Bank of New York Mellon Corp (NYSE:BK) has been assigned a consensus rating of “Hold” from the sixteen ratings firms that are presently covering the company, MarketBeat.com reports. Three investment analysts have rated the stock with a sell recommendation, eight have issued a hold recommendation and five have given a buy recommendation to the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $58.39.
A number of brokerages have recently issued reports on BK. Zacks Investment Research downgraded shares of Bank of New York Mellon from a “hold” rating to a “sell” rating in a research report on Tuesday, August 7th. Raymond James downgraded shares of Bank of New York Mellon from an “outperform” rating to a “market perform” rating in a research report on Thursday, July 12th. Keefe, Bruyette & Woods set a $56.00 price objective on shares of Bank of New York Mellon and gave the stock a “hold” rating in a research report on Thursday, July 19th. ValuEngine downgraded shares of Bank of New York Mellon from a “hold” rating to a “sell” rating in a research report on Friday, July 20th. Finally, Vining Sparks reaffirmed a “buy” rating and issued a $62.00 price objective on shares of Bank of New York Mellon in a research report on Monday, July 23rd.
NYSE BK traded up $0.43 during trading on Friday, reaching $51.65. 3,751,663 shares of the company’s stock traded hands, compared to its average volume of 3,635,039. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.69 and a current ratio of 0.69. The company has a market capitalization of $52.01 billion, a price-to-earnings ratio of 14.35, a price-to-earnings-growth ratio of 1.62 and a beta of 1.04. Bank of New York Mellon has a 12-month low of $49.39 and a 12-month high of $58.99.
Bank of New York Mellon announced that its board has authorized a stock repurchase program on Thursday, June 28th that authorizes the company to buyback $2.40 billion in outstanding shares. This buyback authorization authorizes the bank to buy up to 4.4% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.
A number of large investors have recently added to or reduced their stakes in BK. Rowland & Co. Investment Counsel ADV acquired a new position in Bank of New York Mellon during the second quarter worth $102,000. Quad Cities Investment Group LLC acquired a new position in Bank of New York Mellon during the second quarter worth $102,000. Patten Group Inc. raised its position in Bank of New York Mellon by 44.4% during the first quarter. Patten Group Inc. now owns 2,929 shares of the bank’s stock worth $124,000 after acquiring an additional 900 shares during the period. Kaizen Advisory LLC raised its position in Bank of New York Mellon by 157.6% during the second quarter. Kaizen Advisory LLC now owns 2,558 shares of the bank’s stock worth $138,000 after acquiring an additional 1,565 shares during the period. Finally, Ostrum Asset Management acquired a new position in Bank of New York Mellon during the first quarter worth $148,000. 83.40% of the stock is currently owned by institutional investors.
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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