Bank Of New York Mellon Corporation (The) (BK) Stock Rating Reaffirmed by Jefferies Group LLC

Bank Of New York Mellon Corporation (The) (NYSE:BK)‘s stock had its “hold” rating reaffirmed by equities researchers at Jefferies Group LLC in a research report issued to clients and investors on Friday. They currently have a $56.00 target price on the bank’s stock. Jefferies Group LLC’s target price points to a potential upside of 8.61% from the stock’s previous close.

Other equities analysts also recently issued research reports about the stock. BidaskClub upgraded shares of Bank Of New York Mellon Corporation (The) from a “hold” rating to a “buy” rating in a report on Tuesday, June 20th. Royal Bank Of Canada restated 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 price objective on shares of Bank Of New York Mellon Corporation (The) and gave the company a “sell” rating in a report on Friday, July 21st. Buckingham Research restated a “neutral” rating and set a $57.00 price objective (up previously from $52.00) on shares of Bank Of New York Mellon Corporation (The) in a report on Monday, July 10th. Finally, Zacks Investment Research downgraded shares of Bank Of New York Mellon Corporation (The) from a “hold” rating to a “sell” rating in a report on Wednesday, June 21st. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, six have issued a buy rating and two have given a strong buy rating to the stock. Bank Of New York Mellon Corporation (The) has a consensus rating of “Hold” and a consensus price target of $53.82.

Shares of Bank Of New York Mellon Corporation (NYSE BK) opened at 51.56 on Friday. Bank Of New York Mellon Corporation has a one year low of $38.68 and a one year high of $54.59. The stock has a market cap of $53.27 billion, a P/E ratio of 15.29 and a beta of 1.14. The stock’s 50 day moving average is $52.43 and its 200-day moving average is $49.53.

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, beating the Thomson Reuters’ 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 firm had revenue of $3.96 billion for the quarter, compared to the consensus estimate of $3.91 billion. During the same quarter in the prior year, the company posted $0.76 earnings per share. The company’s revenue for the quarter was up .4% compared to the same quarter last year. On average, equities analysts forecast that Bank Of New York Mellon Corporation will post $3.53 EPS for the current year.

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

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In other Bank Of New York Mellon Corporation (The) news, Director Trian Fund Management, L.P. sold 10,000,000 shares of the company’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 value of $530,900,000.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Vice Chairman Brian T. Shea sold 44,250 shares of the company’s stock in a transaction that occurred on Wednesday, August 16th. The stock was sold at an average price of $52.90, for a total value of $2,340,825.00. Following the completion of the sale, the insider now owns 204,043 shares in the company, valued at approximately $10,793,874.70. The disclosure for this sale can be found here. In the last 90 days, insiders sold 10,931,137 shares of company stock worth $581,058,723. Insiders own 3.60% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the business. Perigon Wealth Management LLC boosted its position in Bank Of New York Mellon Corporation (The) by 18.7% in the 2nd quarter. Perigon Wealth Management LLC now owns 16,967 shares of the bank’s stock worth $866,000 after purchasing an additional 2,678 shares in the last quarter. Farmers National Bank boosted its position in Bank Of New York Mellon Corporation (The) by 16.0% in the 2nd quarter. Farmers National Bank now owns 44,527 shares of the bank’s stock worth $2,272,000 after purchasing an additional 6,133 shares in the last quarter. RNC Capital Management LLC boosted its position in Bank Of New York Mellon Corporation (The) by 2.2% in the 2nd quarter. RNC Capital Management LLC now owns 10,140 shares of the bank’s stock worth $517,000 after purchasing an additional 221 shares in the last quarter. Toronto Dominion Bank boosted its position in Bank Of New York Mellon Corporation (The) by 24.7% in the 2nd quarter. Toronto Dominion Bank now owns 364,150 shares of the bank’s stock worth $18,577,000 after purchasing an additional 72,058 shares in the last quarter. Finally, Oak Associates Ltd. OH boosted its position in Bank Of New York Mellon Corporation (The) by 4.4% in the 2nd quarter. Oak Associates Ltd. OH now owns 259,095 shares of the bank’s stock worth $13,219,000 after purchasing an additional 11,000 shares in the last quarter. Institutional investors and hedge funds own 81.80% of the company’s stock.

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)

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