Bank of New York Mellon (NYSE:BK) was downgraded by investment analysts at Goldman Sachs Group from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Monday, MarketBeat reports. The analysts noted that the move was a valuation call.
BK has been the subject of several other reports. ValuEngine upgraded Bank of New York Mellon from a “hold” rating to a “buy” rating in a research report on Tuesday, December 5th. Morgan Stanley upgraded Bank of New York Mellon from an “equal weight” rating to an “overweight” rating and set a $60.00 price objective for the company in a research report on Friday, January 19th. Keefe, Bruyette & Woods set a $57.00 price objective on Bank of New York Mellon and gave the stock a “hold” rating in a research report on Thursday. Barclays reiterated a “buy” rating on shares of Bank of New York Mellon in a research report on Sunday, January 21st. Finally, Citigroup upgraded Bank of New York Mellon from a “neutral” rating to a “buy” rating and set a $56.00 price objective for the company in a research report on Wednesday, January 10th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eight have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $58.03.
Shares of Bank of New York Mellon (NYSE BK) traded down $0.79 during trading on Monday, reaching $56.44. The company had a trading volume of 4,794,216 shares, compared to its average volume of 5,050,000. The stock has a market capitalization of $57,800.00, a price-to-earnings ratio of 18.57, a price-to-earnings-growth ratio of 1.83 and a beta of 1.16. Bank of New York Mellon has a 52 week low of $45.12 and a 52 week high of $58.99. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.82.
In other news, insider Bridget E. Engle sold 38,928 shares of the stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $56.62, for a total value of $2,204,103.36. Following the sale, the insider now directly owns 68,046 shares in the company, valued at $3,852,764.52. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Trian Fund Management, L.P. acquired 360,000 shares of Bank of New York Mellon stock in a transaction dated Friday, March 9th. The stock was bought at an average price of $56.67 per share, for a total transaction of $20,401,200.00. The disclosure for this purchase can be found here. 3.60% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Wealthfront Inc. raised its stake in shares of Bank of New York Mellon by 6.6% in the fourth quarter. Wealthfront Inc. now owns 47,762 shares of the bank’s stock valued at $2,572,000 after acquiring an additional 2,974 shares in the last quarter. Rothschild Asset Management Inc. acquired a new stake in Bank of New York Mellon in the third quarter valued at $612,000. Steward Partners Investment Advisory LLC acquired a new stake in Bank of New York Mellon in the third quarter valued at $748,000. Rhumbline Advisers raised its stake in Bank of New York Mellon by 1.0% in the third quarter. Rhumbline Advisers now owns 1,746,821 shares of the bank’s stock valued at $92,616,000 after buying an additional 16,839 shares in the last quarter. Finally, Stratos Wealth Partners LTD. acquired a new stake in Bank of New York Mellon in the third quarter valued at $1,119,000. Institutional investors and hedge funds own 84.20% of the company’s stock.
ILLEGAL ACTIVITY NOTICE: “Bank of New York Mellon (BK) Downgraded to “Neutral” at Goldman Sachs Group” was reported by American Banking News and is the sole property of of American Banking News. If you are accessing this piece on another domain, it was illegally copied and reposted in violation of United States and international copyright law. The original version of this piece can be viewed at https://www.americanbankingnews.com/2018/03/12/bank-of-new-york-mellon-bk-downgraded-to-neutral-at-goldman-sachs-group.html.
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.
Receive News & Ratings for Bank of New York Mellon Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of New York Mellon and related companies with MarketBeat.com's FREE daily email newsletter.