Bank Of New York Mellon Corporation (The) (NYSE:BK) – Jefferies Group raised their FY2017 earnings estimates for shares of Bank Of New York Mellon Corporation (The) in a report issued on Thursday. Jefferies Group analyst K. Usdin now anticipates that the bank will earn $3.53 per share for the year, up from their prior forecast of $3.52. Jefferies Group has a “Hold” rating on the stock. Jefferies Group also issued estimates for Bank Of New York Mellon Corporation (The)’s Q4 2017 earnings at $0.90 EPS, Q2 2018 earnings at $0.93 EPS, FY2018 earnings at $3.75 EPS and FY2019 earnings at $4.05 EPS.

Several other analysts have also recently commented on BK. BidaskClub upgraded Bank Of New York Mellon Corporation (The) from a “hold” rating to a “buy” rating in a report on Tuesday, July 4th. Buckingham Research reiterated a “neutral” rating and issued a $57.00 target price (up from $52.00) on shares of Bank Of New York Mellon Corporation (The) in a report on Monday, July 10th. Deutsche Bank AG upped their target price on Bank Of New York Mellon Corporation (The) from $58.00 to $60.00 and gave the company a “buy” rating in a report on Friday, July 21st. Bank of America Corporation set a $52.00 target price on Bank Of New York Mellon Corporation (The) and gave the company a “sell” rating in a report on Friday, July 21st. Finally, Royal Bank Of Canada reiterated a “hold” rating on shares of Bank Of New York Mellon Corporation (The) in a report on Friday, July 21st. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the company. Bank Of New York Mellon Corporation (The) currently has a consensus rating of “Hold” and a consensus target price of $55.28.

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Shares of Bank Of New York Mellon Corporation (NYSE BK) opened at 53.12 on Monday. The company has a 50 day moving average of $52.85 and a 200-day moving average of $50.60. Bank Of New York Mellon Corporation has a 12 month low of $41.93 and a 12 month high of $55.29. The firm has a market capitalization of $54.88 billion, a P/E ratio of 15.75 and a beta of 1.15.

Bank Of New York Mellon Corporation (The) (NYSE:BK) last announced its quarterly earnings results on Thursday, October 19th. The bank reported $0.94 earnings per share for the quarter, beating analysts’ consensus estimates of $0.93 by $0.01. The business had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.99 billion. Bank Of New York Mellon Corporation (The) had a net margin of 23.14% and a return on equity of 10.51%. Bank Of New York Mellon Corporation (The)’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same period last year, the company posted $0.90 EPS.

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

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 9th. Stockholders of record on Tuesday, October 31st will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.81%. The ex-dividend date of this dividend is Monday, October 30th. Bank Of New York Mellon Corporation (The)’s payout ratio is 28.07%.

In other news, Director Trian Fund Management, L.P. sold 10,000,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 9th. The stock was sold at an average price of $53.09, for a total transaction of $530,900,000.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Vice Chairman Brian T. Shea sold 44,250 shares of the company’s stock in a transaction that occurred on Wednesday, August 16th. The stock was sold at an average price of $52.90, for a total value of $2,340,825.00. Following the transaction, the insider now directly owns 204,043 shares in the company, valued at $10,793,874.70. The disclosure for this sale can be found here. Insiders have sold 10,931,137 shares of company stock worth $581,058,723 over the last ninety days. 3.60% of the stock is owned by insiders.

Several large investors have recently modified their holdings of BK. Northstar Wealth Partners LLC bought a new stake in Bank Of New York Mellon Corporation (The) during the first quarter worth $546,000. MUFG Americas Holdings Corp grew its holdings in Bank Of New York Mellon Corporation (The) by 5.3% during the second quarter. MUFG Americas Holdings Corp now owns 263,993 shares of the bank’s stock worth $13,469,000 after buying an additional 13,228 shares in the last quarter. Dupont Capital Management Corp bought a new stake in Bank Of New York Mellon Corporation (The) during the second quarter worth $304,000. Everence Capital Management Inc. grew its holdings in Bank Of New York Mellon Corporation (The) by 35.1% during the second quarter. Everence Capital Management Inc. now owns 29,004 shares of the bank’s stock worth $1,480,000 after buying an additional 7,530 shares in the last quarter. Finally, Vanguard Group Inc. grew its holdings in Bank Of New York Mellon Corporation (The) by 3.0% during the first quarter. Vanguard Group Inc. now owns 66,349,379 shares of the bank’s stock worth $3,133,681,000 after buying an additional 1,905,810 shares in the last quarter. 81.77% of the stock is currently owned by institutional investors.

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.

Earnings History and Estimates for Bank Of New York Mellon Corporation (The) (NYSE:BK)

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