Deutsche Bank Trims Bank of New York Mellon (NYSE:BK) Target Price to $45.00

Bank of New York Mellon (NYSE:BK) had its price objective reduced by Deutsche Bank from $47.00 to $45.00 in a report issued on Wednesday, BenzingaRatingsTable reports. They currently have a hold rating on the bank’s stock.

A number of other analysts have also recently commented on the stock. UBS Group dropped their target price on shares of Bank of New York Mellon from $49.00 to $45.00 and set a neutral rating on the stock in a report on Wednesday, June 26th. Morgan Stanley set a $41.00 price target on Bank of New York Mellon and gave the stock a sell rating in a research report on Friday, August 9th. ValuEngine lowered Bank of New York Mellon from a hold rating to a sell rating in a research report on Wednesday, May 15th. Keefe, Bruyette & Woods raised Bank of New York Mellon from an underperform rating to a market perform rating and lifted their price target for the stock from $46.00 to $47.00 in a research report on Thursday, July 18th. Finally, JPMorgan Chase & Co. lowered their price target on Bank of New York Mellon from $50.00 to $49.00 and set an underweight rating for the company in a research report on Tuesday, July 9th. Four analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company. The stock currently has an average rating of Hold and a consensus price target of $49.73.

NYSE:BK opened at $41.02 on Wednesday. The stock has a market cap of $39.54 billion, a P/E ratio of 9.74, a price-to-earnings-growth ratio of 1.29 and a beta of 1.07. The firm’s fifty day simple moving average is $44.65 and its 200 day simple moving average is $47.78. Bank of New York Mellon has a twelve month low of $40.77 and a twelve month high of $54.27. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.79.

Bank of New York Mellon (NYSE:BK) last announced its earnings results on Wednesday, July 17th. The bank reported $1.01 EPS for the quarter, beating the Zacks’ consensus estimate of $0.94 by $0.07. Bank of New York Mellon had a net margin of 19.93% and a return on equity of 10.74%. The firm had revenue of $3.92 billion for the quarter, compared to analysts’ expectations of $3.92 billion. During the same quarter in the previous year, the business posted $1.03 EPS. The company’s quarterly revenue was down 5.2% on a year-over-year basis. On average, analysts expect that Bank of New York Mellon will post 3.93 EPS for the current fiscal year.

Bank of New York Mellon declared that its Board of Directors has authorized a share buyback program on Thursday, June 27th that allows the company to repurchase $3.94 billion in shares. This repurchase authorization allows the bank to reacquire up to 9.5% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

The firm also recently announced a quarterly dividend, which was paid on Friday, August 9th. Shareholders of record on Monday, July 29th were given a $0.31 dividend. This is a positive change from Bank of New York Mellon’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend was Friday, July 26th. This represents a $1.24 dividend on an annualized basis and a yield of 3.02%. Bank of New York Mellon’s payout ratio is 29.45%.

In other Bank of New York Mellon news, Vice Chairman William M. Daley purchased 11,350 shares of Bank of New York Mellon stock in a transaction dated Thursday, July 18th. The stock was purchased at an average price of $44.93 per share, with a total value of $509,955.50. Following the transaction, the insider now directly owns 5,700 shares of the company’s stock, valued at $256,101. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, Vice Chairman Thomas P. Gibbons sold 318,556 shares of the company’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $46.72, for a total transaction of $14,882,936.32. Following the sale, the insider now directly owns 539,052 shares of the company’s stock, valued at approximately $25,184,509.44. The disclosure for this sale can be found here. 1.71% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BK. C J Advisory Inc purchased a new stake in shares of Bank of New York Mellon in the 1st quarter valued at $28,000. Trustcore Financial Services LLC boosted its holdings in shares of Bank of New York Mellon by 204.6% during the second quarter. Trustcore Financial Services LLC now owns 658 shares of the bank’s stock worth $29,000 after purchasing an additional 442 shares during the last quarter. Financial Gravity Wealth Inc. acquired a new stake in shares of Bank of New York Mellon during the first quarter worth $41,000. Mirova acquired a new stake in shares of Bank of New York Mellon during the second quarter worth $41,000. Finally, Stonebridge Capital Advisors LLC acquired a new stake in shares of Bank of New York Mellon during the second quarter worth $43,000. 82.60% of the stock is owned by hedge funds and other 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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Analyst Recommendations for Bank of New York Mellon (NYSE:BK)

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