Bank of New York Mellon (NYSE:BK) Lowered to Hold Rating by StockNews.com

by · The Markets Daily

StockNews.com lowered shares of Bank of New York Mellon (NYSE:BK – Free Report) from a buy rating to a hold rating in a report published on Monday morning.

A number of other research analysts also recently issued reports on BK. Morgan Stanley upped their price target on Bank of New York Mellon from $72.00 to $78.00 and gave the company an “equal weight” rating in a report on Monday, September 30th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $75.00 price target (up from $70.00) on shares of Bank of New York Mellon in a report on Monday, July 15th. Citigroup upped their price target on Bank of New York Mellon from $65.00 to $70.00 and gave the company a “neutral” rating in a report on Thursday, September 19th. Wells Fargo & Company upped their price target on Bank of New York Mellon from $69.00 to $79.00 and gave the company an “equal weight” rating in a report on Monday, October 14th. Finally, Deutsche Bank Aktiengesellschaft upped their price target on Bank of New York Mellon from $82.00 to $85.00 and gave the company a “buy” rating in a report on Monday. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $77.08.

Get Our Latest Stock Report on BK

Bank of New York Mellon Stock Performance

NYSE:BK opened at $78.71 on Monday. The business has a 50 day moving average of $73.16 and a 200 day moving average of $65.43. The company has a market capitalization of $57.23 billion, a price-to-earnings ratio of 17.11, a PEG ratio of 0.90 and a beta of 1.07. Bank of New York Mellon has a 1-year low of $45.22 and a 1-year high of $80.29. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.70 and a quick ratio of 0.70.

Bank of New York Mellon (NYSE:BK – Get Free Report) last posted its earnings results on Friday, October 11th. The bank reported $1.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.41 by $0.11. Bank of New York Mellon had a return on equity of 12.06% and a net margin of 9.44%. The firm had revenue of $4.65 billion for the quarter, compared to analysts’ expectations of $4.52 billion. On average, sell-side analysts predict that Bank of New York Mellon will post 5.82 earnings per share for the current fiscal year.

Bank of New York Mellon Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Monday, October 21st were paid a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 2.39%. The ex-dividend date of this dividend was Monday, October 21st. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 40.87%.

Insider Transactions at Bank of New York Mellon

In related news, VP Hanneke Smits sold 16,475 shares of Bank of New York Mellon stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $76.47, for a total transaction of $1,259,843.25. Following the sale, the vice president now owns 157,455 shares of the company’s stock, valued at approximately $12,040,583.85. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP J Kevin Mccarthy sold 25,000 shares of Bank of New York Mellon stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $76.31, for a total value of $1,907,750.00. Following the completion of the transaction, the executive vice president now owns 75,404 shares in the company, valued at approximately $5,754,079.24. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Hanneke Smits sold 16,475 shares of Bank of New York Mellon stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $76.47, for a total value of $1,259,843.25. Following the completion of the transaction, the vice president now owns 157,455 shares of the company’s stock, valued at approximately $12,040,583.85. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.14% of the company’s stock.

Hedge Funds Weigh In On Bank of New York Mellon

A number of institutional investors and hedge funds have recently modified their holdings of BK. Stanley Laman Group Ltd. boosted its holdings in Bank of New York Mellon by 2.2% during the 3rd quarter. Stanley Laman Group Ltd. now owns 6,198 shares of the bank’s stock valued at $445,000 after acquiring an additional 135 shares during the period. Avidian Wealth Enterprises LLC raised its position in Bank of New York Mellon by 2.0% during the 3rd quarter. Avidian Wealth Enterprises LLC now owns 7,024 shares of the bank’s stock valued at $505,000 after purchasing an additional 137 shares in the last quarter. Frank Rimerman Advisors LLC raised its position in Bank of New York Mellon by 1.1% during the 3rd quarter. Frank Rimerman Advisors LLC now owns 12,908 shares of the bank’s stock valued at $928,000 after purchasing an additional 142 shares in the last quarter. Sigma Planning Corp raised its position in Bank of New York Mellon by 2.7% during the 3rd quarter. Sigma Planning Corp now owns 5,470 shares of the bank’s stock valued at $393,000 after purchasing an additional 143 shares in the last quarter. Finally, Grove Bank & Trust raised its position in Bank of New York Mellon by 28.8% during the 3rd quarter. Grove Bank & Trust now owns 644 shares of the bank’s stock valued at $46,000 after purchasing an additional 144 shares in the last quarter. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Company Profile

(Get Free Report)

The Bank of New York Mellon Corporation provides a range of financial products and services in the United States and internationally. The company operates through Securities Services, Market and Wealth Services, Investment and Wealth Management, and other segments. The Securities Services segment offers custody, trust and depositary, accounting, exchange-traded funds, middle-office solutions, transfer agency, services for private equity and real estate funds, foreign exchange, securities lending, liquidity/lending services, and data analytics.

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