Bank of New York Mellon (NYSE:BK) PT Raised to $42.00

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Bank of New York Mellon (NYSE:BK) had its price target upped by equities researchers at Morgan Stanley from $41.00 to $42.00 in a report released on Tuesday, BenzingaRatingsTable reports. The firm presently has an “underweight” rating on the bank’s stock. Morgan Stanley’s price target points to a potential downside of 10.64% from the company’s previous close.

BK has been the topic of a number of other reports. Deutsche Bank decreased their price target on Bank of New York Mellon from $47.00 to $45.00 and set a “hold” rating on the stock in a research note on Wednesday, August 21st. Zacks Investment Research upgraded Bank of New York Mellon from a “sell” rating to a “hold” rating in a research note on Monday, May 20th. Keefe, Bruyette & Woods upgraded Bank of New York Mellon from an “underperform” rating to a “market perform” rating and upped their price target for the stock from $46.00 to $47.00 in a research note on Thursday, July 18th. UBS Group reduced their price objective on Bank of New York Mellon from $49.00 to $45.00 and set a “neutral” rating on the stock in a research note on Wednesday, June 26th. Finally, Buckingham Research reduced their price objective on Bank of New York Mellon from $53.00 to $50.00 and set a “neutral” rating on the stock in a research note on Thursday, July 18th. Four research analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $49.10.

NYSE:BK opened at $47.00 on Tuesday. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.79. The stock’s fifty day moving average is $43.90 and its two-hundred day moving average is $46.63. Bank of New York Mellon has a 52 week low of $40.52 and a 52 week high of $54.27. The stock has a market capitalization of $43.61 billion, a price-to-earnings ratio of 11.16, a price-to-earnings-growth ratio of 1.45 and a beta of 1.11.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Wednesday, July 17th. The bank reported $1.01 EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $3.92 billion for the quarter, compared to analysts’ expectations of $3.92 billion. During the same period in the prior year, the firm earned $1.03 earnings per share. The firm’s revenue was down 5.2% compared to the same quarter last year. On average, sell-side analysts expect that Bank of New York Mellon will post 3.93 EPS for the current fiscal year.

Bank of New York Mellon declared that its board has approved a stock repurchase plan on Thursday, June 27th that allows the company to repurchase $3.94 billion in outstanding shares. This repurchase authorization allows the bank to buy up to 9.5% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

In related news, Vice Chairman Thomas P. Gibbons sold 318,556 shares of the stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $46.72, for a total value of $14,882,936.32. Following the transaction, the insider now owns 539,052 shares of the company’s stock, valued at $25,184,509.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Vice Chairman William M. Daley bought 11,350 shares of the company’s stock in a transaction that occurred on Thursday, July 18th. The stock was acquired at an average cost of $44.93 per share, for a total transaction of $509,955.50. Following the acquisition, the insider now directly owns 5,700 shares of the company’s stock, valued at $256,101. The disclosure for this purchase can be found here. Corporate insiders own 1.71% of the company’s stock.

Large investors have recently bought and sold shares of the stock. Cibc World Markets Corp grew its holdings in shares of Bank of New York Mellon by 305.1% during the second quarter. Cibc World Markets Corp now owns 471,188 shares of the bank’s stock worth $20,803,000 after purchasing an additional 354,862 shares during the last quarter. Horizon Investments LLC purchased a new position in shares of Bank of New York Mellon during the first quarter worth about $287,000. USS Investment Management Ltd purchased a new position in shares of Bank of New York Mellon during the second quarter worth about $8,878,000. H2O AM LLP purchased a new position in shares of Bank of New York Mellon during the second quarter worth about $598,000. Finally, Hikari Power Ltd grew its holdings in shares of Bank of New York Mellon by 5.6% during the second quarter. Hikari Power Ltd now owns 316,990 shares of the bank’s stock worth $13,995,000 after purchasing an additional 16,830 shares during the last quarter. 82.39% of the stock is currently owned by hedge funds and other institutional investors.

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

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