Bank Of New York Mellon Corporation (The) (BK) Stock Rating Lowered by Zacks Investment Research

Bank Of New York Mellon Corporation (The) (NYSE:BK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Wednesday.

According to Zacks, “BNY Mellon's shares have outperformed the industry in the last six months. The performance was supported by the company’s decent earnings surprise history. It surpassed the Zacks Consensus Estimate for earnings in two of the trailing four quarters. Easing margin pressure (driven by gradual rise in interest rates), potential lesser regulations, cost-saving initiatives and rising loan demand are expected to aid profitability. However, concentration risk arising from significant dependence on fee-based income remains a matter of concern in the near term.”

BK has been the topic of a number of other research reports. Credit Suisse Group reaffirmed a “hold” rating and issued a $55.00 target price on shares of Bank Of New York Mellon Corporation (The) in a research report on Tuesday. 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 research report on Friday, July 21st. Jefferies Group LLC reaffirmed a “hold” rating and issued a $56.00 target price on shares of Bank Of New York Mellon Corporation (The) in a research report on Friday, September 15th. Citigroup Inc. reaffirmed a “neutral” rating and issued a $56.00 target price (up previously from $53.00) on shares of Bank Of New York Mellon Corporation (The) in a research report on Monday. Finally, UBS AG downgraded Bank Of New York Mellon Corporation (The) from a “buy” rating to a “neutral” rating and set a $56.00 target price on the stock. in a research report on Friday, September 8th. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $54.81.

Bank Of New York Mellon Corporation (The) (NYSE:BK) last released its earnings results on Thursday, July 20th. The bank reported $0.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.84 by $0.04. The business had revenue of $3.96 billion for the quarter, compared to the consensus estimate 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%. Bank Of New York Mellon Corporation (The)’s quarterly revenue was up .4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.76 earnings per share.

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

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In other news, Director Trian Fund Management, L.P. sold 10,000,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 9th. The stock was sold at an average price of $53.09, for a total transaction of $530,900,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman Gerald L. Hassell sold 1,788 shares of the business’s stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $53.04, for a total value of $94,835.52. Following the sale, the chairman now owns 872,606 shares of the company’s stock, valued at approximately $46,283,022.24. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 10,931,137 shares of company stock valued at $581,058,723. Corporate insiders own 3.60% of the company’s stock.

Several large investors have recently modified their holdings of BK. BlackRock Inc. boosted its holdings in shares of Bank Of New York Mellon Corporation (The) by 2,064.6% during the first quarter. BlackRock Inc. now owns 57,741,220 shares of the bank’s stock worth $2,727,121,000 after acquiring an additional 55,073,730 shares during the period. Berkshire Hathaway Inc. boosted its holdings in shares of Bank Of New York Mellon Corporation (The) by 52.2% during the second quarter. Berkshire Hathaway Inc. now owns 50,229,588 shares of the bank’s stock worth $2,562,715,000 after acquiring an additional 17,217,529 shares during the period. New England Asset Management Inc. boosted its holdings in shares of Bank Of New York Mellon Corporation (The) by 92,225.0% during the first quarter. New England Asset Management Inc. now owns 3,693,000 shares of the bank’s stock worth $174,420,000 after acquiring an additional 3,689,000 shares during the period. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Bank Of New York Mellon Corporation (The) by 1,303.6% during the second quarter. Arrowstreet Capital Limited Partnership now owns 2,624,187 shares of the bank’s stock worth $133,886,000 after acquiring an additional 2,437,230 shares during the period. Finally, Capital International Investors boosted its holdings in shares of Bank Of New York Mellon Corporation (The) by 27.9% during the second quarter. Capital International Investors now owns 10,437,822 shares of the bank’s stock worth $532,538,000 after acquiring an additional 2,275,822 shares during the period. Institutional investors own 81.78% of the company’s stock.

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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