Bank Of New York Mellon Corp. (BK) Upgraded to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Bank Of New York Mellon Corp. (NYSE:BK) from a hold rating to a buy rating in a report released on Friday morning. They currently have $44.00 price objective on the stock.
According to Zacks, “BNY Mellon's earnings estimates have been rising lately ahead of its third quarter earnings release. Further, the company has positive record of earnings surprises in recent quarters. With dedicated global reach, the company’s diversified product mix and inorganic growth opportunities will enhance its profitability in this changing business environment. Supported by a strong balance sheet position, it continues to enhance shareholder’s value through its impressive capital deployment activities. Further, the cost-saving initiatives will help sustain earnings momentum. However, pressure on margins owing to the low-rate environment is expected to continue in the near-term. Also, higher litigation and restructuring expenses are expected to hurt the company’s bottom line growth to some extent.”
Other equities research analysts also recently issued reports about the company. Buckingham Research restated a buy rating on shares of Bank Of New York Mellon Corp. in a research report on Tuesday, June 21st. Deutsche Bank AG cut their target price on Bank Of New York Mellon Corp. from $50.00 to $48.00 and set a buy rating for the company in a research report on Thursday, June 16th. Barclays PLC restated a buy rating on shares of Bank Of New York Mellon Corp. in a research report on Saturday, July 9th. Credit Suisse Group AG restated a hold rating and issued a $42.00 target price on shares of Bank Of New York Mellon Corp. in a research report on Tuesday, August 30th. Finally, Jefferies Group reiterated a hold rating and set a $38.00 price objective on shares of Bank Of New York Mellon Corp. in a research report on Thursday, August 25th. Five research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. Bank Of New York Mellon Corp. currently has a consensus rating of Buy and a consensus price target of $44.89.
Shares of Bank Of New York Mellon Corp. (NYSE:BK) traded up 0.05% during midday trading on Friday, hitting $39.49. The stock had a trading volume of 1,234,336 shares. Bank Of New York Mellon Corp. has a 12-month low of $32.20 and a 12-month high of $44.73. The company’s 50-day moving average price is $40.50 and its 200-day moving average price is $39.82. The firm has a market cap of $42.16 billion, a price-to-earnings ratio of 14.16 and a beta of 1.38.
Bank Of New York Mellon Corp. (NYSE:BK) last released its earnings results on Thursday, July 21st. The company reported $0.76 earnings per share for the quarter, topping analysts’ consensus estimates of $0.75 by $0.01. The firm earned $3.78 billion during the quarter, compared to the consensus estimate of $3.79 billion. Bank Of New York Mellon Corp. had a return on equity of 9.31% and a net margin of 20.86%. The firm’s revenue for the quarter was down 2.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.73 earnings per share. Equities research analysts forecast that Bank Of New York Mellon Corp. will post $3.04 EPS for the current year.
In related news, Director Trian Fund Management, L.P. bought 152,000 shares of Bank Of New York Mellon Corp. stock in a transaction that occurred on Friday, July 22nd. The stock was acquired at an average price of $38.87 per share, for a total transaction of $5,908,240.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 3.40% of the stock is currently owned by corporate insiders.
Large investors have recently added to or reduced their stakes in the stock. St. Johns Investment Management Company LLC raised its position in Bank Of New York Mellon Corp. by 2.2% in the third quarter. St. Johns Investment Management Company LLC now owns 19,938 shares of the company’s stock valued at $795,000 after buying an additional 420 shares during the period. Advisor Consultant Network Inc. acquired a new position in Bank Of New York Mellon Corp. during the third quarter valued at about $6,959,000. Pennsylvania Trust Co raised its position in Bank Of New York Mellon Corp. by 4.8% in the third quarter. Pennsylvania Trust Co now owns 6,160 shares of the company’s stock valued at $246,000 after buying an additional 282 shares during the period. National Pension Service raised its position in Bank Of New York Mellon Corp. by 8.7% in the third quarter. National Pension Service now owns 744,490 shares of the company’s stock valued at $29,690,000 after buying an additional 59,416 shares during the period. Finally, Murphy Pohlad Asset Management LLC raised its position in Bank Of New York Mellon Corp. by 2.5% in the third quarter. Murphy Pohlad Asset Management LLC now owns 105,396 shares of the company’s stock valued at $4,203,000 after buying an additional 2,525 shares during the period. Institutional investors and hedge funds own 81.92% of the company’s stock.
Bank Of New York Mellon Corp. Company Profile
The Bank of New York Mellon Corporation (BNY Mellon) 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 credit-related services; the leasing portfolio; corporate treasury activities, including its investment securities portfolio; its equity interest in ConvergEx Group; business exits, and corporate overhead.
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