Bank of New York Mellon (NYSE:BK) Downgraded to Hold Rating by StockNews.com

StockNews.com cut shares of Bank of New York Mellon (NYSE:BK) from a buy rating to a hold rating in a research note released on Thursday.

Several other equities research analysts also recently issued reports on BK. JPMorgan Chase & Co. upped their price target on Bank of New York Mellon from $69.00 to $77.00 and gave the stock an “overweight” rating in a report on Monday, October 7th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Bank of New York Mellon from $94.00 to $98.00 and gave the stock a “buy” rating in a research note on Thursday. The Goldman Sachs Group raised their price target on shares of Bank of New York Mellon from $74.00 to $80.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. Bank of America boosted their price target on shares of Bank of New York Mellon from $90.00 to $95.00 and gave the stock a “buy” rating in a report on Thursday. Finally, Citigroup increased their price objective on shares of Bank of New York Mellon from $75.00 to $82.00 and gave the company a “neutral” rating in a research note on Monday, November 25th. Six analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $87.14.

Bank of New York Mellon Stock Up 0.3 %

Shares of NYSE BK opened at $82.28 on Thursday. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.70 and a quick ratio of 0.70. The company has a 50-day moving average price of $78.65 and a 200-day moving average price of $72.01. The stock has a market capitalization of $59.83 billion, a P/E ratio of 17.89, a P/E/G ratio of 0.76 and a beta of 1.08. Bank of New York Mellon has a 1 year low of $52.64 and a 1 year high of $82.72.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.54 by $0.18. The business had revenue of $4.85 billion during the quarter, compared to the consensus estimate of $4.66 billion. Bank of New York Mellon had a return on equity of 12.06% and a net margin of 9.44%. The company’s quarterly revenue was up 11.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.28 EPS. On average, equities research analysts forecast that Bank of New York Mellon will post 5.87 EPS for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, February 7th. Investors of record on Monday, January 27th will be issued a $0.47 dividend. The ex-dividend date is Monday, January 27th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.28%. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 32.36%.

Hedge Funds Weigh In On Bank of New York Mellon

Institutional investors and hedge funds have recently bought and sold shares of the company. McClarren Financial Advisors Inc. raised its stake in shares of Bank of New York Mellon by 586.4% in the third quarter. McClarren Financial Advisors Inc. now owns 405 shares of the bank’s stock valued at $29,000 after buying an additional 346 shares during the period. Fortitude Family Office LLC increased its holdings in Bank of New York Mellon by 130.6% in the 3rd quarter. Fortitude Family Office LLC now owns 611 shares of the bank’s stock worth $44,000 after acquiring an additional 346 shares during the last quarter. Modus Advisors LLC bought a new stake in Bank of New York Mellon in the 4th quarter valued at about $49,000. Ashton Thomas Securities LLC purchased a new stake in Bank of New York Mellon during the third quarter valued at about $46,000. Finally, Grove Bank & Trust boosted its position in Bank of New York Mellon by 28.8% during the third quarter. Grove Bank & Trust now owns 644 shares of the bank’s stock worth $46,000 after purchasing an additional 144 shares during the period. 85.31% of the stock is owned by institutional investors.

Bank of New York Mellon Company Profile

The Bank of New York Mellon Corporation provides a range of financial products and services in the United States and internationally. The company operates through Securities Services, Market and Wealth Services, Investment and Wealth Management, and other segments. The Securities Services segment offers custody, trust and depositary, accounting, exchange-traded funds, middle-office solutions, transfer agency, services for private equity and real estate funds, foreign exchange, securities lending, liquidity/lending services, and data analytics.