Bank Of New York Mellon Corporation (The) (BK) Upgraded at BidaskClub

Bank Of New York Mellon Corporation (The) (NYSE:BK) was upgraded by analysts at BidaskClub from a “hold” rating to a “buy” rating in a research note issued to investors on Sunday, August 6th.

Several other equities analysts have also recently weighed in on BK. Jefferies Group LLC reiterated a “hold” rating and issued a $52.00 price target on shares of Bank Of New York Mellon Corporation (The) in a research report on Tuesday, April 11th. Credit Suisse Group restated a “neutral” rating on shares of Bank Of New York Mellon Corporation (The) in a research report on Friday, April 21st. Rafferty Capital Markets restated a “buy” rating and set a $53.00 target price on shares of Bank Of New York Mellon Corporation (The) in a research report on Tuesday, April 25th. Bank of America Corporation restated an “underperform” rating and set a $49.00 target price on shares of Bank Of New York Mellon Corporation (The) in a research report on Friday, May 26th. Finally, Zacks Investment Research cut Bank Of New York Mellon Corporation (The) from a “hold” rating to a “sell” rating in a research report on Wednesday, June 21st. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $53.12.

Bank Of New York Mellon Corporation (NYSE:BK) traded up 0.58% during mid-day trading on Friday, hitting $52.10. The stock had a trading volume of 5,424,014 shares. Bank Of New York Mellon Corporation has a 12 month low of $38.68 and a 12 month high of $54.59. The firm’s 50-day moving average is $52.79 and its 200 day moving average is $48.77. The company has a market cap of $53.83 billion, a price-to-earnings ratio of 15.45 and a beta of 1.15.

Bank Of New York Mellon Corporation (The) (NYSE:BK) last announced its quarterly earnings results on Thursday, July 20th. The bank reported $0.88 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.84 by $0.04. The company had revenue of $3.96 billion during the quarter, compared to analysts’ expectations of $3.91 billion. Bank Of New York Mellon Corporation (The) had a return on equity of 10.35% and a net margin of 23.35%. The firm’s quarterly revenue was up .4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.76 earnings per share. Equities analysts anticipate that Bank Of New York Mellon Corporation will post $3.53 EPS for the current fiscal year.

Bank Of New York Mellon Corporation (The) declared that its Board of Directors has initiated a share repurchase plan on Wednesday, June 28th that allows the company to buyback $3.10 billion in outstanding shares. This buyback authorization allows the bank to reacquire up to 5.9% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

ILLEGAL ACTIVITY NOTICE: This article was first published by BNB Daily and is the sole property of of BNB Daily. If you are viewing this article on another domain, it was illegally stolen and reposted in violation of international copyright laws. The original version of this article can be accessed at https://www.baseball-news-blog.com/2017/08/19/bank-of-new-york-mellon-corporation-the-bk-lifted-to-buy-at-bidaskclub-updated.html.

In other Bank Of New York Mellon Corporation (The) news, Chairman Gerald L. Hassell sold 700,719 shares of the company’s stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $53.91, for a total transaction of $37,775,761.29. Following the transaction, the chairman now owns 1,253,522 shares in the company, valued at approximately $67,577,371.02. The transaction was disclosed in a document filed with the Securities & Exchange Commission, 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 owns 204,043 shares in the company, valued at approximately $10,793,874.70. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 10,931,137 shares of company stock worth $581,058,723. 3.60% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Trust Co purchased a new position in Bank Of New York Mellon Corporation (The) during the fourth quarter worth $260,000. Charter Trust Co. increased its position in Bank Of New York Mellon Corporation (The) by 2.7% in the first quarter. Charter Trust Co. now owns 8,233 shares of the bank’s stock worth $389,000 after buying an additional 215 shares during the period. Creative Planning increased its position in Bank Of New York Mellon Corporation (The) by 2.1% in the first quarter. Creative Planning now owns 51,995 shares of the bank’s stock worth $2,456,000 after buying an additional 1,072 shares during the period. Gulf International Bank UK Ltd increased its position in Bank Of New York Mellon Corporation (The) by 1.3% in the first quarter. Gulf International Bank UK Ltd now owns 332,628 shares of the bank’s stock worth $15,710,000 after buying an additional 4,200 shares during the period. Finally, Quadrant Capital Group LLC increased its position in Bank Of New York Mellon Corporation (The) by 2.6% in the first quarter. Quadrant Capital Group LLC now owns 3,726 shares of the bank’s stock worth $167,000 after buying an additional 94 shares during the period. Hedge funds and other institutional investors own 82.02% of the company’s stock.

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.

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

Receive News & Ratings for Bank Of New York Mellon Corporation (The) 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 Corporation (The) and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply