Bank of New York Mellon (NYSE:BNY) Lowered to “Hold” Rating by Zacks Research

Bank of New York Mellon (NYSE:BNY) was downgraded by equities researchers at Zacks Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Monday, Zacks reports.

BNY has been the topic of a number of other research reports. Argus increased their price objective on shares of Bank of New York Mellon from $153.00 to $180.00 and gave the stock a “buy” rating in a research report on Wednesday, July 22nd. Erste Group Bank initiated coverage on Bank of New York Mellon in a research report on Wednesday, July 15th. They issued a “buy” rating for the company. Wall Street Zen raised Bank of New York Mellon to a “hold” rating in a research note on Saturday, May 23rd. Weiss Ratings lowered Bank of New York Mellon from a “buy (a)” rating to a “buy (a-)” rating in a report on Thursday, August 13th. Finally, Wells Fargo & Company raised their price objective on Bank of New York Mellon from $152.00 to $162.00 and gave the company an “equal weight” rating in a research note on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $157.13.

Bank of New York Mellon Stock Down 1.2%

Bank of New York Mellon stock opened at $162.91 on Monday. The company has a market capitalization of $110.53 billion, a PE ratio of 18.97, a PEG ratio of 1.24 and a beta of 1.05. Bank of New York Mellon has a 12-month low of $102.63 and a 12-month high of $165.84. The firm’s fifty day moving average is $158.26 and its 200 day moving average is $140.28. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.76.

Bank of New York Mellon (NYSE:BNY) last posted its quarterly earnings results on Wednesday, July 15th. The bank reported $2.46 EPS for the quarter, topping analysts’ consensus estimates of $2.16 by $0.30. Bank of New York Mellon had a net margin of 15.52% and a return on equity of 16.00%. The business had revenue of $5.70 billion during the quarter, compared to analysts’ expectations of $5.35 billion. During the same period last year, the company posted $1.93 earnings per share. The business’s quarterly revenue was up 13.3% on a year-over-year basis. As a group, sell-side analysts predict that Bank of New York Mellon will post 9.26 EPS for the current fiscal year.

Insider Transactions at Bank of New York Mellon

In other news, CFO Dermot Mcdonogh sold 31,800 shares of Bank of New York Mellon stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $155.26, for a total transaction of $4,937,268.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Jose Minaya sold 3,520 shares of the business’s stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $162.64, for a total transaction of $572,492.80. Following the sale, the vice president directly owned 180,344 shares of the company’s stock, valued at approximately $29,331,148.16. The trade was a 1.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.17% of the stock is owned by company insiders.

Hedge Funds Weigh In On Bank of New York Mellon

A number of hedge funds have recently added to or reduced their stakes in the stock. Abound Financial LLC purchased a new position in shares of Bank of New York Mellon during the fourth quarter valued at approximately $25,000. MCF Advisors LLC grew its holdings in Bank of New York Mellon by 74.8% during the fourth quarter. MCF Advisors LLC now owns 236 shares of the bank’s stock worth $27,000 after buying an additional 101 shares in the last quarter. Luken Investment Analytics LLC purchased a new stake in Bank of New York Mellon in the 2nd quarter valued at $27,000. Burnham & Co LLC purchased a new stake in Bank of New York Mellon in the 2nd quarter valued at $29,000. Finally, EFG International AG bought a new position in Bank of New York Mellon during the 2nd quarter valued at $29,000. Institutional investors and hedge funds own 85.31% of the company’s stock.

About Bank of New York Mellon

BNY, formerly known as BNY Mellon, is a global financial services company headquartered in New York City. Formed in 2007 through the merger of the Bank of New York and Mellon Financial Corporation, BNY traces its roots back to 1784, making it one of the oldest banking institutions in the United States. It was also the first company listed on the New York Stock Exchange.

BNY operates at the center of the world’s capital markets, partnering with clients to help them operate more efficiently and accelerate growth.