Bank Of New York Mellon Corporation (The) (BK) Reaches New 52-Week High at $54.83

Bank Of New York Mellon Corporation (The) (NYSE:BK)’s share price hit a new 52-week high on Wednesday . The company traded as high as $54.83 and last traded at $54.84, with a volume of 976,016 shares. The stock had previously closed at $54.66.

A number of equities analysts recently weighed in on BK shares. UBS AG cut Bank Of New York Mellon Corporation (The) from a “buy” rating to a “neutral” rating and set a $56.00 price target on the stock. in a research note on Friday, September 8th. Zacks Investment Research raised Bank Of New York Mellon Corporation (The) from a “hold” rating to a “buy” rating and set a $60.00 price target on the stock in a research note on Monday, July 24th. Jefferies Group LLC reaffirmed a “hold” rating on shares of Bank Of New York Mellon Corporation (The) in a research note on Tuesday, July 11th. Bank of America Corporation set a $52.00 target price on Bank Of New York Mellon Corporation (The) and gave the company a “sell” rating in a research note on Friday, July 21st. Finally, Royal Bank Of Canada reaffirmed a “hold” rating on shares of Bank Of New York Mellon Corporation (The) in a research note on Friday, July 21st. Two analysts have rated the stock with a sell rating, ten have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $54.81.

The firm has a 50 day moving average of $52.47 and a 200-day moving average of $50.24. The company has a market capitalization of $56.57 billion, a PE ratio of 16.79 and a beta of 1.15.

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

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

In related news, Vice Chairman Thomas P. Gibbons sold 184,380 shares of Bank Of New York Mellon Corporation (The) stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $53.95, for a total transaction of $9,947,301.00. Following the completion of the sale, the insider now directly owns 455,927 shares of the company’s stock, valued at approximately $24,597,261.65. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Trian Fund Management, L.P. sold 10,000,000 shares of Bank Of New York Mellon Corporation (The) stock in a transaction that occurred on Wednesday, August 9th. The stock was sold at an average price of $53.09, for a total value of $530,900,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 10,931,137 shares of company stock valued at $581,058,723. Insiders own 3.60% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in BK. Schnieders Capital Management LLC lifted its holdings in Bank Of New York Mellon Corporation (The) by 20.1% during the 1st quarter. Schnieders Capital Management LLC now owns 14,020 shares of the bank’s stock worth $662,000 after purchasing an additional 2,350 shares during the last quarter. State of Wisconsin Investment Board raised its holdings in Bank Of New York Mellon Corporation (The) by 17.5% in the 1st quarter. State of Wisconsin Investment Board now owns 1,179,514 shares of the bank’s stock valued at $55,708,000 after acquiring an additional 175,930 shares in the last quarter. Norinchukin Bank The raised its holdings in Bank Of New York Mellon Corporation (The) by 11.1% in the 1st quarter. Norinchukin Bank The now owns 36,463 shares of the bank’s stock valued at $1,722,000 after acquiring an additional 3,645 shares in the last quarter. Argent Trust Co raised its holdings in Bank Of New York Mellon Corporation (The) by 29.6% in the 1st quarter. Argent Trust Co now owns 16,402 shares of the bank’s stock valued at $774,000 after acquiring an additional 3,749 shares in the last quarter. Finally, Schwartz Investment Counsel Inc. raised its holdings in Bank Of New York Mellon Corporation (The) by 9.8% in the 1st quarter. Schwartz Investment Counsel Inc. now owns 554,200 shares of the bank’s stock valued at $26,175,000 after acquiring an additional 49,300 shares in the last quarter. 81.78% of the stock is owned by institutional investors and hedge funds.

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Bank Of New York Mellon Corporation (The) Company Profile

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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