Bank Of New York Mellon Corp. (BK) Lifted to “Buy” at Zacks Investment Research
Bank Of New York Mellon Corp. (NYSE:BK) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Friday. The brokerage presently has a $44.00 price target on the stock. Zacks Investment Research’s price target points to a potential upside of 12.56% from the company’s current price.
According to Zacks, “BNY Mellon's earnings estimates have been rising lately ahead of its third quarter earnings release. Further, the company has positive record of earnings surprises in recent quarters. With dedicated global reach, the company’s diversified product mix and inorganic growth opportunities will enhance its profitability in this changing business environment. Supported by a strong balance sheet position, it continues to enhance shareholder’s value through its impressive capital deployment activities. Further, the cost-saving initiatives will help sustain earnings momentum. However, pressure on margins owing to the low-rate environment is expected to continue in the near-term. Also, higher litigation and restructuring expenses are expected to hurt the company’s bottom line growth to some extent.”
A number of other equities research analysts have also recently commented on BK. Deutsche Bank AG decreased their price objective on Bank Of New York Mellon Corp. from $50.00 to $48.00 and set a “buy” rating for the company in a research note on Thursday, June 16th. Buckingham Research reiterated a “buy” rating on shares of Bank Of New York Mellon Corp. in a report on Tuesday, June 21st. Credit Suisse Group AG reiterated a “hold” rating on shares of Bank Of New York Mellon Corp. in a report on Tuesday, June 28th. Barclays PLC reiterated a “buy” rating on shares of Bank Of New York Mellon Corp. in a report on Saturday, July 9th. Finally, Jefferies Group dropped their target price on Bank Of New York Mellon Corp. from $41.00 to $38.00 and set a “hold” rating on the stock in a report on Monday, July 11th. Five investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. Bank Of New York Mellon Corp. presently has a consensus rating of “Buy” and a consensus target price of $44.89.
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Bank Of New York Mellon Corp. (NYSE:BK) traded up 1.71% during midday trading on Friday, hitting $39.76. The stock had a trading volume of 440,143 shares. The stock has a 50-day moving average of $40.53 and a 200-day moving average of $39.80. Bank Of New York Mellon Corp. has a 52 week low of $32.20 and a 52 week high of $44.73. The firm has a market cap of $42.45 billion, a P/E ratio of 14.26 and a beta of 1.37.
Bank Of New York Mellon Corp. (NYSE:BK) last released its earnings results on Thursday, July 21st. The company reported $0.76 earnings per share for the quarter, topping analysts’ consensus estimates of $0.75 by $0.01. The company earned $3.78 billion during the quarter, compared to the consensus estimate of $3.79 billion. Bank Of New York Mellon Corp. had a return on equity of 9.31% and a net margin of 20.86%. The firm’s quarterly revenue was down 2.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.73 earnings per share. Analysts forecast that Bank Of New York Mellon Corp. will post $3.04 EPS for the current fiscal year.
In other Bank Of New York Mellon Corp. news, Director Trian Fund Management, L.P. acquired 152,000 shares of the stock in a transaction dated Friday, July 22nd. The stock was purchased at an average cost of $38.87 per share, with a total value of $5,908,240.00. The acquisition was disclosed in a document filed with the SEC, which is available at this link. 3.40% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of BK. Franklin Resources Inc. raised its position in Bank Of New York Mellon Corp. by 2.9% in the first quarter. Franklin Resources Inc. now owns 652,071 shares of the company’s stock valued at $24,015,000 after buying an additional 18,553 shares during the period. Credit Agricole S A raised its position in Bank Of New York Mellon Corp. by 11.3% in the first quarter. Credit Agricole S A now owns 2,193,186 shares of the company’s stock valued at $80,774,000 after buying an additional 223,495 shares during the period. Canada Pension Plan Investment Board raised its position in Bank Of New York Mellon Corp. by 8.0% in the first quarter. Canada Pension Plan Investment Board now owns 1,212,224 shares of the company’s stock valued at $44,646,000 after buying an additional 90,090 shares during the period. Cypress Capital Management LLC raised its position in Bank Of New York Mellon Corp. by 4.2% in the first quarter. Cypress Capital Management LLC now owns 139,743 shares of the company’s stock valued at $5,147,000 after buying an additional 5,683 shares during the period. Finally, Kings Point Capital Management raised its position in Bank Of New York Mellon Corp. by 6.1% in the first quarter. Kings Point Capital Management now owns 94,042 shares of the company’s stock valued at $3,464,000 after buying an additional 5,440 shares during the period. 81.93% of the stock is owned by hedge funds and other institutional investors.
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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