Q3 2016 EPS Estimates for Bank Of New York Mellon Corp. (BK) Increased by Jefferies Group
Bank Of New York Mellon Corp. (NYSE:BK) – Investment analysts at Jefferies Group increased their Q3 2016 EPS estimates for shares of Bank Of New York Mellon Corp. in a report released on Monday. Jefferies Group analyst K. Usdin now forecasts that the firm will post earnings of $0.80 per share for the quarter, up from their prior estimate of $0.79. Jefferies Group has a “Hold” rating and a $38.00 price objective on the stock. Jefferies Group also issued estimates for Bank Of New York Mellon Corp.’s Q4 2016 earnings at $0.70 EPS.
BK has been the subject of several other reports. Credit Agricole SA boosted their target price on Bank Of New York Mellon Corp. from $45.00 to $47.00 and gave the company an “outperform” rating in a report on Friday, September 23rd. Credit Suisse Group AG reissued a “hold” rating and issued a $42.00 target price on shares of Bank Of New York Mellon Corp. in a report on Tuesday, August 30th. Deutsche Bank AG boosted their target price on Bank Of New York Mellon Corp. from $50.00 to $51.00 and gave the company a “buy” rating in a report on Friday, September 9th. Zacks Investment Research downgraded Bank Of New York Mellon Corp. from a “hold” rating to a “sell” rating in a report on Monday, June 27th. Finally, Buckingham Research reissued a “buy” rating on shares of Bank Of New York Mellon Corp. in a report on Tuesday, June 21st. Six research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $45.05.
Shares of Bank Of New York Mellon Corp. (NYSE:BK) traded up 0.889% during mid-day trading on Wednesday, reaching $40.305. The company’s stock had a trading volume of 1,530,050 shares. The company’s 50 day moving average price is $40.57 and its 200-day moving average price is $39.81. Bank Of New York Mellon Corp. has a 1-year low of $32.20 and a 1-year high of $44.73. The company has a market capitalization of $43.03 billion, a price-to-earnings ratio of 14.457 and a beta of 1.37.
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Bank Of New York Mellon Corp. (NYSE:BK) last issued its quarterly earnings data on Thursday, July 21st. The company reported $0.76 EPS for the quarter, beating the consensus estimate of $0.75 by $0.01. Bank Of New York Mellon Corp. had a return on equity of 9.31% and a net margin of 20.86%. The company had revenue of $3.78 billion for the quarter, compared to analyst estimates of $3.79 billion. During the same period last year, the company earned $0.73 earnings per share. Bank Of New York Mellon Corp.’s quarterly revenue was down 2.8% compared to the same quarter last year.
Large investors have recently added to or reduced their stakes in the company. Harel Insurance Investments & Financial Services Ltd. bought a new stake in Bank Of New York Mellon Corp. during the second quarter worth about $101,000. Advisory Services Network LLC raised its stake in Bank Of New York Mellon Corp. by 6.9% in the third quarter. Advisory Services Network LLC now owns 2,669 shares of the company’s stock worth $106,000 after buying an additional 173 shares during the last quarter. Pinkerton Retirement Specialists LLC raised its stake in Bank Of New York Mellon Corp. by 5,546.0% in the second quarter. Pinkerton Retirement Specialists LLC now owns 2,823 shares of the company’s stock worth $110,000 after buying an additional 2,773 shares during the last quarter. Integrated Investment Consultants LLC raised its stake in Bank Of New York Mellon Corp. by 11.8% in the second quarter. Integrated Investment Consultants LLC now owns 2,912 shares of the company’s stock worth $113,000 after buying an additional 308 shares during the last quarter. Finally, Barnett & Company Inc. bought a new stake in Bank Of New York Mellon Corp. during the first quarter worth about $124,000. Institutional investors and hedge funds own 81.93% of the company’s stock.
In other news, Director Trian Fund Management, L.P. purchased 152,000 shares of the stock in a transaction that occurred on Friday, July 22nd. The shares were acquired at an average price of $38.87 per share, for a total transaction of $5,908,240.00. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. 3.40% of the stock is owned by corporate insiders.
About Bank Of New York Mellon Corp.
The Bank of New York Mellon Corporation (BNY Mellon) 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 credit-related services; the leasing portfolio; corporate treasury activities, including its investment securities portfolio; its equity interest in ConvergEx Group; business exits, and corporate overhead.
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