Bank Of New York Mellon Corporation (The) (NYSE:BK) Receives Consensus Recommendation of “Hold” from Analysts

Bank Of New York Mellon Corporation (The) (NYSE:BK) has received an average recommendation of “Hold” from the nineteen ratings firms that are presently covering the stock, Marketbeat reports. Two investment analysts have rated the stock with a sell recommendation, eight have issued a hold recommendation, seven have given a buy recommendation and two have issued a strong buy recommendation on the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $53.79.

BK has been the topic of a number of research analyst reports. Credit Suisse Group reaffirmed a “neutral” rating on shares of Bank Of New York Mellon Corporation (The) in a research report on Friday, April 21st. Deutsche Bank AG upped their price target on shares of Bank Of New York Mellon Corporation (The) from $58.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, July 21st. Bank of America Corporation set a $49.00 price target on shares of Bank Of New York Mellon Corporation (The) and gave the company a “sell” rating in a research report on Saturday, May 27th. BidaskClub raised shares of Bank Of New York Mellon Corporation (The) from a “sell” rating to a “hold” rating in a research report on Saturday, June 10th. Finally, Rafferty Capital Markets reaffirmed a “buy” rating and set a $53.00 price target on shares of Bank Of New York Mellon Corporation (The) in a research report on Tuesday, April 25th.

In other news, Vice Chairman Thomas P. Gibbons sold 184,380 shares of the company’s stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $53.95, for a total transaction of $9,947,301.00. Following the transaction, the insider now owns 455,927 shares in the company, valued at $24,597,261.65. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Charles W. Scharf bought 186,900 shares of the stock in a transaction that occurred on Tuesday, August 8th. The stock was acquired at an average price of $53.82 per share, for a total transaction of $10,058,958.00. Following the acquisition, the chief executive officer now directly owns 73,640 shares in the company, valued at $3,963,304.80. The disclosure for this purchase can be found here. Insiders have sold 10,885,099 shares of company stock worth $578,623,062 in the last quarter. Company insiders own 3.60% of the company’s stock.

Large investors have recently bought and sold shares of the company. Rothschild Investment Corp IL raised its stake in Bank Of New York Mellon Corporation (The) by 20.6% in the first quarter. Rothschild Investment Corp IL now owns 5,853 shares of the bank’s stock worth $276,000 after buying an additional 1,000 shares in the last quarter. Huntington National Bank raised its stake in Bank Of New York Mellon Corporation (The) by 26.8% in the first quarter. Huntington National Bank now owns 23,045 shares of the bank’s stock worth $1,088,000 after buying an additional 4,873 shares in the last quarter. City Holding Co. raised its stake in Bank Of New York Mellon Corporation (The) by 6.4% in the first quarter. City Holding Co. now owns 30,277 shares of the bank’s stock worth $1,430,000 after buying an additional 1,815 shares in the last quarter. Oakbrook Investments LLC acquired a new stake in Bank Of New York Mellon Corporation (The) during the first quarter worth $4,017,000. Finally, Granite Investment Advisors LLC acquired a new stake in Bank Of New York Mellon Corporation (The) during the first quarter worth $6,375,000. Institutional investors own 82.44% of the company’s stock.

Shares of Bank Of New York Mellon Corporation (NYSE:BK) traded up 0.46% during trading on Friday, hitting $52.19. The stock had a trading volume of 5,932,583 shares. Bank Of New York Mellon Corporation has a 12-month low of $38.68 and a 12-month high of $54.59. The stock’s 50-day moving average is $52.42 and its 200-day moving average is $48.49. The stock has a market capitalization of $53.92 billion, a P/E ratio of 15.48 and a beta of 1.15.

Bank Of New York Mellon Corporation (The) (NYSE:BK) last issued its quarterly earnings data on Thursday, July 20th. The bank reported $0.88 earnings per share for the quarter, topping the consensus estimate of $0.84 by $0.04. Bank Of New York Mellon Corporation (The) had a net margin of 23.35% and a return on equity of 10.35%. The company had revenue of $3.96 billion for the quarter, compared to analysts’ expectations of $3.91 billion. During the same quarter in the previous year, the firm posted $0.76 earnings per share. Bank Of New York Mellon Corporation (The)’s revenue for the quarter was up .4% on a year-over-year basis. Analysts predict 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 authorized a stock repurchase plan on Wednesday, June 28th that authorizes the company to buyback $3.10 billion in outstanding shares. This buyback authorization authorizes the bank to reacquire up to 5.9% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its shares are undervalued.

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 11th. Stockholders of record on Tuesday, August 1st were issued a dividend of $0.24 per share. The ex-dividend date was Friday, July 28th. This represents a $0.96 annualized dividend and a dividend yield of 1.84%. This is a positive change from Bank Of New York Mellon Corporation (The)’s previous quarterly dividend of $0.19. Bank Of New York Mellon Corporation (The)’s dividend payout ratio is currently 28.40%.

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Bank Of New York Mellon Corporation (The) Company Profile

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)

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