BidaskClub Lowers Bank Of New York Mellon Corporation (The) (BK) to Hold

Bank Of New York Mellon Corporation (The) (NYSE:BK) was downgraded by research analysts at BidaskClub from a “buy” rating to a “hold” rating in a research note issued on Monday, July 31st.

A number of other research analysts have also recently weighed in on the company. Zacks Investment Research upgraded Bank Of New York Mellon Corporation (The) from a “hold” rating to a “buy” rating and set a $60.00 target price on the stock in a report on Monday, July 24th. Royal Bank Of Canada reiterated a “hold” rating on shares of Bank Of New York Mellon Corporation (The) in a report on Friday, July 21st. Bank of America Corporation set a $52.00 target price on Bank Of New York Mellon Corporation (The) and gave the company a “sell” rating in a report on Friday, July 21st. Deutsche Bank AG lifted their target price on Bank Of New York Mellon Corporation (The) from $58.00 to $60.00 and gave the company a “buy” rating in a report on Friday, July 21st. Finally, Jefferies Group LLC reissued a “hold” rating on shares of Bank Of New York Mellon Corporation (The) in a research report on Tuesday, July 11th. 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 assigned a strong buy rating to the stock. Bank Of New York Mellon Corporation (The) currently has an average rating of “Hold” and a consensus price target of $53.12.

Shares of Bank Of New York Mellon Corporation (NYSE BK) opened at 52.10 on Monday. The firm has a market capitalization of $53.83 billion, a price-to-earnings ratio of 15.45 and a beta of 1.15. The stock has a 50 day moving average price of $52.79 and a 200-day moving average price of $48.77. Bank Of New York Mellon Corporation has a 52 week low of $38.68 and a 52 week high of $54.59.

Bank Of New York Mellon Corporation (The) (NYSE:BK) last posted its quarterly earnings data on Thursday, July 20th. The bank reported $0.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.84 by $0.04. Bank Of New York Mellon Corporation (The) had a return on equity of 10.35% and a net margin of 23.35%. The business had revenue of $3.96 billion for the quarter, compared to analysts’ expectations of $3.91 billion. During the same quarter last year, the firm earned $0.76 earnings per share. The business’s revenue was up .4% on a year-over-year basis. On average, analysts anticipate that Bank Of New York Mellon Corporation will post $3.53 EPS for the current year.

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

ILLEGAL ACTIVITY WARNING: “BidaskClub Lowers Bank Of New York Mellon Corporation (The) (BK) to Hold” was originally published by BNB Daily and is owned by of BNB Daily. If you are viewing this story on another domain, it was stolen and reposted in violation of US & international copyright and trademark law. The legal version of this story can be read at https://www.baseball-news-blog.com/2017/08/19/bidaskclub-downgrades-bank-of-new-york-mellon-corporation-the-bk-to-hold-updated-updated.html.

In other news, CEO Charles W. Scharf bought 186,900 shares of the company’s stock in a transaction that occurred on Tuesday, August 8th. The shares were purchased at an average price of $53.82 per share, with a total value of $10,058,958.00. Following the completion of the acquisition, the chief executive officer now directly owns 73,640 shares in the company, valued at $3,963,304.80. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Vice Chairman Brian T. Shea sold 44,250 shares of the company’s stock in a transaction on Wednesday, August 16th. The shares were sold at an average price of $52.90, for a total value of $2,340,825.00. Following the completion of the transaction, the insider now directly owns 204,043 shares in the company, valued at approximately $10,793,874.70. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 10,931,137 shares of company stock valued at $581,058,723. Insiders own 3.60% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the stock. Bronfman E.L. Rothschild L.P. increased its stake in shares of Bank Of New York Mellon Corporation (The) by 4.4% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 2,197 shares of the bank’s stock valued at $104,000 after buying an additional 92 shares during the period. Advisory Services Network LLC purchased a new stake in shares of Bank Of New York Mellon Corporation (The) during the first quarter valued at about $111,000. First Interstate Bank increased its stake in shares of Bank Of New York Mellon Corporation (The) by 56.2% in the second quarter. First Interstate Bank now owns 2,339 shares of the bank’s stock valued at $119,000 after buying an additional 842 shares during the period. Hudock Capital Group LLC boosted its position in Bank Of New York Mellon Corporation (The) by 0.3% in the first quarter. Hudock Capital Group LLC now owns 2,549 shares of the bank’s stock valued at $120,000 after buying an additional 7 shares in the last quarter. Finally, QCI Asset Management Inc. NY bought a new position in Bank Of New York Mellon Corporation (The) during the first quarter valued at approximately $125,000. 82.02% of the stock is currently owned by institutional investors.

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