Bank of New York Mellon (NYSE:BK) Upgraded to “Outperform” by Credit Suisse Group

Credit Suisse Group upgraded shares of Bank of New York Mellon (NYSE:BK) from a neutral rating to an outperform rating in a research note published on Tuesday morning, 24/7 WallStreet reports. Credit Suisse Group currently has $54.00 price objective on the bank’s stock.

A number of other equities analysts have also commented on BK. Wolfe Research raised shares of Bank of New York Mellon from a peer perform rating to an outperform rating in a research note on Monday, January 6th. JPMorgan Chase & Co. decreased their price objective on shares of Bank of New York Mellon from $47.00 to $45.00 and set an underweight rating for the company in a research note on Thursday, October 10th. Standpoint Research initiated coverage on shares of Bank of New York Mellon in a research note on Monday, December 23rd. They issued an accumulate rating for the company. Buckingham Research decreased their price objective on shares of Bank of New York Mellon from $56.00 to $53.00 and set a neutral rating for the company in a research note on Friday, January 17th. Finally, UBS Group raised their price objective on shares of Bank of New York Mellon from $55.00 to $58.00 and gave the stock a buy rating in a research note on Tuesday, December 17th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company’s stock. Bank of New York Mellon has a consensus rating of Hold and a consensus target price of $51.82.

NYSE BK opened at $46.78 on Tuesday. Bank of New York Mellon has a 12 month low of $40.52 and a 12 month high of $54.27. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.70 and a quick ratio of 0.70. The firm has a market capitalization of $42.59 billion, a PE ratio of 10.30, a P/E/G ratio of 1.34 and a beta of 1.14. The company’s 50 day simple moving average is $49.88 and its 200 day simple moving average is $46.54.

Bank of New York Mellon (NYSE:BK) last issued its earnings results on Thursday, January 16th. The bank reported $1.01 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.99 by $0.02. The firm had revenue of $3.99 billion during the quarter, compared to analysts’ expectations of $4.17 billion. Bank of New York Mellon had a net margin of 21.39% and a return on equity of 10.49%. The firm’s revenue for the quarter was down .5% compared to the same quarter last year. During the same period last year, the firm posted $0.99 earnings per share. Sell-side analysts anticipate that Bank of New York Mellon will post 4.16 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 7th. Stockholders of record on Monday, January 27th will be issued a dividend of $0.31 per share. The ex-dividend date of this dividend is Friday, January 24th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.65%. Bank of New York Mellon’s dividend payout ratio is currently 30.85%.

Institutional investors have recently added to or reduced their stakes in the company. Nuveen Asset Management LLC raised its holdings in Bank of New York Mellon by 14,319.7% in 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. Millennium Management LLC raised its holdings in Bank of New York Mellon by 450.5% in the 3rd quarter. Millennium Management LLC now owns 3,237,204 shares of the bank’s stock worth $146,353,000 after acquiring an additional 2,649,168 shares during the period. Macquarie Group Ltd. raised its holdings in Bank of New York Mellon by 8.2% in 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. Point72 Asset Management L.P. bought a new position in Bank of New York Mellon in the 3rd quarter worth $50,268,000. Finally, First Trust Advisors LP raised its holdings in Bank of New York Mellon by 26.3% in the 3rd quarter. First Trust Advisors LP now owns 1,845,377 shares of the bank’s stock worth $83,429,000 after acquiring an additional 384,353 shares during the period. Institutional investors and hedge funds own 81.86% of the company’s stock.

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

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