The Bank of New York Mellon (BK) Posts Quarterly Results
The Bank of New York Mellon (NYSE:BK) issued its quarterly earnings data on Friday. The company reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.05, Stock Ratings Network reports. The company had revenue of $3.73 billion for the quarter, compared to the consensus estimate of $3.79 billion.
A number of analysts have recently weighed in on BK shares. Analysts at Deutsche Bank reiterated a “hold” rating on shares of The Bank of New York Mellon in a research note on Monday. They now have a $36.00 price target on the stock, up previously from $34.00. On a related note, analysts at JPMorgan Chase & Co. reiterated a “neutral” rating on shares of The Bank of New York Mellon in a research note on Thursday, July 10th. They now have a $35.00 price target on the stock, up previously from $32.50. Finally, analysts at Credit Agricole upgraded shares of The Bank of New York Mellon from an “underperform” rating to an “outperform” rating in a research note on Monday, June 30th. They now have a $42.00 price target on the stock. One analyst has rated the stock with a sell rating, eight have issued a hold rating and six have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $36.42.
Shares of The Bank of New York Mellon (NYSE:BK) opened at 38.00 on Friday. The Bank of New York Mellon has a 1-year low of $29.52 and a 1-year high of $38.48. The stock’s 50-day moving average is $36.22 and its 200-day moving average is $34.18. The company has a market cap of $43.334 billion and a P/E ratio of 14.98. The Bank of New York Mellon also was the target of a large growth in short interest in June. As of June 30th, there was short interest totalling 17,081,884 shares, a growth of 21.5% from the June 13th total of 14,062,319 shares. Approximately 1.5% of the company’s stock are short sold. Based on an average daily volume of 6,578,309 shares, the short-interest ratio is presently 2.6 days.
The Bank of New York Mellon Corporation (NYSE:BK) is a global financial services company.
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