Bank of New York Mellon (NYSE:BK) had its price target decreased by equities research analysts at JPMorgan Chase & Co. from $50.00 to $49.00 in a research report issued to clients and investors on Tuesday, BenzingaRatingsTable reports. The firm currently has an “underweight” rating on the bank’s stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 12.26% from the company’s current price.
A number of other equities analysts have also issued reports on BK. Buckingham Research decreased their target price on shares of PolyOne from $40.00 to $36.00 and set a “buy” rating for the company in a research report on Thursday, April 18th. Royal Bank of Canada reissued a “neutral” rating and issued a $145.00 price target on shares of Travelers Companies in a report on Thursday, April 18th. Deutsche Bank reissued a “buy” rating and issued a GBX 4,000 ($52.27) price target on shares of in a report on Tuesday, June 18th. Morgan Stanley set a $36.00 price target on shares of ArcBest and gave the company a “hold” rating in a report on Monday. Finally, Zacks Investment Research lowered shares of GreenTree Hospitality Group from a “buy” rating to a “hold” rating in a research note on Monday, May 20th. Five equities research analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the stock. Bank of New York Mellon has an average rating of “Hold” and a consensus price target of $50.91.
BK stock traded up $0.61 during trading on Tuesday, hitting $43.65. 3,899,419 shares of the company’s stock traded hands, compared to its average volume of 4,988,906. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.84. Bank of New York Mellon has a 52 week low of $42.13 and a 52 week high of $55.69. The firm’s fifty day moving average price is $44.03. The stock has a market cap of $42.64 billion, a PE ratio of 10.37, a price-to-earnings-growth ratio of 1.35 and a beta of 1.04.
Bank of New York Mellon (NYSE:BK) last released its earnings results on Wednesday, April 17th. The bank reported $0.94 earnings per share for the quarter, missing the consensus estimate of $0.96 by ($0.02). Bank of New York Mellon had a net margin of 20.69% and a return on equity of 10.98%. The business had revenue of $3.90 billion for the quarter, compared to the consensus estimate of $4.01 billion. During the same quarter in the previous year, the firm earned $1.10 EPS. The firm’s revenue for the quarter was down 6.7% on a year-over-year basis. As a group, equities analysts forecast that Bank of New York Mellon will post 3.99 earnings per share for the current fiscal year.
Bank of New York Mellon declared that its Board of Directors has authorized a share repurchase plan on Thursday, June 27th that allows the company to repurchase $3.94 billion in outstanding shares. This repurchase authorization allows the bank to reacquire up to 9.5% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.
In other Bank of New York Mellon news, Director Trian Fund Management, L.P. sold 621,807 shares of the stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $50.11, for a total transaction of $31,158,748.77. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP J Kevin Mccarthy sold 25,000 shares of the stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $49.43, for a total value of $1,235,750.00. Following the transaction, the executive vice president now owns 93,418 shares in the company, valued at approximately $4,617,651.74. The disclosure for this sale can be found here. 1.71% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently bought and sold shares of the company. C J Advisory Inc bought a new stake in shares of Bank of New York Mellon in the first quarter valued at approximately $28,000. Berman Capital Advisors LLC bought a new stake in shares of Bank of New York Mellon in the fourth quarter valued at approximately $33,000. Sontag Advisory LLC bought a new stake in shares of Bank of New York Mellon in the fourth quarter valued at approximately $33,000. Valley National Advisers Inc. boosted its position in shares of Bank of New York Mellon by 76.5% in the fourth quarter. Valley National Advisers Inc. now owns 713 shares of the bank’s stock valued at $34,000 after acquiring an additional 309 shares during the period. Finally, Financial Gravity Wealth Inc. bought a new position in Bank of New York Mellon in the first quarter worth $41,000. 84.20% of the stock is owned by institutional investors.
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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