Bank Of New York Mellon Corporation (The) (NYSE:BK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.

According to Zacks, “BNY Mellon's shares have outperformed the industry in the last six months. The performance was supported by the company’s decent earnings surprise history. It surpassed the Zacks Consensus Estimate for earnings in two of the trailing four quarters. Easing margin pressure (driven by gradual rise in interest rates), potential lesser regulations, cost-saving initiatives and rising loan demand are expected to aid profitability. However, concentration risk arising from significant dependence on fee-based income remains a matter of concern in the near term.”

A number of other brokerages also recently commented on BK. Citigroup Inc. reiterated a “neutral” rating and set a $56.00 target price (up previously from $53.00) on shares of Bank Of New York Mellon Corporation (The) in a research note on Monday. Credit Suisse Group reiterated a “hold” rating and set a $55.00 target price on shares of Bank Of New York Mellon Corporation (The) in a research note on Tuesday. Wells Fargo & Company began coverage on shares of Bank Of New York Mellon Corporation (The) in a research note on Wednesday, August 9th. They set a “market perform” rating and a $55.00 target price for the company. BidaskClub upgraded shares of Bank Of New York Mellon Corporation (The) from a “hold” rating to a “buy” rating in a research note on Sunday, August 6th. Finally, Bank of America Corporation set a $52.00 target price on shares of Bank Of New York Mellon Corporation (The) and gave the stock a “sell” rating in a research note on Friday, July 21st. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $54.81.

Bank Of New York Mellon Corporation (NYSE:BK) traded up 0.37% during mid-day trading on Wednesday, reaching $54.86. The company’s stock had a trading volume of 1,604,772 shares. Bank Of New York Mellon Corporation has a 52 week low of $38.68 and a 52 week high of $54.90. The firm has a market capitalization of $56.68 billion, a price-to-earnings ratio of 16.83 and a beta of 1.15. The company’s 50-day moving average price is $52.47 and its 200 day moving average price is $50.24.

Bank Of New York Mellon Corporation (The) (NYSE:BK) last issued its earnings results on Thursday, July 20th. The bank reported $0.88 EPS for the quarter, topping analysts’ consensus estimates of $0.84 by $0.04. The firm had revenue of $3.96 billion during the quarter, compared to the consensus estimate 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 company’s revenue was up .4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.76 earnings per share. On average, equities analysts forecast that Bank Of New York Mellon Corporation will post $3.53 earnings per share for the current fiscal year.

Bank Of New York Mellon Corporation (The) announced that its Board of Directors has authorized a share repurchase plan on Wednesday, June 28th that authorizes the company to repurchase $3.10 billion in shares. This repurchase authorization authorizes the bank to purchase up to 5.9% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board of directors believes its shares are undervalued.

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In other news, Vice Chairman Thomas P. Gibbons sold 184,380 shares of the company’s stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $53.95, for a total value of $9,947,301.00. Following the completion of the sale, the insider now directly owns 455,927 shares of the company’s stock, valued at $24,597,261.65. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Vice Chairman Brian T. Shea sold 44,250 shares of the company’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 sale, the insider now directly owns 204,043 shares of the company’s stock, valued at $10,793,874.70. The disclosure for this sale can be found here. Over the last three months, insiders sold 10,931,137 shares of company stock valued at $581,058,723. 3.60% of the stock is owned by corporate insiders.

Several large investors have recently made changes to their positions in the company. Pensionfund Sabic purchased a new stake in shares of Bank Of New York Mellon Corporation (The) in the third quarter valued at about $1,697,000. Pensionfund DSM Netherlands purchased a new stake in shares of Bank Of New York Mellon Corporation (The) in the third quarter valued at about $4,083,000. Eqis Capital Management Inc. raised its holdings in shares of Bank Of New York Mellon Corporation (The) by 14.7% in the third quarter. Eqis Capital Management Inc. now owns 16,304 shares of the bank’s stock valued at $864,000 after buying an additional 2,094 shares during the last quarter. Curbstone Financial Management Corp raised its holdings in shares of Bank Of New York Mellon Corporation (The) by 83.6% in the third quarter. Curbstone Financial Management Corp now owns 10,050 shares of the bank’s stock valued at $533,000 after buying an additional 4,575 shares during the last quarter. Finally, Park National Corp OH raised its holdings in shares of Bank Of New York Mellon Corporation (The) by 16.9% in the third quarter. Park National Corp OH now owns 271,054 shares of the bank’s stock valued at $14,372,000 after buying an additional 39,224 shares during the last quarter. 81.78% of the stock is owned by institutional investors and hedge funds.

Bank Of New York Mellon Corporation (The) Company Profile

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.

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

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