Bank of New York Mellon (NYSE:BK) Cut to Hold at StockNews.com

Bank of New York Mellon (NYSE:BK) was downgraded by research analysts at StockNews.com from a “buy” rating to a “hold” rating in a report issued on Thursday.

A number of other research analysts also recently commented on BK. Morgan Stanley lifted their price objective on shares of Bank of New York Mellon from $90.00 to $97.00 and gave the company an “overweight” rating in a research report on Thursday. Citigroup lifted their price target on Bank of New York Mellon from $75.00 to $82.00 and gave the stock a “neutral” rating in a report on Monday, November 25th. Keefe, Bruyette & Woods upped their price objective on Bank of New York Mellon from $87.00 to $96.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. Royal Bank of Canada reiterated a “sector perform” rating and set a $79.00 target price on shares of Bank of New York Mellon in a research note on Monday, October 14th. Finally, JPMorgan Chase & Co. increased their price target on Bank of New York Mellon from $69.00 to $77.00 and gave the company an “overweight” rating in a research note on Monday, October 7th. Six equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $87.14.

Bank of New York Mellon Stock Up 0.3 %

Shares of NYSE:BK traded up $0.24 during midday trading on Thursday, reaching $82.28. The company had a trading volume of 5,143,061 shares, compared to its average volume of 4,447,746. Bank of New York Mellon has a 1-year low of $52.64 and a 1-year high of $82.72. The stock has a market cap of $59.83 billion, a PE ratio of 17.89, a P/E/G ratio of 0.76 and a beta of 1.08. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.89. The business’s 50 day moving average price is $78.65 and its 200 day moving average price is $72.01.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share for the quarter, topping the consensus estimate of $1.54 by $0.18. The firm had revenue of $4.85 billion for the quarter, compared to analyst estimates of $4.66 billion. Bank of New York Mellon had a return on equity of 12.06% and a net margin of 9.44%. The business’s quarterly revenue was up 11.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.28 EPS. Research analysts forecast that Bank of New York Mellon will post 5.87 EPS for the current fiscal year.

Hedge Funds Weigh In On Bank of New York Mellon

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. United Advisor Group LLC acquired a new position in Bank of New York Mellon in the third quarter valued at about $595,000. Czech National Bank increased its holdings in Bank of New York Mellon by 4.9% in the 4th quarter. Czech National Bank now owns 157,645 shares of the bank’s stock valued at $12,112,000 after buying an additional 7,316 shares during the period. Principal Financial Group Inc. raised its position in shares of Bank of New York Mellon by 1.7% in the 3rd quarter. Principal Financial Group Inc. now owns 883,853 shares of the bank’s stock valued at $63,514,000 after buying an additional 14,916 shares in the last quarter. Chase Investment Counsel Corp raised its position in shares of Bank of New York Mellon by 67.2% in the 3rd quarter. Chase Investment Counsel Corp now owns 83,530 shares of the bank’s stock valued at $6,002,000 after buying an additional 33,558 shares in the last quarter. Finally, Ameriprise Financial Inc. lifted its holdings in shares of Bank of New York Mellon by 4.2% during the 2nd quarter. Ameriprise Financial Inc. now owns 10,416,436 shares of the bank’s stock worth $623,891,000 after acquiring an additional 421,161 shares during the period. 85.31% of the stock is owned by institutional investors and hedge funds.

About Bank of New York Mellon

The Bank of New York Mellon Corporation provides a range of financial products and services in the United States and internationally. The company operates through Securities Services, Market and Wealth Services, Investment and Wealth Management, and other segments. The Securities Services segment offers custody, trust and depositary, accounting, exchange-traded funds, middle-office solutions, transfer agency, services for private equity and real estate funds, foreign exchange, securities lending, liquidity/lending services, and data analytics.