Bank of New York Mellon (NYSE:BK) had its price target hoisted by research analysts at Deutsche Bank from $57.00 to $58.00 in a research report issued to clients and investors on Friday. The firm currently has a “buy” rating on the bank’s stock. Deutsche Bank’s price target would suggest a potential upside of 9.60% from the company’s previous close.
Several other research firms have also recently issued reports on BK. Zacks Investment Research reissued a “hold” rating on shares of Bank of New York Mellon in a research note on Monday, December 31st. Credit Suisse Group cut their price objective on Bank of New York Mellon from $58.00 to $54.00 and set a “neutral” rating on the stock in a research report on Friday, December 7th. Citigroup cut Bank of New York Mellon from a “buy” rating to a “neutral” rating and cut their price objective for the company from $55.00 to $52.00 in a research report on Wednesday, January 9th. ValuEngine raised Bank of New York Mellon from a “sell” rating to a “hold” rating in a research report on Tuesday, November 20th. Finally, Vining Sparks reaffirmed a “buy” rating and set a $55.00 price objective on shares of Bank of New York Mellon in a research report on Wednesday, January 23rd. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the company. Bank of New York Mellon presently has a consensus rating of “Hold” and a consensus price target of $55.88.
Shares of BK traded up $0.16 during trading hours on Friday, hitting $52.92. The company had a trading volume of 198,321 shares, compared to its average volume of 4,595,473. The company has a market cap of $49.57 billion, a P/E ratio of 12.57, a P/E/G ratio of 1.48 and a beta of 1.04. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.87. Bank of New York Mellon has a 52-week low of $43.67 and a 52-week high of $58.22.
Bank of New York Mellon (NYSE:BK) last released its quarterly earnings data on Wednesday, January 16th. The bank reported $0.99 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.92 by $0.07. The firm had revenue of $4.01 billion for the quarter, compared to the consensus estimate of $4.02 billion. Bank of New York Mellon had a return on equity of 11.53% and a net margin of 22.19%. The company’s quarterly revenue was up 7.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.91 earnings per share. Equities research analysts forecast that Bank of New York Mellon will post 4.26 earnings per share for the current fiscal year.
Bank of New York Mellon announced that its board has authorized a stock buyback plan on Monday, December 10th that permits the company to buyback $830.00 million in outstanding shares. This buyback authorization permits the bank to repurchase up to 1.8% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.
In related news, Director Trian Fund Management, L.P. sold 2,107,000 shares of the business’s stock in a transaction that occurred on Monday, January 28th. The shares were sold at an average price of $53.48, for a total value of $112,682,360.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Charles W. Scharf sold 4,674 shares of the business’s stock in a transaction that occurred on Friday, February 15th. The stock was sold at an average price of $52.99, for a total transaction of $247,675.26. Following the completion of the transaction, the chief executive officer now owns 304,118 shares of the company’s stock, valued at $16,115,212.82. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 3,713,437 shares of company stock worth $198,594,100. Insiders own 1.76% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in BK. Lavaca Capital LLC bought a new position in Bank of New York Mellon in the 4th quarter worth $27,000. Berman Capital Advisors LLC bought a new position in shares of Bank of New York Mellon during the 4th quarter valued at about $33,000. Sontag Advisory LLC bought a new position in shares of Bank of New York Mellon during the 4th quarter valued at about $33,000. Valley National Advisers Inc. boosted its holdings in shares of Bank of New York Mellon by 76.5% during the 4th quarter. Valley National Advisers Inc. now owns 713 shares of the bank’s stock valued at $34,000 after purchasing an additional 309 shares during the last quarter. Finally, Essex Savings Bank bought a new position in shares of Bank of New York Mellon during the 4th quarter valued at about $35,000. Institutional investors own 83.92% of the company’s stock.
Bank of New York Mellon Company Profile
The Bank of New York Mellon Corporation provides a range of financial products and services to institutions, corporations, and high net worth individuals in the United States and internationally. The company operates through two segments, Investment Management and Investment Services. It offers investment management, custody, foreign exchange, fund broker-dealer, collateral and liquidity, clearing, corporate trust, global payment, trade finance, and cash management services, as well as securities finance and depositary receipts.
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