Keefe, Bruyette & Woods upgraded shares of Bank of New York Mellon (NYSE:BK) from an underperform rating to a market perform rating in a research report sent to investors on Thursday, BenzingaRatingsTable reports. Keefe, Bruyette & Woods currently has $47.00 target price on the bank’s stock, up from their prior target price of $46.00.
Several other brokerages have also weighed in on BK. Morgan Stanley set a $36.00 target price on ArcBest and gave the stock a hold rating in a research report on Monday, July 8th. Zacks Investment Research lowered GreenTree Hospitality Group from a buy rating to a hold rating in a research report on Monday, May 20th. Buckingham Research dropped their target price on PolyOne from $40.00 to $36.00 and set a buy rating on the stock in a research report on Thursday, April 18th. ValuEngine raised Vermillion from a hold rating to a buy rating in a research report on Wednesday, May 15th. Finally, JPMorgan Chase & Co. assumed coverage on Pinduoduo in a research report on Tuesday, July 9th. They issued an underweight rating and a $20.48 target price on the stock. Four research analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the stock. The company presently has an average rating of Hold and an average price target of $50.45.
Shares of NYSE BK opened at $45.27 on Thursday. Bank of New York Mellon has a 1-year low of $42.13 and a 1-year high of $54.47. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.71 and a quick ratio of 0.68. The stock has a fifty day moving average of $43.86. The firm has a market capitalization of $43.35 billion, a price-to-earnings ratio of 11.32, a PEG ratio of 1.39 and a beta of 1.04.
Bank of New York Mellon (NYSE:BK) last issued its earnings results on Wednesday, July 17th. The bank reported $1.01 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.94 by $0.07. Bank of New York Mellon had a return on equity of 10.74% and a net margin of 19.93%. The firm had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.92 billion. During the same period last year, the company earned $1.03 earnings per share. The firm’s revenue for the quarter was down 5.2% on a year-over-year basis. On average, equities research analysts predict that Bank of New York Mellon will post 3.94 earnings per share for the current year.
Bank of New York Mellon declared that its board has initiated a stock buyback program on Thursday, June 27th that allows the company to repurchase $3.94 billion in shares. This repurchase authorization allows the bank to buy up to 9.5% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, August 9th. Stockholders of record on Monday, July 29th will be paid a $0.31 dividend. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Friday, July 26th. This represents a $1.24 annualized dividend and a dividend yield of 2.74%. Bank of New York Mellon’s dividend payout ratio is presently 26.60%.
In other news, EVP J Kevin Mccarthy sold 25,000 shares of the stock in a transaction on Tuesday, April 30th. The stock was sold at an average price of $49.43, for a total value of $1,235,750.00. Following the completion of the transaction, the executive vice president now owns 93,418 shares of the company’s stock, valued at $4,617,651.74. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Trian Fund Management, L.P. sold 621,807 shares of the stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $50.11, for a total value of $31,158,748.77. The disclosure for this sale can be found here. Corporate insiders own 1.71% of the company’s stock.
Large investors have recently added to or reduced their stakes in the company. Horizon Investments LLC bought a new position in Bank of New York Mellon during the first quarter valued at about $287,000. Pacer Advisors Inc. bought a new position in Bank of New York Mellon during the first quarter valued at about $3,708,000. Hanson McClain Inc. boosted its stake in 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 buying an additional 821 shares in the last quarter. Cypress Capital Management LLC boosted its stake in 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 buying an additional 3,575 shares in the last quarter. Finally, Stralem & Co. Inc. boosted its stake in 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 buying an additional 485 shares in the last quarter. 84.13% 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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