Vining Sparks Reiterates “Buy” Rating for Bank Of New York Mellon (BK)

Vining Sparks reiterated their buy rating on shares of Bank Of New York Mellon (NYSE:BK) in a research note released on Monday, January 8th. They currently have a $62.00 price objective on the bank’s stock.

Other analysts also recently issued reports about the company. Zacks Investment Research upgraded Bank Of New York Mellon from a hold rating to a buy rating and set a $61.00 price target for the company in a report on Wednesday, December 20th. ValuEngine raised shares of Bank Of New York Mellon from a hold rating to a buy rating in a research report on Tuesday, December 5th. Goldman Sachs Group reissued a buy rating and set a $58.00 price objective (up previously from $52.85) on shares of Bank Of New York Mellon in a research report on Friday, October 20th. Morgan Stanley raised their price target on shares of Bank Of New York Mellon from $55.00 to $60.00 and gave the company an equal weight rating in a research report on Friday, October 20th. Finally, Royal Bank of Canada reaffirmed a hold rating and issued a $58.00 price target on shares of Bank Of New York Mellon in a research report on Wednesday, November 15th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and ten have given a buy rating to the stock. The company currently has a consensus rating of Hold and an average price target of $56.61.

Bank Of New York Mellon (NYSE BK) traded up $1.11 during midday trading on Monday, reaching $57.72. The company’s stock had a trading volume of 5,563,100 shares, compared to its average volume of 4,797,286. The company has a quick ratio of 0.69, a current ratio of 0.70 and a debt-to-equity ratio of 0.82. Bank Of New York Mellon has a 12-month low of $43.85 and a 12-month high of $58.99. The company has a market capitalization of $57,370.95, a PE ratio of 15.47, a PEG ratio of 1.76 and a beta of 1.23.

Bank Of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Thursday, January 18th. The bank reported $0.91 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.91. The company had revenue of $3.73 billion during the quarter, compared to the consensus estimate of $4.01 billion. Bank Of New York Mellon had a net margin of 24.72% and a return on equity of 10.69%. The company’s revenue for the quarter was down 1.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.77 earnings per share. equities research analysts expect that Bank Of New York Mellon will post 4.15 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, February 9th. Shareholders of record on Tuesday, January 30th will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 1.66%. The ex-dividend date is Monday, January 29th. Bank Of New York Mellon’s payout ratio is 25.74%.

In other Bank Of New York Mellon news, CFO Thomas P. Gibbons sold 38,152 shares of the business’s stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $54.15, for a total value of $2,065,930.80. Following the transaction, the chief financial officer now owns 310,002 shares in the company, valued at $16,786,608.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Edward P. Garden sold 650,000 shares of the business’s stock in a transaction dated Monday, November 20th. The shares were sold at an average price of $52.60, for a total transaction of $34,190,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 878,452 shares of company stock valued at $46,202,327 over the last ninety days. 3.60% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Country Trust Bank boosted its stake in Bank Of New York Mellon by 4.1% during the third quarter. Country Trust Bank now owns 606,030 shares of the bank’s stock worth $32,132,000 after acquiring an additional 23,683 shares in the last quarter. Toronto Dominion Bank increased its stake in shares of Bank Of New York Mellon by 24.7% in the second quarter. Toronto Dominion Bank now owns 364,150 shares of the bank’s stock worth $18,577,000 after purchasing an additional 72,058 shares in the last quarter. Sei Investments Co. increased its stake in shares of Bank Of New York Mellon by 7.4% in the third quarter. Sei Investments Co. now owns 1,020,622 shares of the bank’s stock worth $54,102,000 after purchasing an additional 70,619 shares in the last quarter. Rothschild Asset Management Inc. purchased a new stake in shares of Bank Of New York Mellon in the third quarter worth $612,000. Finally, Rhumbline Advisers increased its stake in shares of Bank Of New York Mellon by 1.0% in the third quarter. Rhumbline Advisers now owns 1,746,821 shares of the bank’s stock worth $92,616,000 after purchasing an additional 16,839 shares in the last quarter. Institutional investors own 82.87% of the company’s stock.

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About Bank Of New York Mellon

The Bank of New York Mellon Corporation 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 the leasing portfolio, corporate treasury activities (including its investment securities portfolio), derivatives and other trading, corporate and bank-owned life insurance and renewable energy investments, and business exits.

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

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