Bank Of New York Mellon (NYSE:BK) was downgraded by research analysts at JPMorgan Chase & Co. from a “neutral” rating to an “underweight” rating in a research note issued on Friday, MarketBeat.com reports. They currently have a $55.50 target price on the bank’s stock. JPMorgan Chase & Co.’s price objective would indicate a potential downside of 1.96% from the company’s previous close.
Other equities analysts have also recently issued research reports about the stock. Zacks Investment Research upgraded shares of Bank Of New York Mellon from a “hold” rating to a “buy” rating and set a $61.00 price objective on the stock in a research report on Tuesday, October 10th. ValuEngine upgraded shares of Bank Of New York Mellon from a “hold” rating to a “buy” rating in a research report on Tuesday, December 5th. Vining Sparks reiterated a “buy” rating and set a $62.00 price target on shares of Bank Of New York Mellon in a research report on Monday, January 8th. Goldman Sachs Group reiterated a “buy” rating and set a $58.00 price target (up previously from $52.85) on shares of Bank Of New York Mellon in a research report on Friday, October 20th. Finally, Citigroup upgraded shares of Bank Of New York Mellon from a “neutral” rating to a “buy” rating and set a $56.00 price target on the stock in a research report on Wednesday, January 10th. Three analysts have rated the stock with a sell rating, eight have given a hold rating and ten have issued a buy rating to the company’s stock. Bank Of New York Mellon presently has a consensus rating of “Hold” and a consensus price target of $56.61.
Bank Of New York Mellon (NYSE:BK) traded up $1.26 during mid-day trading on Friday, hitting $56.61. 8,958,400 shares of the company’s stock were exchanged, compared to its average volume of 4,140,000. Bank Of New York Mellon has a 12-month low of $43.85 and a 12-month high of $58.99. The stock has a market capitalization of $58,490.00, a PE ratio of 15.22, a price-to-earnings-growth ratio of 1.74 and a beta of 1.22. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.70 and a quick ratio of 0.69.
Bank Of New York Mellon (NYSE:BK) last released its quarterly earnings data on Thursday, January 18th. The bank reported $0.91 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.91. Bank Of New York Mellon had a net margin of 24.72% and a return on equity of 10.69%. The firm had revenue of $3.73 billion for the quarter, compared to analysts’ expectations of $4.01 billion. During the same quarter in the previous year, the company earned $0.77 earnings per share. The company’s revenue for the quarter was down 1.6% compared to the same quarter last year. research analysts expect that Bank Of New York Mellon will post 4.1 EPS for the current fiscal year.
In other Bank Of New York Mellon news, Director Trian Fund Management, L.P. sold 5,798,725 shares of the company’s stock in a transaction dated Tuesday, October 24th. The shares were sold at an average price of $52.42, for a total value of $303,969,164.50. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Vice Chairman Brian T. Shea sold 22,228 shares of the company’s stock in a transaction dated Friday, November 3rd. The stock was sold at an average price of $51.26, for a total transaction of $1,139,407.28. Following the completion of the sale, the insider now owns 181,815 shares in the company, valued at approximately $9,319,836.90. The disclosure for this sale can be found here. In the last 90 days, insiders sold 6,677,177 shares of company stock worth $350,171,492. Corporate insiders own 3.60% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the business. Invictus RG purchased a new stake in Bank Of New York Mellon in the third quarter worth about $102,000. Rowland & Co. Investment Counsel ADV purchased a new stake in Bank Of New York Mellon in the fourth quarter worth about $124,000. Advisory Services Network LLC grew its holdings in Bank Of New York Mellon by 15.5% in the second quarter. Advisory Services Network LLC now owns 2,712 shares of the bank’s stock worth $138,000 after purchasing an additional 363 shares during the period. Horan Capital Advisors LLC. purchased a new stake in Bank Of New York Mellon in the third quarter worth about $139,000. Finally, Sawyer & Company Inc purchased a new stake in Bank Of New York Mellon in the fourth quarter worth about $164,000. Institutional investors and hedge funds own 82.93% of the company’s stock.
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Bank Of New York Mellon 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.