Bank of New York Mellon (NYSE:BK) Cut to “Hold” at StockNews.com

StockNews.com cut shares of Bank of New York Mellon (NYSE:BK) from a buy rating to a hold rating in a research note published on Thursday.

Several other equities research analysts have also commented on the stock. Citigroup boosted their target price on shares of Bank of New York Mellon from $75.00 to $82.00 and gave the stock a “neutral” rating in a research report on Monday, November 25th. Evercore ISI boosted their price objective on shares of Bank of New York Mellon from $79.00 to $83.00 and gave the stock an “in-line” rating in a report on Thursday. Barclays increased their target price on shares of Bank of New York Mellon from $102.00 to $104.00 and gave the company an “overweight” rating in a report on Thursday. Wolfe Research lowered Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. Finally, The Goldman Sachs Group raised their price objective on Bank of New York Mellon from $74.00 to $80.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. Six analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, Bank of New York Mellon has an average rating of “Moderate Buy” and a consensus price target of $87.14.

Bank of New York Mellon Trading Up 1.3 %

Shares of Bank of New York Mellon stock opened at $83.31 on Thursday. The firm has a market cap of $60.57 billion, a price-to-earnings ratio of 18.11, a price-to-earnings-growth ratio of 0.76 and a beta of 1.08. Bank of New York Mellon has a 52-week low of $52.64 and a 52-week high of $83.67. The company’s 50-day simple moving average is $78.87 and its 200-day simple moving average is $72.24. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.89.

Bank of New York Mellon (NYSE:BK) last released its earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.18. Bank of New York Mellon had a return on equity of 12.06% and a net margin of 9.44%. The company had revenue of $4.85 billion for the quarter, compared to analysts’ expectations of $4.66 billion. During the same quarter in the previous year, the firm posted $1.28 EPS. The firm’s quarterly revenue was up 11.2% on a year-over-year basis. As a group, equities research analysts anticipate that Bank of New York Mellon will post 5.87 earnings per share for the current year.

Bank of New York Mellon Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 7th. Investors of record on Monday, January 27th will be paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 2.26%. The ex-dividend date of this dividend is Monday, January 27th. Bank of New York Mellon’s payout ratio is 40.87%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of BK. McClarren Financial Advisors Inc. grew its position in shares of Bank of New York Mellon by 586.4% in the third quarter. McClarren Financial Advisors Inc. now owns 405 shares of the bank’s stock valued at $29,000 after purchasing an additional 346 shares during the period. Fortitude Family Office LLC grew its holdings in Bank of New York Mellon by 130.6% in the 3rd quarter. Fortitude Family Office LLC now owns 611 shares of the bank’s stock valued at $44,000 after buying an additional 346 shares during the period. Modus Advisors LLC acquired a new position in shares of Bank of New York Mellon during the 4th quarter valued at about $49,000. Ashton Thomas Securities LLC acquired a new position in shares of Bank of New York Mellon during the 3rd quarter valued at about $46,000. Finally, Grove Bank & Trust lifted its holdings in shares of Bank of New York Mellon by 28.8% during the 3rd quarter. Grove Bank & Trust now owns 644 shares of the bank’s stock worth $46,000 after acquiring an additional 144 shares during the period. 85.31% of the stock is currently owned by institutional investors and hedge funds.

About Bank of New York Mellon

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.