Bank of New York Mellon (NYSE:BK) Raised to “Buy” at StockNews.com

Bank of New York Mellon (NYSE:BK) was upgraded by equities research analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued on Saturday.

Several other research firms have also issued reports on BK. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $79.00 price target on shares of Bank of New York Mellon in a research report on Monday, October 14th. Citigroup upped their target price on Bank of New York Mellon from $75.00 to $82.00 and gave the company a “neutral” rating in a research report on Monday, November 25th. Keefe, Bruyette & Woods lifted their target price on Bank of New York Mellon from $87.00 to $96.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. The Goldman Sachs Group increased their price target on Bank of New York Mellon from $74.00 to $80.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Bank of New York Mellon from $69.00 to $77.00 and gave the company an “overweight” rating in a research note on Monday, October 7th. Four research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $81.00.

Bank of New York Mellon Price Performance

Shares of NYSE BK opened at $78.83 on Friday. The business has a fifty day moving average price of $77.82 and a two-hundred day moving average price of $69.11. The stock has a market capitalization of $57.32 billion, a PE ratio of 17.14, a P/E/G ratio of 0.91 and a beta of 1.07. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.70 and a quick ratio of 0.70. Bank of New York Mellon has a fifty-two week low of $50.87 and a fifty-two week high of $82.72.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Friday, October 11th. The bank reported $1.52 earnings per share for the quarter, topping the consensus estimate of $1.41 by $0.11. The business had revenue of $4.65 billion during the quarter, compared to the consensus estimate of $4.52 billion. Bank of New York Mellon had a return on equity of 12.06% and a net margin of 9.44%. As a group, equities analysts predict that Bank of New York Mellon will post 5.84 earnings per share for the current fiscal year.

Insider Transactions at Bank of New York Mellon

In other Bank of New York Mellon news, VP Hanneke Smits sold 16,475 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $76.47, for a total value of $1,259,843.25. Following the completion of the sale, the vice president now owns 157,455 shares of the company’s stock, valued at $12,040,583.85. This trade represents a 9.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP J Kevin Mccarthy sold 25,000 shares of the company’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $76.31, for a total value of $1,907,750.00. Following the completion of the transaction, the executive vice president now directly owns 75,404 shares in the company, valued at $5,754,079.24. This trade represents a 24.90 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.14% of the company’s stock.

Institutional Trading of Bank of New York Mellon

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Bank of New York Mellon by 18.7% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 64,127 shares of the bank’s stock worth $3,841,000 after buying an additional 10,114 shares during the last quarter. Blue Trust Inc. lifted its position in Bank of New York Mellon by 86.9% during the 2nd quarter. Blue Trust Inc. now owns 856 shares of the bank’s stock worth $49,000 after acquiring an additional 398 shares during the period. Nisa Investment Advisors LLC lifted its position in Bank of New York Mellon by 123.4% during the 2nd quarter. Nisa Investment Advisors LLC now owns 78,962 shares of the bank’s stock worth $4,729,000 after acquiring an additional 43,611 shares during the period. Continuum Advisory LLC grew its stake in Bank of New York Mellon by 95.2% during the 2nd quarter. Continuum Advisory LLC now owns 1,216 shares of the bank’s stock valued at $73,000 after purchasing an additional 593 shares during the last quarter. Finally, Dakota Wealth Management increased its holdings in shares of Bank of New York Mellon by 5.2% in the second quarter. Dakota Wealth Management now owns 154,659 shares of the bank’s stock valued at $9,263,000 after purchasing an additional 7,629 shares during the period. Institutional investors own 85.31% 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 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.