Zacks Investment Research upgraded shares of Bank Of New York Mellon Corp. (NYSE:BK) from a hold rating to a buy rating in a research note released on Friday morning. The brokerage currently has $44.00 target price on the stock.
According to Zacks, “BNY Mellon's earnings estimates have been rising lately ahead of its third quarter earnings release. Further, the company has positive record of earnings surprises in recent quarters. With dedicated global reach, the company’s diversified product mix and inorganic growth opportunities will enhance its profitability in this changing business environment. Supported by a strong balance sheet position, it continues to enhance shareholder’s value through its impressive capital deployment activities. Further, the cost-saving initiatives will help sustain earnings momentum. However, pressure on margins owing to the low-rate environment is expected to continue in the near-term. Also, higher litigation and restructuring expenses are expected to hurt the company’s bottom line growth to some extent.”
Several other research analysts have also weighed in on the stock. Barclays PLC restated a buy rating and set a $48.00 price objective on shares of Bank Of New York Mellon Corp. in a research note on Tuesday, October 11th. Credit Suisse Group AG restated a hold rating and set a $42.00 price objective on shares of Bank Of New York Mellon Corp. in a research note on Tuesday, August 30th. Buckingham Research restated a buy rating on shares of Bank Of New York Mellon Corp. in a research note on Tuesday, June 21st. Credit Agricole SA boosted their price objective on shares of Bank Of New York Mellon Corp. from $45.00 to $47.00 and gave the stock an outperform rating in a research note on Friday, September 23rd. Finally, Deutsche Bank AG boosted their price objective on shares of Bank Of New York Mellon Corp. from $50.00 to $51.00 and gave the stock a buy rating in a research note on Friday, September 9th. Five investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of Buy and an average price target of $44.89.
Bank Of New York Mellon Corp. (NYSE:BK) traded up 0.05% on Friday, reaching $39.49. 1,234,336 shares of the company traded hands. The firm has a market cap of $42.16 billion, a P/E ratio of 14.16 and a beta of 1.38. Bank Of New York Mellon Corp. has a 52-week low of $32.20 and a 52-week high of $44.73. The stock has a 50-day moving average price of $40.50 and a 200-day moving average price of $39.82.
Bank Of New York Mellon Corp. (NYSE:BK) last issued its quarterly earnings results on Thursday, July 21st. The company reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.75 by $0.01. Bank Of New York Mellon Corp. had a net margin of 20.86% and a return on equity of 9.31%. The firm had revenue of $3.78 billion for the quarter, compared to analyst estimates of $3.79 billion. During the same period in the previous year, the business earned $0.73 EPS. The company’s revenue was down 2.8% compared to the same quarter last year. Analysts anticipate that Bank Of New York Mellon Corp. will post $3.04 earnings per share for the current fiscal year.
In other news, Director Trian Fund Management, L.P. purchased 152,000 shares of the business’s stock in a transaction dated Friday, July 22nd. The stock was bought at an average price of $38.87 per share, with a total value of $5,908,240.00. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. 3.40% of the stock is currently owned by company insiders.
Several hedge funds have recently modified their holdings of the company. Jarislowsky Fraser Ltd increased its stake in shares of Bank Of New York Mellon Corp. by 1,000.6% in the second quarter. Jarislowsky Fraser Ltd now owns 10,322,439 shares of the company’s stock worth $257,964,000 after buying an additional 9,384,511 shares during the period. Emerald Acquisition Ltd. bought a new position in Bank Of New York Mellon Corp. during the second quarter worth about $85,914,000. Dodge & Cox boosted its position in Bank Of New York Mellon Corp. by 3.5% in the second quarter. Dodge & Cox now owns 55,928,092 shares of the company’s stock worth $2,172,806,000 after buying an additional 1,880,245 shares in the last quarter. Capital International Investors boosted its position in Bank Of New York Mellon Corp. by 29.0% in the second quarter. Capital International Investors now owns 5,738,000 shares of the company’s stock worth $222,921,000 after buying an additional 1,290,000 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position in Bank Of New York Mellon Corp. by 2.0% in the second quarter. Vanguard Group Inc. now owns 63,002,399 shares of the company’s stock worth $2,447,643,000 after buying an additional 1,218,292 shares in the last quarter. 81.92% of the stock is owned by institutional investors.
Bank Of New York Mellon Corp. Company Profile
The Bank of New York Mellon Corporation (BNY Mellon) 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 credit-related services; the leasing portfolio; corporate treasury activities, including its investment securities portfolio; its equity interest in ConvergEx Group; business exits, and corporate overhead.