Bank Of New York Mellon Corporation (The) (BK) Raised to Buy at Zacks Investment Research

Bank Of New York Mellon Corporation (The) (NYSE:BK) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The brokerage currently has a $61.00 price target on the bank’s stock. Zacks Investment Research‘s price target indicates a potential upside of 12.28% from the stock’s current price.

According to Zacks, “BNY Mellon's shares have outperformed the industry in the last six months. The performance was supported by the company’s decent earnings surprise history. It surpassed the Zacks Consensus Estimate for earnings in two of the trailing four quarters. Easing margin pressure (driven by gradual rise in interest rates), potential lesser regulations, cost-saving initiatives and rising loan demand are expected to aid profitability. Also, the company's steady capital deployment activities reflect strong capital position. However, concentration risk arising from significant dependence on fee-based income remains a matter of concern in the near term.”

Other equities research analysts also recently issued reports about the company. BidaskClub upgraded Bank Of New York Mellon Corporation (The) from a “hold” rating to a “buy” rating in a research report on Tuesday, July 4th. Jefferies Group LLC reiterated a “hold” rating on shares of Bank Of New York Mellon Corporation (The) in a research report on Tuesday, July 11th. Credit Suisse Group reiterated a “hold” rating and issued a $55.00 target price on shares of Bank Of New York Mellon Corporation (The) in a research report on Tuesday. Buckingham Research reiterated a “neutral” rating and issued a $57.00 target price (up from $52.00) on shares of Bank Of New York Mellon Corporation (The) in a research report on Monday, July 10th. Finally, Bank of America Corporation set a $52.00 target price on Bank Of New York Mellon Corporation (The) and gave the stock a “sell” rating in a research report on Friday, July 21st. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $54.81.

Shares of Bank Of New York Mellon Corporation (BK) traded up 0.580% during trading on Tuesday, hitting $54.645. The stock had a trading volume of 1,466,830 shares. Bank Of New York Mellon Corporation has a 12 month low of $38.68 and a 12 month high of $54.81. The company has a market cap of $56.46 billion, a PE ratio of 16.206 and a beta of 1.15. The stock has a 50 day moving average of $52.40 and a 200 day moving average of $50.18.

Bank Of New York Mellon Corporation (The) (NYSE:BK) last posted its earnings results on Thursday, July 20th. The bank reported $0.88 EPS for the quarter, topping analysts’ consensus estimates of $0.84 by $0.04. The company had revenue of $3.96 billion for the quarter, compared to the consensus estimate of $3.91 billion. Bank Of New York Mellon Corporation (The) had a return on equity of 10.35% and a net margin of 23.35%. The firm’s revenue for the quarter was up .4% on a year-over-year basis. During the same period in the previous year, the business earned $0.76 earnings per share. Equities analysts forecast that Bank Of New York Mellon Corporation will post $3.53 EPS for the current fiscal year.

Bank Of New York Mellon Corporation (The) declared that its board has approved a share repurchase plan on Wednesday, June 28th that allows the company to buyback $3.10 billion in outstanding shares. This buyback authorization allows the bank to reacquire up to 5.9% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its stock is undervalued.

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In other news, Vice Chairman Brian T. Shea sold 44,250 shares of the company’s stock in a transaction that occurred on Wednesday, August 16th. The stock was sold at an average price of $52.90, for a total transaction of $2,340,825.00. Following the transaction, the insider now owns 204,043 shares of the company’s stock, valued at $10,793,874.70. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Vice Chairman Thomas P. Gibbons sold 184,380 shares of the company’s stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $53.95, for a total value of $9,947,301.00. Following the transaction, the insider now directly owns 455,927 shares in the company, valued at approximately $24,597,261.65. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 10,931,137 shares of company stock worth $581,058,723. Insiders own 3.60% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Northstar Wealth Partners LLC bought a new position in shares of Bank Of New York Mellon Corporation (The) during the first quarter valued at approximately $546,000. MUFG Americas Holdings Corp grew its stake in Bank Of New York Mellon Corporation (The) by 5.3% in the second quarter. MUFG Americas Holdings Corp now owns 263,993 shares of the bank’s stock worth $13,469,000 after purchasing an additional 13,228 shares in the last quarter. Dupont Capital Management Corp bought a new position in Bank Of New York Mellon Corporation (The) in the second quarter worth approximately $304,000. Everence Capital Management Inc. grew its stake in Bank Of New York Mellon Corporation (The) by 35.1% in the second quarter. Everence Capital Management Inc. now owns 29,004 shares of the bank’s stock worth $1,480,000 after purchasing an additional 7,530 shares in the last quarter. Finally, Vanguard Group Inc. grew its stake in Bank Of New York Mellon Corporation (The) by 3.0% in the first quarter. Vanguard Group Inc. now owns 66,349,379 shares of the bank’s stock worth $3,133,681,000 after purchasing an additional 1,905,810 shares in the last quarter. 81.78% of the stock is currently owned by hedge funds and other institutional investors.

About Bank Of New York Mellon Corporation (The)

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.

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