Bank Of New York Mellon Corporation (The) (NYSE:BK) was downgraded by analysts at UBS AG from a “buy” rating to a “neutral” rating in a report issued on Friday, The Fly reports. They currently have a $56.00 target price on the bank’s stock. UBS AG’s target price would indicate a potential upside of 11.05% from the stock’s current price.

A number of other research firms have also recently weighed in on BK. Wells Fargo & Company assumed coverage on shares of Bank Of New York Mellon Corporation (The) in a report on Wednesday, August 9th. They issued a “market perform” rating and a $55.00 price objective on the stock. BidaskClub raised shares of Bank Of New York Mellon Corporation (The) from a “hold” rating to a “buy” rating in a report on Sunday, August 6th. Zacks Investment Research raised shares of Bank Of New York Mellon Corporation (The) from a “hold” rating to a “buy” rating and set a $60.00 price objective on the stock in a report on Monday, July 24th. Royal Bank Of Canada reaffirmed a “hold” rating on shares of Bank Of New York Mellon Corporation (The) in a report on Friday, July 21st. Finally, Bank of America Corporation set a $52.00 price objective on shares of Bank Of New York Mellon Corporation (The) and gave the stock a “sell” rating in a report on Friday, July 21st. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $53.47.

Shares of Bank Of New York Mellon Corporation (NYSE:BK) traded up 0.30% during mid-day trading on Friday, hitting $50.43. 4,952,892 shares of the stock traded hands. Bank Of New York Mellon Corporation has a 12-month low of $38.68 and a 12-month high of $54.59. The stock has a market cap of $52.10 billion, a P/E ratio of 14.96 and a beta of 1.14. The firm’s 50 day moving average price is $52.68 and its 200-day moving average price is $49.38.

Bank Of New York Mellon Corporation (The) (NYSE:BK) last issued its earnings results on Thursday, July 20th. The bank reported $0.88 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.84 by $0.04. The company had revenue of $3.96 billion for the quarter, compared to analysts’ expectations of $3.91 billion. Bank Of New York Mellon Corporation (The) had a net margin of 23.35% and a return on equity of 10.35%. The firm’s revenue was up .4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.76 earnings per share. Analysts predict that Bank Of New York Mellon Corporation will post $3.53 earnings per share for the current year.

Bank Of New York Mellon Corporation (The) declared that its Board of Directors has initiated a share buyback plan on Wednesday, June 28th that authorizes the company to repurchase $3.10 billion in shares. This repurchase authorization authorizes the bank to reacquire up to 5.9% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

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In other news, Vice Chairman Brian T. Shea sold 44,250 shares of the firm’s stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $52.90, for a total transaction of $2,340,825.00. Following the completion of the transaction, the insider now owns 204,043 shares in the company, valued at approximately $10,793,874.70. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Chairman Gerald L. Hassell sold 1,788 shares of the firm’s stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $53.04, for a total transaction of $94,835.52. Following the transaction, the chairman now owns 872,606 shares of the company’s stock, valued at approximately $46,283,022.24. The disclosure for this sale can be found here. Insiders sold a total of 10,931,137 shares of company stock valued at $581,058,723 in the last quarter. 3.60% of the stock is currently owned by insiders.

Several large investors have recently bought and sold shares of BK. North Star Investment Management Corp. boosted its position in shares of Bank Of New York Mellon Corporation (The) by 6.5% during the 1st quarter. North Star Investment Management Corp. now owns 6,596 shares of the bank’s stock valued at $312,000 after purchasing an additional 405 shares in the last quarter. Canada Pension Plan Investment Board boosted its position in shares of Bank Of New York Mellon Corporation (The) by 84.6% during the 1st quarter. Canada Pension Plan Investment Board now owns 963,072 shares of the bank’s stock valued at $45,486,000 after purchasing an additional 441,300 shares in the last quarter. Brookstone Capital Management bought a new position in shares of Bank Of New York Mellon Corporation (The) during the 1st quarter valued at about $222,000. Advisor Partners LLC boosted its position in shares of Bank Of New York Mellon Corporation (The) by 5.1% during the 1st quarter. Advisor Partners LLC now owns 22,061 shares of the bank’s stock valued at $1,042,000 after purchasing an additional 1,077 shares in the last quarter. Finally, Wright Investors Service Inc. boosted its position in shares of Bank Of New York Mellon Corporation (The) by 17.4% during the 1st quarter. Wright Investors Service Inc. now owns 23,910 shares of the bank’s stock valued at $1,129,000 after purchasing an additional 3,550 shares in the last quarter. Institutional investors own 81.80% of the company’s stock.

About Bank Of New York Mellon Corporation (The)

The Bank of New York Mellon Corporation 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 the leasing portfolio, corporate treasury activities (including its investment securities portfolio), derivatives and other trading, corporate and bank-owned life insurance and renewable energy investments, and business exits.

The Fly

Analyst Recommendations for Bank Of New York Mellon Corporation (The) (NYSE:BK)

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