Bank of New York Mellon Corp (NYSE:BK) Receives $51.13 Consensus PT from Brokerages

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Shares of Bank of New York Mellon Corp (NYSE:BK) have received a consensus recommendation of “Hold” from the thirteen research firms that are currently covering the stock, Marketbeat.com reports. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company. The average 12 month target price among analysts that have covered the stock in the last year is $51.13.

Several analysts recently issued reports on the stock. Royal Bank of Canada reduced their price target on shares of Bank of New York Mellon to $52.00 and set a “positive” rating on the stock in a research report on Thursday, April 18th. Deutsche Bank increased their price target on shares of Bank of New York Mellon from $57.00 to $58.00 and gave the stock a “buy” rating in a research report on Friday, March 15th. Morgan Stanley reduced their price target on shares of Bank of New York Mellon from $54.00 to $50.00 and set an “overweight” rating on the stock in a research report on Wednesday, June 5th. Buckingham Research reduced their price target on shares of Bank of New York Mellon from $56.00 to $53.00 and set a “neutral” rating on the stock in a research report on Thursday, April 18th. Finally, Zacks Investment Research lowered shares of Bank of New York Mellon from a “hold” rating to a “sell” rating in a research report on Monday, April 29th.

In other news, Director Trian Fund Management, L.P. sold 621,807 shares of Bank of New York Mellon stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $50.11, for a total transaction of $31,158,748.77. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP J Kevin Mccarthy sold 25,000 shares of Bank of New York Mellon stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $49.43, for a total transaction of $1,235,750.00. Following the transaction, the executive vice president now owns 93,418 shares of the company’s stock, valued at $4,617,651.74. The disclosure for this sale can be found here. Company insiders own 1.71% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of BK. Pacer Advisors Inc. bought a new position in shares of Bank of New York Mellon during the first quarter valued at about $3,708,000. Hanson McClain Inc. lifted its position in shares of Bank of New York Mellon by 58.6% during the first quarter. Hanson McClain Inc. now owns 2,223 shares of the bank’s stock valued at $112,000 after purchasing an additional 821 shares in the last quarter. Cypress Capital Management LLC lifted its position in shares of Bank of New York Mellon by 2.0% during the first quarter. Cypress Capital Management LLC now owns 186,760 shares of the bank’s stock valued at $9,418,000 after purchasing an additional 3,575 shares in the last quarter. Lindbrook Capital LLC bought a new position in shares of Bank of New York Mellon during the fourth quarter valued at about $80,000. Finally, Stralem & Co. Inc. lifted its position in shares of Bank of New York Mellon by 0.5% during the first quarter. Stralem & Co. Inc. now owns 102,330 shares of the bank’s stock valued at $5,161,000 after purchasing an additional 485 shares in the last quarter. Hedge funds and other institutional investors own 84.23% of the company’s stock.

BK traded up $0.35 on Tuesday, reaching $43.43. The company had a trading volume of 4,947,963 shares, compared to its average volume of 5,028,297. Bank of New York Mellon has a fifty-two week low of $42.13 and a fifty-two week high of $55.69. The firm has a market cap of $41.57 billion, a PE ratio of 10.32, a P/E/G ratio of 1.30 and a beta of 1.09. The firm’s fifty day simple moving average is $45.10. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.68 and a current ratio of 0.68.

Bank of New York Mellon (NYSE:BK) last announced its earnings results on Wednesday, April 17th. The bank reported $0.94 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.96 by ($0.02). Bank of New York Mellon had a return on equity of 10.98% and a net margin of 20.69%. The business had revenue of $3.90 billion for the quarter, compared to analyst estimates of $4.01 billion. During the same quarter in the previous year, the company earned $1.10 EPS. The business’s revenue for the quarter was down 6.7% on a year-over-year basis. Research analysts forecast that Bank of New York Mellon will post 4.04 earnings per share for the current fiscal year.

About Bank of New York Mellon

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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Analyst Recommendations for Bank of New York Mellon (NYSE:BK)

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