Bank of New York Mellon (NYSE:BNY) Downgraded by Zacks Research to Hold

Zacks Research downgraded shares of Bank of New York Mellon (NYSE:BNY) from a strong-buy rating to a hold rating in a report published on Monday morning,Zacks reports.

Several other analysts have also issued reports on the stock. Bank of America upped their price target on shares of Bank of New York Mellon from $165.00 to $175.00 and gave the stock a “buy” rating in a research report on Monday, July 20th. Wall Street Zen raised Bank of New York Mellon to a “hold” rating in a research report on Saturday, May 23rd. Barclays lifted their target price on Bank of New York Mellon from $149.00 to $178.00 and gave the stock an “overweight” rating in a research note on Thursday, July 16th. Erste Group Bank initiated coverage on shares of Bank of New York Mellon in a research report on Wednesday, July 15th. They set a “buy” rating for the company. Finally, Weiss Ratings lowered Bank of New York Mellon from a “buy (a)” rating to a “buy (a-)” rating in a research note on Thursday, August 13th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, Bank of New York Mellon has an average rating of “Moderate Buy” and a consensus target price of $157.13.

Bank of New York Mellon Stock Down 1.2%

BNY stock opened at $162.91 on Monday. The company has a market cap of $110.53 billion, a price-to-earnings ratio of 18.97, a P/E/G ratio of 1.24 and a beta of 1.05. Bank of New York Mellon has a twelve month low of $102.63 and a twelve month high of $165.84. The business has a 50 day moving average price of $158.26 and a two-hundred day moving average price of $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 announced its quarterly earnings data on Wednesday, July 15th. The bank reported $2.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.16 by $0.30. The company had revenue of $5.70 billion for the quarter, compared to analysts’ expectations of $5.35 billion. Bank of New York Mellon had a return on equity of 16.00% and a net margin of 15.52%.The business’s revenue was up 13.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.93 EPS. Analysts anticipate that Bank of New York Mellon will post 9.26 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, VP Jose Minaya sold 3,520 shares of the firm’s stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $162.64, for a total value of $572,492.80. Following the transaction, the vice president owned 180,344 shares of the company’s stock, valued at approximately $29,331,148.16. This trade represents a 1.91% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Dermot Mcdonogh sold 31,800 shares of Bank of New York Mellon stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $155.26, for a total value of $4,937,268.00. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.17% of the company’s stock.

Institutional Trading of Bank of New York Mellon

Institutional investors have recently made changes to their positions in the company. Abound Financial LLC bought a new stake in shares of Bank of New York Mellon in the 4th quarter worth approximately $25,000. MCF Advisors LLC grew its holdings in Bank of New York Mellon by 74.8% during the 4th quarter. MCF Advisors LLC now owns 236 shares of the bank’s stock valued at $27,000 after buying an additional 101 shares in the last quarter. Luken Investment Analytics LLC purchased a new position in Bank of New York Mellon during the 2nd quarter valued at about $27,000. Burnham & Co LLC purchased a new stake in shares of Bank of New York Mellon in the second quarter worth about $29,000. Finally, EFG International AG purchased a new stake in shares of Bank of New York Mellon in the second quarter worth about $29,000. Institutional investors 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.