Vining Sparks Reiterates Buy Rating for Bank of New York Mellon (BK)

Vining Sparks reiterated their buy rating on shares of Bank of New York Mellon (NYSE:BK) in a report issued on Tuesday morning. Vining Sparks currently has a $62.00 target price on the bank’s stock.

Other equities analysts have also issued reports about the stock. Keefe, Bruyette & Woods set a $56.00 price objective on shares of Bank of New York Mellon and gave the company a hold rating in a research report on Thursday, July 19th. ValuEngine lowered shares of Bank of New York Mellon from a hold rating to a sell rating in a research report on Tuesday, August 7th. Sandler O’Neill reissued a hold rating on shares of Bank of New York Mellon in a research report on Friday, July 13th. Zacks Investment Research lowered shares of Bank of New York Mellon from a hold rating to a sell rating in a research report on Tuesday, August 7th. Finally, Raymond James lowered shares of Bank of New York Mellon from an outperform rating to a market perform rating in a research report on Thursday, July 12th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and five have given a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average target price of $58.58.

Shares of BK stock opened at $49.10 on Tuesday. The firm has a market capitalization of $50.99 billion, a price-to-earnings ratio of 13.64, a PEG ratio of 1.59 and a beta of 1.05. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 0.82. Bank of New York Mellon has a one year low of $48.25 and a one year high of $58.99.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings data on Thursday, July 19th. The bank reported $1.03 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.02 by $0.01. The company had revenue of $4.14 billion for the quarter, compared to analyst estimates of $4.13 billion. Bank of New York Mellon had a net margin of 25.08% and a return on equity of 11.40%. The company’s revenue was up 4.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.88 earnings per share. As a group, equities research analysts predict that Bank of New York Mellon will post 4.18 earnings per share for the current fiscal year.

Bank of New York Mellon announced that its board has authorized a share repurchase plan on Thursday, June 28th that authorizes the company to repurchase $2.40 billion in outstanding shares. This repurchase authorization authorizes the bank to repurchase up to 4.4% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its stock is undervalued.

Institutional investors and hedge funds have recently bought and sold shares of the company. Country Trust Bank boosted its stake in shares of Bank of New York Mellon by 10.9% in the 2nd quarter. Country Trust Bank now owns 582,489 shares of the bank’s stock valued at $31,414,000 after purchasing an additional 57,346 shares in the last quarter. Natixis boosted its stake in shares of Bank of New York Mellon by 32.0% in the 2nd quarter. Natixis now owns 896,438 shares of the bank’s stock valued at $48,345,000 after purchasing an additional 217,260 shares in the last quarter. Elgethun Capital Management boosted its stake in shares of Bank of New York Mellon by 5.2% in the 2nd quarter. Elgethun Capital Management now owns 57,349 shares of the bank’s stock valued at $3,080,000 after purchasing an additional 2,836 shares in the last quarter. MetLife Investment Advisors LLC acquired a new stake in shares of Bank of New York Mellon in the 2nd quarter valued at approximately $16,045,000. Finally, Royal Bank of Canada boosted its stake in shares of Bank of New York Mellon by 31.3% in the 1st quarter. Royal Bank of Canada now owns 1,424,238 shares of the bank’s stock valued at $73,390,000 after purchasing an additional 339,554 shares in the last quarter. Institutional investors own 83.40% of the company’s stock.

About Bank of New York Mellon

The Bank of New York Mellon Corporation provides a range of financial products and services to institutions, corporations, and high net worth individuals in the United States and internationally. The company operates through two segments, Investment Management and Investment Services. It offers investment management, custody, foreign exchange, fund broker-dealer, collateral and liquidity, clearing, corporate trust, global payment, trade finance, and cash management services, as well as securities finance and depositary receipts.

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Analyst Recommendations for Bank of New York Mellon (NYSE:BK)

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