Equities research analysts at Wolfe Research assumed coverage on shares of Bank of New York Mellon (NYSE:BK) in a note issued to investors on Tuesday, The Fly reports. The brokerage set an “underperform” rating on the bank’s stock.
Several other research firms also recently issued reports on BK. Zacks Investment Research downgraded Bank of New York Mellon from a “buy” rating to a “hold” rating in a report on Wednesday, June 20th. Raymond James downgraded Bank of New York Mellon from an “outperform” rating to a “market perform” rating in a report on Thursday, July 12th. Vining Sparks reaffirmed a “buy” rating and set a $62.00 price objective on shares of Bank of New York Mellon in a report on Monday, July 23rd. ValuEngine downgraded Bank of New York Mellon from a “hold” rating to a “sell” rating in a report on Tuesday, August 7th. Finally, Sandler O’Neill reaffirmed a “hold” rating on shares of Bank of New York Mellon in a report on Friday, July 13th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $58.50.
Shares of BK opened at $51.92 on Tuesday. The company has a market capitalization of $52.31 billion, a PE ratio of 13.01, a price-to-earnings-growth ratio of 1.63 and a beta of 1.04. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.69 and a current ratio of 0.69. Bank of New York Mellon has a one year low of $49.39 and a one year high of $58.99.
Bank of New York Mellon (NYSE:BK) last announced its earnings results on Thursday, July 19th. The bank reported $1.03 EPS for the quarter, topping the consensus estimate of $1.02 by $0.01. Bank of New York Mellon had a return on equity of 11.40% and a net margin of 25.08%. The business had revenue of $4.14 billion for the quarter, compared to the consensus estimate of $4.13 billion. During the same period in the previous year, the business earned $0.88 EPS. Bank of New York Mellon’s revenue was up 4.6% compared to the same quarter last year. sell-side analysts expect that Bank of New York Mellon will post 4.18 EPS for the current fiscal year.
Bank of New York Mellon announced that its Board of Directors has approved a stock repurchase plan on Thursday, June 28th that allows the company to buyback $2.40 billion in shares. This buyback authorization allows the bank to reacquire up to 4.4% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.
Institutional investors have recently modified their holdings of the business. Rowland & Co. Investment Counsel ADV bought a new stake in shares of Bank of New York Mellon during the 2nd quarter valued at $102,000. Quad Cities Investment Group LLC bought a new stake in shares of Bank of New York Mellon during the 2nd quarter valued at $102,000. Kaizen Advisory LLC raised its position in shares of Bank of New York Mellon by 157.6% during the 2nd quarter. Kaizen Advisory LLC now owns 2,558 shares of the bank’s stock valued at $138,000 after acquiring an additional 1,565 shares during the last quarter. Ostrum Asset Management bought a new stake in shares of Bank of New York Mellon during the 1st quarter valued at $148,000. Finally, Patten Group Inc. raised its position in shares of Bank of New York Mellon by 44.4% during the 1st quarter. Patten Group Inc. now owns 2,929 shares of the bank’s stock valued at $124,000 after acquiring an additional 900 shares during the last quarter. Institutional investors own 83.36% of the company’s stock.
Bank of New York Mellon Company Profile
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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