Brokerages Set Bank of New York Mellon Corp (BK) PT at $54.86

Bank of New York Mellon Corp (NYSE:BK) has received an average rating of “Hold” from the thirteen ratings firms that are covering the company, Marketbeat Ratings reports. Two analysts have rated the stock with a sell recommendation, eight have given a hold recommendation and three have given a buy recommendation to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $54.86.

Several research firms have issued reports on BK. Vining Sparks reaffirmed a “buy” rating and set a $55.00 price objective on shares of Bank of New York Mellon in a report on Wednesday, January 23rd. Zacks Investment Research raised Bank of New York Mellon from a “sell” rating to a “hold” rating in a report on Monday, January 21st. Citigroup downgraded Bank of New York Mellon from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $55.00 to $52.00 in a report on Wednesday, January 9th. Credit Suisse Group reduced their price objective on Bank of New York Mellon from $58.00 to $54.00 and set a “neutral” rating on the stock in a report on Friday, December 7th. Finally, ValuEngine raised Bank of New York Mellon from a “sell” rating to a “hold” rating in a report on Tuesday, November 20th.

In other Bank of New York Mellon news, Director Trian Fund Management, L.P. sold 2,107,000 shares of the company’s stock in a transaction on Monday, January 28th. The shares were sold at an average price of $53.48, for a total transaction of $112,682,360.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Edward P. Garden sold 1,400,000 shares of the company’s stock in a transaction on Friday, January 25th. The shares were sold at an average price of $53.64, for a total transaction of $75,096,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 3,534,344 shares of company stock valued at $189,227,319 in the last quarter. Corporate insiders own 1.76% of the company’s stock.

Several institutional investors have recently modified their holdings of the business. BlackRock Inc. increased its position in shares of Bank of New York Mellon by 1.5% in the 4th quarter. BlackRock Inc. now owns 54,968,976 shares of the bank’s stock valued at $2,587,391,000 after buying an additional 805,925 shares in the last quarter. FMR LLC increased its position in shares of Bank of New York Mellon by 30.1% in the 3rd quarter. FMR LLC now owns 23,914,735 shares of the bank’s stock valued at $1,219,412,000 after buying an additional 5,530,942 shares in the last quarter. Longview Partners Guernsey LTD increased its position in shares of Bank of New York Mellon by 0.7% in the 3rd quarter. Longview Partners Guernsey LTD now owns 17,773,813 shares of the bank’s stock valued at $906,287,000 after buying an additional 124,800 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC increased its position in shares of Bank of New York Mellon by 2.0% in the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 14,843,432 shares of the bank’s stock valued at $698,679,000 after buying an additional 292,800 shares in the last quarter. Finally, Macquarie Group Ltd. increased its position in shares of Bank of New York Mellon by 4.7% in the 4th quarter. Macquarie Group Ltd. now owns 14,529,096 shares of the bank’s stock valued at $683,885,000 after buying an additional 647,347 shares in the last quarter. Institutional investors own 83.39% of the company’s stock.

Shares of BK traded up $0.33 on Wednesday, hitting $53.32. The company’s stock had a trading volume of 4,553,355 shares, compared to its average volume of 4,943,354. The company has a market capitalization of $52.40 billion, a P/E ratio of 12.67, a PEG ratio of 1.50 and a beta of 1.03. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.70 and a quick ratio of 0.69. Bank of New York Mellon has a fifty-two week low of $43.67 and a fifty-two week high of $58.67.

Bank of New York Mellon (NYSE:BK) last announced its earnings results on Wednesday, January 16th. The bank reported $0.99 EPS for the quarter, topping the consensus estimate of $0.92 by $0.07. Bank of New York Mellon had a return on equity of 11.53% and a net margin of 22.19%. The business had revenue of $4.01 billion for the quarter, compared to the consensus estimate of $4.02 billion. During the same period in the previous year, the business earned $0.91 EPS. Bank of New York Mellon’s revenue was up 7.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Bank of New York Mellon will post 4.27 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 8th. Shareholders of record on Monday, January 28th were issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.10%. The ex-dividend date of this dividend was Friday, January 25th. Bank of New York Mellon’s dividend payout ratio is 26.60%.

Bank of New York Mellon announced that its Board of Directors has approved a stock repurchase plan on Monday, December 10th that allows the company to buyback $830.00 million in shares. This buyback authorization allows the bank to reacquire up to 1.8% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.

Bank of New York Mellon Company Profile

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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