Bank of New York Mellon (NYSE:BK) Stock Rating Lowered by Morgan Stanley

Morgan Stanley lowered shares of Bank of New York Mellon (NYSE:BK) from an overweight rating to an underweight rating in a research note released on Monday, BenzingaRatingsTable reports.

Several other research firms also recently commented on BK. UBS Group set a $13.00 target price on shares of Freeport-McMoRan and gave the stock a hold rating in a research report on Wednesday, June 26th. ValuEngine raised shares of Vermillion from a hold rating to a buy rating in a research report on Wednesday, May 15th. Deutsche Bank reissued a buy rating and set a GBX 4,000 ($52.27) target price on shares of in a research report on Tuesday, June 18th. Zacks Investment Research downgraded shares of GreenTree Hospitality Group from a buy rating to a hold rating in a research report on Monday, May 20th. Finally, Royal Bank of Canada reissued a neutral rating and set a $145.00 target price on shares of Travelers Companies in a research report on Thursday, April 18th. Five research analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the company. The company currently has a consensus rating of Hold and a consensus target price of $50.91.

NYSE BK opened at $43.65 on Monday. Bank of New York Mellon has a 1-year low of $42.13 and a 1-year high of $55.69. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.68 and a quick ratio of 0.68. The firm has a market capitalization of $41.21 billion, a P/E ratio of 10.37, a PEG ratio of 1.32 and a beta of 1.04. The stock has a fifty day moving average of $43.98.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Wednesday, April 17th. The bank reported $0.94 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.96 by ($0.02). Bank of New York Mellon had a return on equity of 10.98% and a net margin of 20.69%. The company had revenue of $3.90 billion during the quarter, compared to analyst estimates of $4.01 billion. During the same period last year, the company posted $1.10 earnings per share. The company’s revenue was down 6.7% compared to the same quarter last year. Analysts anticipate that Bank of New York Mellon will post 3.96 EPS for the current fiscal year.

Bank of New York Mellon announced that its board has initiated a share buyback plan on Thursday, June 27th that permits the company to buyback $3.94 billion in shares. This buyback authorization permits the bank to purchase up to 9.5% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 25,000 shares of the company’s stock in a transaction dated Tuesday, April 30th. The shares were 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 directly owns 93,418 shares in the company, valued at $4,617,651.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 transaction of $31,158,748.77. The disclosure for this sale can be found here. 1.71% of the stock is owned by corporate insiders.

Hedge funds have recently added to or reduced their stakes in the business. C J Advisory Inc bought a new position in Bank of New York Mellon during the first quarter worth about $28,000. Sontag Advisory LLC bought a new position in Bank of New York Mellon during the fourth quarter worth about $33,000. Valley National Advisers Inc. lifted its stake in Bank of New York Mellon by 76.5% during the fourth quarter. Valley National Advisers Inc. now owns 713 shares of the bank’s stock worth $34,000 after purchasing an additional 309 shares during the period. Berman Capital Advisors LLC bought a new position in Bank of New York Mellon during the fourth quarter worth about $33,000. Finally, Financial Gravity Wealth Inc. bought a new position in Bank of New York Mellon during the first quarter worth about $41,000. Institutional investors own 84.20% 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.

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

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