Vining Sparks restated their buy rating on shares of Bank Of New York Mellon (NYSE:BK) in a research report sent to investors on Monday morning. The brokerage currently has a $62.00 price objective on the bank’s stock.
A number of other brokerages have also issued reports on BK. Barclays upped their price objective on shares of Bank Of New York Mellon from $55.00 to $66.00 and gave the company an overweight rating in a report on Tuesday, January 2nd. Zacks Investment Research lowered shares of Bank Of New York Mellon from a buy rating to a hold rating in a report on Wednesday, October 11th. Goldman Sachs Group reissued a buy rating and issued a $58.00 price objective (up previously from $52.85) on shares of Bank Of New York Mellon in a report on Friday, October 20th. Jefferies Group reissued a hold rating and issued a $56.00 price objective on shares of Bank Of New York Mellon in a report on Friday, September 15th. Finally, Morgan Stanley upped their price objective on shares of Bank Of New York Mellon from $55.00 to $60.00 and gave the company an equal weight rating in a report on Friday, October 20th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the company’s stock. The company presently has an average rating of Hold and an average price target of $56.59.
Bank Of New York Mellon (NYSE:BK) traded up $0.59 during trading on Monday, hitting $58.42. 3,484,223 shares of the stock were exchanged, compared to its average volume of 3,490,233. Bank Of New York Mellon has a fifty-two week low of $43.85 and a fifty-two week high of $58.68. The stock has a market capitalization of $60,360.00, a price-to-earnings ratio of 17.18, a price-to-earnings-growth ratio of 1.78 and a beta of 1.22. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.69 and a quick ratio of 0.69.
Bank Of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Thursday, October 19th. The bank reported $0.94 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.93 by $0.01. Bank Of New York Mellon had a net margin of 23.14% and a return on equity of 10.51%. The firm had revenue of $4.02 billion during the quarter, compared to analyst estimates of $3.99 billion. During the same quarter in the prior year, the firm posted $0.90 earnings per share. Bank Of New York Mellon’s quarterly revenue was up 1.9% on a year-over-year basis. equities analysts expect that Bank Of New York Mellon will post 3.55 EPS for the current fiscal year.
In other news, Director Edward P. Garden sold 1,031,157 shares of the stock in a transaction dated Friday, October 20th. The shares were sold at an average price of $53.13, for a total transaction of $54,785,371.41. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Thomas P. Gibbons sold 38,152 shares of the stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $54.15, for a total transaction of $2,065,930.80. Following the sale, the chief financial officer now directly owns 310,002 shares in the company, valued at approximately $16,786,608.30. The disclosure for this sale can be found here. Insiders sold 7,708,334 shares of company stock worth $404,956,863 in the last ninety days. 3.60% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently modified their holdings of the company. Invictus RG acquired a new stake in shares of Bank Of New York Mellon during the third quarter worth about $102,000. Rowland & Co. Investment Counsel ADV acquired a new stake in shares of Bank Of New York Mellon during the fourth quarter worth about $124,000. Advisory Services Network LLC lifted its position in shares of Bank Of New York Mellon by 15.5% during the second quarter. Advisory Services Network LLC now owns 2,712 shares of the bank’s stock worth $138,000 after purchasing an additional 363 shares in the last quarter. Horan Capital Advisors LLC. acquired a new stake in shares of Bank Of New York Mellon during the third quarter worth about $139,000. Finally, Sawyer & Company Inc acquired a new stake in shares of Bank Of New York Mellon during the fourth quarter worth about $164,000. 82.92% of the stock is currently owned by institutional investors and hedge funds.
Bank Of New York Mellon 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.
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