Barclays Reiterates Buy Rating for Bank Of New York Mellon (BK)

Bank Of New York Mellon (NYSE:BK)‘s stock had its “buy” rating reissued by research analysts at Barclays in a research note issued on Sunday.

BK has been the subject of several other research reports. 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. Morgan Stanley upgraded shares of Bank Of New York Mellon from an “equal weight” rating to an “overweight” rating and set a $60.00 price target for the company in a research report on Friday. Citigroup reiterated a “neutral” rating and set a $56.00 price target (up previously from $53.00) on shares of Bank Of New York Mellon in a research report on Monday, October 9th. Jefferies Group reiterated a “hold” rating on shares of Bank Of New York Mellon in a research report on Friday, October 20th. Finally, Credit Suisse Group reiterated a “hold” rating and set a $55.00 price target on shares of Bank Of New York Mellon in a research report on Tuesday, October 10th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and ten have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $56.61.

Bank Of New York Mellon (NYSE BK) traded up $1.26 on Friday, reaching $56.61. 8,928,912 shares of the company’s stock traded hands, compared to its average volume of 3,280,269. The company has a quick ratio of 0.69, a current ratio of 0.70 and a debt-to-equity ratio of 0.82. The firm has a market cap of $57,969.88, a PE ratio of 15.18, a PEG ratio of 1.78 and a beta of 1.23. Bank Of New York Mellon has a 52-week low of $43.85 and a 52-week high of $58.99.

Bank Of New York Mellon (NYSE:BK) last posted its quarterly earnings data on Thursday, January 18th. The bank reported $0.91 earnings per share for the quarter, meeting the consensus estimate of $0.91. The firm had revenue of $3.73 billion during the quarter, compared to analysts’ expectations of $4.01 billion. Bank Of New York Mellon had a net margin of 24.72% and a return on equity of 10.69%. The company’s quarterly revenue was down 1.6% compared to the same quarter last year. During the same quarter last year, the company posted $0.77 EPS. sell-side analysts expect that Bank Of New York Mellon will post 4.15 EPS for the current fiscal year.

In other Bank Of New York Mellon news, Director Edward P. Garden sold 143,792 shares of Bank Of New York Mellon stock in a transaction that occurred on Wednesday, November 22nd. The shares were sold at an average price of $52.52, for a total value of $7,551,955.84. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Thomas P. Gibbons sold 38,152 shares of Bank Of New York Mellon stock in a transaction that occurred on Friday, December 1st. The shares were sold at an average price of $54.15, for a total transaction of $2,065,930.80. Following the completion of the transaction, the chief financial officer now directly owns 310,002 shares in the company, valued at approximately $16,786,608.30. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 6,677,177 shares of company stock valued at $350,171,492. Corporate insiders own 3.60% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Jennison Associates bought a new stake in shares of Bank Of New York Mellon in the third quarter worth $3,288,000. Baker Avenue Asset Management raised its position in Bank Of New York Mellon by 4.4% during the third quarter. Baker Avenue Asset Management now owns 15,600 shares of the bank’s stock worth $611,000 after acquiring an additional 660 shares in the last quarter. Gerstein Fisher raised its position in Bank Of New York Mellon by 6.4% during the third quarter. Gerstein Fisher now owns 13,510 shares of the bank’s stock worth $529,000 after acquiring an additional 814 shares in the last quarter. MUFG Americas raised its position in Bank Of New York Mellon by 17.2% during the third quarter. MUFG Americas now owns 102,818 shares of the bank’s stock worth $4,025,000 after acquiring an additional 15,096 shares in the last quarter. Finally, Janus Capital Management raised its position in Bank Of New York Mellon by 4.7% during the third quarter. Janus Capital Management now owns 1,770,176 shares of the bank’s stock worth $69,302,000 after acquiring an additional 78,770 shares in the last quarter. 82.93% of the stock is currently owned by hedge funds and other institutional investors.

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About Bank Of New York Mellon

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.

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

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