Bank of New York Mellon (NYSE:BK) Downgraded by Deutsche Bank

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Bank of New York Mellon (NYSE:BK) was downgraded by investment analysts at Deutsche Bank from a “buy” rating to a “hold” rating in a research note issued on Tuesday, Marketbeat Ratings reports. They presently have a $44.00 price objective on the bank’s stock, down from their previous price objective of $50.00. Deutsche Bank’s price objective would suggest a potential upside of 3.07% from the stock’s current price.

BK has been the topic of several other research reports. Royal Bank of Canada dropped their price objective on shares of Bank of New York Mellon to $52.00 and set a “positive” rating on the stock in a report on Thursday, April 18th. Morgan Stanley dropped their price objective on shares of Bank of New York Mellon from $54.00 to $50.00 and set an “overweight” rating on the stock in a report on Wednesday, June 5th. Buckingham Research dropped their price objective on shares of Bank of New York Mellon from $56.00 to $53.00 and set a “neutral” rating on the stock in a report on Thursday, April 18th. Zacks Investment Research lowered shares of Bank of New York Mellon from a “hold” rating to a “sell” rating in a report on Monday, April 29th. Finally, ValuEngine lowered shares of Bank of New York Mellon from a “hold” rating to a “sell” rating in a report on Wednesday, May 15th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company. The company has an average rating of “Hold” and an average target price of $51.78.

BK stock opened at $42.69 on Tuesday. The firm has a market capitalization of $42.08 billion, a P/E ratio of 10.14, a PEG ratio of 1.32 and a beta of 1.09. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.84. Bank of New York Mellon has a 12-month low of $42.43 and a 12-month high of $57.87.

Bank of New York Mellon (NYSE:BK) last released its earnings results on Wednesday, April 17th. The bank reported $0.94 earnings per share (EPS) 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 firm had revenue of $3.90 billion during the quarter, compared to analyst estimates of $4.01 billion. During the same quarter in the previous year, the firm earned $1.10 EPS. Bank of New York Mellon’s quarterly revenue was down 6.7% on a year-over-year basis. Equities analysts anticipate that Bank of New York Mellon will post 4.04 earnings per share for the current fiscal year.

In related news, Director Trian Fund Management, L.P. sold 621,807 shares of the company’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $50.11, for a total value of $31,158,748.77. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP J Kevin Mccarthy sold 25,000 shares of the company’s stock in a transaction dated Tuesday, April 30th. The stock was sold at an average price of $49.43, for a total transaction of $1,235,750.00. Following the completion of the sale, 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. Corporate insiders own 1.71% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Gantzert Investment Co. LLC ADV acquired a new stake in shares of Bank of New York Mellon during the fourth quarter worth $2,086,000. Canada Pension Plan Investment Board raised its position in shares of Bank of New York Mellon by 4.7% during the fourth quarter. Canada Pension Plan Investment Board now owns 315,643 shares of the bank’s stock worth $14,856,000 after purchasing an additional 14,233 shares during the period. Mackenzie Financial Corp raised its position in shares of Bank of New York Mellon by 9.9% during the fourth quarter. Mackenzie Financial Corp now owns 15,375 shares of the bank’s stock worth $724,000 after purchasing an additional 1,385 shares during the period. Whittier Trust Co. raised its position in shares of Bank of New York Mellon by 2.8% during the fourth quarter. Whittier Trust Co. now owns 13,308 shares of the bank’s stock worth $626,000 after purchasing an additional 365 shares during the period. Finally, Corient Capital Partners LLC acquired a new stake in shares of Bank of New York Mellon during the fourth quarter worth $205,000. Institutional investors own 84.23% 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.

Further Reading: Why do companies issue stock splits?

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

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