Bank of New York Mellon (NYSE:BK) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The brokerage presently has a $65.00 target price on the bank’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 13.14% from the stock’s current price.
According to Zacks, “BNY Mellon's shares have outperformed the industry in the last three months. Also, the company has an impressive earnings surprise history, having surpassed the Zacks Consensus Estimate in three of the trailing four quarters. Higher interest rates, rising loan demand and steadily improving fee income are expected to aid revenue growth. While concentration risk arising from significant dependence on fee-based income remains a matter of concern, potential lesser regulations, lower tax rates and cost-saving initiatives are likely to drive profitability in the quarters ahead.”
A number of other equities analysts also recently commented on the stock. ValuEngine downgraded shares of Bank of New York Mellon from a “buy” rating to a “hold” rating in a research note on Wednesday, May 2nd. Credit Suisse Group boosted their price target on shares of Bank of New York Mellon from $57.00 to $58.00 and gave the company a “neutral” rating in a research note on Friday, April 20th. Morgan Stanley boosted their price target on shares of Bank of New York Mellon from $66.00 to $68.00 and gave the company an “overweight” rating in a research note on Friday, April 20th. Sandler O’Neill reissued a “hold” rating and issued a $54.00 price target on shares of Bank of New York Mellon in a research note on Monday, April 9th. Finally, Deutsche Bank reduced their price target on shares of Bank of New York Mellon from $64.00 to $60.00 and set a “buy” rating on the stock in a research note on Friday, April 6th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and six have issued a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $58.32.
Shares of Bank of New York Mellon opened at $57.45 on Tuesday, Marketbeat Ratings reports. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.77. Bank of New York Mellon has a 12 month low of $46.60 and a 12 month high of $58.99. The stock has a market cap of $58.34 billion, a price-to-earnings ratio of 15.96, a PEG ratio of 1.78 and a beta of 1.22.
Bank of New York Mellon (NYSE:BK) last issued its earnings results on Thursday, April 19th. The bank reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $0.96 by $0.14. Bank of New York Mellon had a net margin of 25.20% and a return on equity of 11.27%. The company had revenue of $4.18 billion for the quarter, compared to the consensus estimate of $4.04 billion. During the same period in the previous year, the firm earned $0.83 earnings per share. Bank of New York Mellon’s quarterly revenue was up 8.7% compared to the same quarter last year. research analysts anticipate that Bank of New York Mellon will post 4.19 EPS for the current fiscal year.
In other Bank of New York Mellon news, Director Trian Fund Management, L.P. acquired 360,000 shares of the company’s stock in a transaction that occurred on Friday, March 9th. The stock was purchased at an average price of $56.67 per share, for a total transaction of $20,401,200.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Mitchell E. Harris sold 48,000 shares of Bank of New York Mellon stock in a transaction that occurred on Monday, April 23rd. The shares were sold at an average price of $56.00, for a total transaction of $2,688,000.00. Following the completion of the transaction, the insider now owns 166,810 shares of the company’s stock, valued at approximately $9,341,360. The disclosure for this sale can be found here. Insiders sold 67,701 shares of company stock valued at $3,796,375 in the last 90 days. Company insiders own 1.76% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Wealthfront Inc. grew its holdings in shares of Bank of New York Mellon by 6.6% in the fourth quarter. Wealthfront Inc. now owns 47,762 shares of the bank’s stock valued at $2,572,000 after purchasing an additional 2,974 shares in the last quarter. Haverford Trust Co. acquired a new position in Bank of New York Mellon during the 4th quarter worth approximately $217,000. Captrust Financial Advisors acquired a new position in Bank of New York Mellon during the 4th quarter worth approximately $243,000. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp grew its holdings in Bank of New York Mellon by 30.8% during the 4th quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 275,061 shares of the bank’s stock worth $14,815,000 after acquiring an additional 64,700 shares in the last quarter. Finally, Valeo Financial Advisors LLC grew its holdings in Bank of New York Mellon by 31.9% during the 4th quarter. Valeo Financial Advisors LLC now owns 14,191 shares of the bank’s stock worth $764,000 after acquiring an additional 3,434 shares in the last quarter. Hedge funds and other institutional investors own 82.22% of the company’s stock.
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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