower benefit from provisions. Additionally, consistent improvements in asset position as well as strong capital ratios were the tailwinds. We expect the top line to continue benefiting from various restructuring initiatives and acquisitions going forward. Moreover, a strong capital position and enhanced capital deployment activities will continue to boost investors’ confidence. However, a still low interest rate environment, slow economic recovery and changing regulations are expected to dent the company’s performance in the near term.”
The Bank of New York Mellon (NYSE:BK) traded down 0.58% during mid-day trading on Tuesday, hitting $34.45. 1,097,743 shares of the company’s stock traded hands. The Bank of New York Mellon has a 52-week low of $27.54 and a 52-week high of $35.88. The stock’s 50-day moving average is $34.08 and its 200-day moving average is $33.51. The company has a market cap of $39.286 billion and a P/E ratio of 13.62.
The Bank of New York Mellon (NYSE:BK) last announced its earnings results on Tuesday, April 22nd. The company reported $0.57 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.54 by $0.03. The company had revenue of $3.63 billion for the quarter, compared to the consensus estimate of $3.73 billion. During the same quarter in the prior year, the company posted $0.50 earnings per share. The company’s quarterly revenue was up .4% on a year-over-year basis. Analysts expect that The Bank of New York Mellon will post $2.35 EPS for the current fiscal year.
BK has been the subject of a number of other recent research reports. Analysts at Deutsche Bank initiated coverage on shares of The Bank of New York Mellon in a research note on Thursday, May 22nd. They set a “hold” rating and a $34.00 price target on the stock. Separately, analysts at JPMorgan Chase & Co. reiterated a “neutral” rating on shares of The Bank of New York Mellon in a research note on Friday, May 9th. They now have a $32.50 price target on the stock, down previously from $34.00. Finally, analysts at Argus reiterated a “buy” rating on shares of The Bank of New York Mellon in a research note on Friday, April 25th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the stock. The Bank of New York Mellon presently has an average rating of “Hold” and an average target price of $35.50.
The Bank of New York Mellon Corporation (NYSE:BK) is a global financial services company.
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