Bank Of New York Mellon (BK) Rating Lowered to Underweight at JPMorgan Chase & Co.

Bank Of New York Mellon (NYSE:BK) was downgraded by analysts at JPMorgan Chase & Co. from a “neutral” rating to an “underweight” rating in a note issued to investors on Friday, The Fly reports.

BK has been the subject of several other reports. ValuEngine upgraded Bank Of New York Mellon from a “hold” rating to a “buy” rating in a report on Tuesday, December 5th. Citigroup reaffirmed a “neutral” rating and set a $56.00 price target (up previously from $53.00) on shares of Bank Of New York Mellon in a research report on Monday, October 9th. Jefferies Group reaffirmed a “hold” rating on shares of Bank Of New York Mellon in a research report on Friday, October 20th. Credit Suisse Group reaffirmed a “hold” rating and set a $55.00 price target on shares of Bank Of New York Mellon in a research report on Tuesday, October 10th. Finally, Zacks Investment Research raised Bank Of New York Mellon from a “hold” rating to a “buy” rating and set a $61.00 price target for the company in a research report on Tuesday, October 10th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and ten have assigned a buy rating to the stock. Bank Of New York Mellon has a consensus rating of “Hold” and a consensus price target of $56.67.

Shares of Bank Of New York Mellon (NYSE BK) opened at $55.35 on Friday. The firm has a market capitalization of $59,280.63, a PE ratio of 16.18, a P/E/G ratio of 1.82 and a beta of 1.23. Bank Of New York Mellon has a fifty-two week low of $43.85 and a fifty-two week high of $58.99. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 0.85.

Bank Of New York Mellon (NYSE:BK) last issued its earnings results on Thursday, January 18th. The bank reported $0.91 earnings per share for the quarter, meeting the consensus estimate of $0.91. The company had revenue of $3.73 billion during the quarter, compared to analysts’ expectations of $4.01 billion. Bank Of New York Mellon had a return on equity of 10.51% and a net margin of 23.14%. Bank Of New York Mellon’s quarterly revenue was down 1.6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.77 EPS. equities analysts predict that Bank Of New York Mellon will post 3.55 earnings per share for the current fiscal year.

In related news, Vice Chairman Brian T. Shea sold 22,228 shares of the company’s stock in a transaction that occurred on Friday, November 3rd. The stock was sold at an average price of $51.26, for a total value of $1,139,407.28. Following the sale, the insider now owns 181,815 shares in the company, valued at approximately $9,319,836.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Edward P. Garden sold 650,000 shares of the company’s stock in a transaction that occurred on Monday, November 20th. The stock was sold at an average price of $52.60, for a total value of $34,190,000.00. The disclosure for this sale can be found here. Insiders sold a total of 6,677,177 shares of company stock valued at $350,171,492 in the last three months. Corporate insiders own 3.60% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in shares of Bank Of New York Mellon by 1.6% in the 2nd quarter. Vanguard Group Inc. now owns 67,420,467 shares of the bank’s stock worth $3,439,792,000 after buying an additional 1,071,088 shares during the last quarter. Berkshire Hathaway Inc. boosted its stake in shares of Bank Of New York Mellon by 52.2% in the 2nd quarter. Berkshire Hathaway Inc. now owns 50,229,588 shares of the bank’s stock worth $2,562,715,000 after buying an additional 17,217,529 shares during the last quarter. Capital International Investors boosted its stake in shares of Bank Of New York Mellon by 120.8% in the 3rd quarter. Capital International Investors now owns 23,045,005 shares of the bank’s stock worth $1,221,846,000 after buying an additional 12,607,183 shares during the last quarter. First Eagle Investment Management LLC raised its holdings in Bank Of New York Mellon by 1.4% in the 3rd quarter. First Eagle Investment Management LLC now owns 19,753,288 shares of the bank’s stock worth $1,047,319,000 after purchasing an additional 271,858 shares during the period. Finally, Longview Partners Guernsey LTD raised its holdings in Bank Of New York Mellon by 5.2% in the 3rd quarter. Longview Partners Guernsey LTD now owns 17,381,984 shares of the bank’s stock worth $921,593,000 after purchasing an additional 862,800 shares during the period. Hedge funds and other institutional investors own 82.93% of the company’s stock.

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Bank Of New York Mellon Company Profile

The Bank of New York Mellon Corporation is an investments company. The Company operates businesses through two segments: Investment Management and Investment Services. The Company also has an Other segment, which includes the leasing portfolio, corporate treasury activities (including its investment securities portfolio), derivatives and other trading, corporate and bank-owned life insurance and renewable energy investments, and business exits.

The Fly

Analyst Recommendations for Bank Of New York Mellon (NYSE:BK)

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