Shares of Bank of New York Mellon Corp (NYSE:BK) have been assigned a consensus recommendation of “Hold” from the thirteen research firms that are presently covering the firm, Marketbeat Ratings reports. Two analysts have rated the stock with a sell recommendation, seven have given a hold recommendation and three have issued a buy recommendation on the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $50.00.
Several equities analysts recently issued reports on the company. Wolfe Research raised Bank of New York Mellon from an “underperform” rating to a “peer perform” rating in a research report on Wednesday, October 2nd. UBS Group raised Bank of New York Mellon from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $46.00 to $55.00 in a research report on Monday, November 11th. Morgan Stanley boosted their price target on Bank of New York Mellon from $47.00 to $51.00 and gave the company an “underweight” rating in a research note on Monday. ValuEngine upgraded Bank of New York Mellon from a “sell” rating to a “hold” rating in a research note on Tuesday. Finally, Deutsche Bank cut their price objective on Bank of New York Mellon from $47.00 to $45.00 and set a “hold” rating on the stock in a report on Wednesday, August 21st.
In related news, EVP Mitchell E. Harris sold 50,000 shares of the firm’s stock in a transaction on 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 completion of the transaction, the executive vice president now owns 142,266 shares of the company’s stock, valued at $6,345,063.60. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 1.71% of the stock is owned by corporate insiders.
Bank of New York Mellon stock traded up $0.19 during mid-day trading on Friday, reaching $48.88. 3,204,296 shares of the company traded hands, compared to its average volume of 5,347,982. The company has a debt-to-equity ratio of 0.76, 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 $40.52 and a fifty-two week high of $54.27. The company has a market capitalization of $44.90 billion, a price-to-earnings ratio of 11.61, a price-to-earnings-growth ratio of 1.48 and a beta of 1.13. The firm’s fifty day moving average is $46.20 and its two-hundred day moving average is $45.13.
Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Wednesday, October 16th. The bank reported $1.07 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.99 by $0.08. The business had revenue of $3.86 billion during the quarter, compared to analysts’ expectations 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 quarterly revenue was down 5.1% on a year-over-year basis. During the same quarter last year, the company posted $1.06 earnings per share. As a group, equities research analysts predict that Bank of New York Mellon will post 3.98 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 8th. Stockholders of record on Monday, October 28th were paid a $0.31 dividend. The ex-dividend date was Friday, October 25th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.54%. Bank of New York Mellon’s payout ratio is currently 29.45%.
Bank of New York Mellon Company Profile
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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