Bank of New York Mellon (BK) PT Raised to $58.00

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Bank of New York Mellon (NYSE:BK) had its target price upped by investment analysts at Deutsche Bank from $57.00 to $58.00 in a note issued to investors on Friday. The firm currently has a “buy” rating on the bank’s stock. Deutsche Bank’s target price would indicate a potential upside of 9.54% from the company’s current price.

Several other equities analysts also recently commented on the stock. Vining Sparks reissued a “buy” rating and set a $55.00 target price on shares of Bank of New York Mellon in a research report on Wednesday, January 23rd. Zacks Investment Research raised shares of Bank of New York Mellon from a “sell” rating to a “hold” rating in a research report on Monday, January 21st. ValuEngine raised shares of Bank of New York Mellon from a “sell” rating to a “hold” rating in a research report on Tuesday, November 20th. Credit Suisse Group lowered their target price on shares of Bank of New York Mellon from $58.00 to $54.00 and set a “neutral” rating on the stock in a research report on Friday, December 7th. Finally, Citigroup downgraded shares of Bank of New York Mellon from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $55.00 to $52.00 in a research report on Wednesday, January 9th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $55.88.

Shares of NYSE BK traded up $0.19 during mid-day trading on Friday, reaching $52.95. The company had a trading volume of 2,532,067 shares, compared to its average volume of 4,595,473. Bank of New York Mellon has a twelve month low of $43.67 and a twelve month high of $58.22. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.87. The company has a market capitalization of $49.57 billion, a PE ratio of 12.58, a price-to-earnings-growth ratio of 1.48 and a beta of 1.04.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Wednesday, January 16th. The bank reported $0.99 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.92 by $0.07. Bank of New York Mellon had a net margin of 22.19% and a return on equity of 11.53%. The business had revenue of $4.01 billion for the quarter, compared to the consensus estimate of $4.02 billion. During the same period in the prior year, the business posted $0.91 earnings per share. Bank of New York Mellon’s revenue for the quarter was up 7.5% compared to the same quarter last year. As a group, analysts predict that Bank of New York Mellon will post 4.26 EPS for the current year.

Bank of New York Mellon announced that its board has authorized a stock buyback plan on Monday, December 10th that authorizes the company to repurchase $830.00 million in shares. This repurchase authorization authorizes the bank to reacquire up to 1.8% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

In other Bank of New York Mellon news, Director Edward P. Garden sold 171,960 shares of the firm’s stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $52.28, for a total transaction of $8,990,068.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Edward P. Garden sold 1,336 shares of the firm’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $52.00, for a total transaction of $69,472.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 3,713,437 shares of company stock valued at $198,594,100. 1.76% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. increased its holdings in shares of Bank of New York Mellon by 1.5% in the fourth quarter. BlackRock Inc. now owns 54,968,976 shares of the bank’s stock valued at $2,587,391,000 after purchasing an additional 805,925 shares in the last quarter. FMR LLC increased its holdings in shares of Bank of New York Mellon by 36.4% in the fourth quarter. FMR LLC now owns 32,610,453 shares of the bank’s stock valued at $1,534,974,000 after purchasing an additional 8,695,718 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC increased its holdings in shares of Bank of New York Mellon by 2.0% in the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 14,843,432 shares of the bank’s stock valued at $698,679,000 after purchasing an additional 292,800 shares in the last quarter. Macquarie Group Ltd. increased its holdings in shares of Bank of New York Mellon by 4.7% in the fourth quarter. Macquarie Group Ltd. now owns 14,529,096 shares of the bank’s stock valued at $683,885,000 after purchasing an additional 647,347 shares in the last quarter. Finally, Harris Associates L P increased its holdings in shares of Bank of New York Mellon by 5.4% in the fourth quarter. Harris Associates L P now owns 10,826,019 shares of the bank’s stock valued at $509,581,000 after purchasing an additional 552,515 shares in the last quarter. Hedge funds and other institutional investors own 83.92% of the company’s stock.

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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