Bank of New York Mellon (NYSE:BK) Upgraded to “Buy” at UBS Group

UBS Group upgraded shares of Bank of New York Mellon (NYSE:BK) from a neutral rating to a buy rating in a research note published on Monday, 24/7 WallStreet reports. The firm currently has $55.00 price target on the bank’s stock, up from their previous price target of $46.00.

A number of other equities analysts also recently issued reports on the stock. JPMorgan Chase & Co. cut their price target on shares of Bank of New York Mellon from $47.00 to $45.00 and set an underweight rating for the company in a report on Thursday, October 10th. ValuEngine downgraded shares of Bank of New York Mellon from a hold rating to a sell rating in a report on Monday, October 21st. Morgan Stanley cut their price target on shares of Bank of New York Mellon from $42.00 to $40.00 and set an underweight rating for the company in a report on Friday, October 4th. Keefe, Bruyette & Woods upgraded shares of Bank of New York Mellon from an underperform rating to a market perform rating and increased their price target for the company from $46.00 to $47.00 in a report on Thursday, July 18th. Finally, Buckingham Research cut their price target on shares of Bank of New York Mellon from $53.00 to $50.00 and set a neutral rating for the company in a report on Thursday, July 18th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the stock. The company presently has an average rating of Hold and an average target price of $48.90.

Bank of New York Mellon stock traded up $0.07 during trading hours on Monday, reaching $48.42. 1,828,894 shares of the stock were exchanged, compared to its average volume of 5,086,313. The stock has a market cap of $45.24 billion, a P/E ratio of 11.50, a P/E/G ratio of 1.50 and a beta of 1.13. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.70 and a current ratio of 0.70. Bank of New York Mellon has a 52-week low of $40.52 and a 52-week high of $54.27. The firm’s 50 day moving average is $45.81 and its 200 day moving average is $45.14.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Wednesday, October 16th. The bank reported $1.07 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.99 by $0.08. The business had revenue of $3.86 billion during the quarter, compared to the consensus estimate of $3.92 billion. Bank of New York Mellon had a net margin of 19.31% and a return on equity of 10.57%. The business’s revenue was down 5.1% compared to the same quarter last year. During the same quarter last year, the firm posted $1.06 EPS. Equities research analysts expect that Bank of New York Mellon will post 3.98 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Friday, November 8th. Shareholders of record on Monday, October 28th were paid a dividend of $0.31 per share. The ex-dividend date of this dividend was Friday, October 25th. This represents a $1.24 annualized dividend and a dividend yield of 2.56%. Bank of New York Mellon’s dividend payout ratio is currently 29.45%.

In other Bank of New York Mellon news, EVP Mitchell E. Harris sold 50,000 shares of the firm’s stock in a transaction dated Thursday, October 17th. The shares were sold at an average price of $44.60, for a total transaction of $2,230,000.00. Following the sale, the executive vice president now directly owns 142,266 shares of the company’s stock, valued at approximately $6,345,063.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.71% of the stock is owned by company insiders.

Institutional investors have recently added to or reduced their stakes in the business. Longview Partners Guernsey LTD lifted its holdings in shares of Bank of New York Mellon by 31.4% during the 2nd quarter. Longview Partners Guernsey LTD now owns 26,407,419 shares of the bank’s stock worth $1,165,888,000 after acquiring an additional 6,313,870 shares during the period. Macquarie Group Ltd. lifted its holdings in shares of Bank of New York Mellon by 8.2% during the 2nd quarter. Macquarie Group Ltd. now owns 15,625,495 shares of the bank’s stock worth $689,865,000 after acquiring an additional 1,190,481 shares during the period. Invesco Ltd. lifted its holdings in shares of Bank of New York Mellon by 17.3% during the 2nd quarter. Invesco Ltd. now owns 7,626,951 shares of the bank’s stock worth $336,730,000 after acquiring an additional 1,126,449 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Bank of New York Mellon by 3.1% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 4,795,269 shares of the bank’s stock worth $211,712,000 after acquiring an additional 145,787 shares during the period. Finally, Nuveen Asset Management LLC lifted its holdings in shares of Bank of New York Mellon by 14,319.7% during the 2nd quarter. Nuveen Asset Management LLC now owns 4,289,149 shares of the bank’s stock worth $189,366,000 after acquiring an additional 4,259,404 shares during the period. 82.14% of the stock is currently owned by institutional investors.

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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