Bank Of New York Mellon’s (BK) “Buy” Rating Reaffirmed at Vining Sparks

Bank Of New York Mellon (NYSE:BK)‘s stock had its “buy” rating restated by research analysts at Vining Sparks in a research report issued on Monday. They presently have a $62.00 target price on the bank’s stock. Vining Sparks’ price objective indicates a potential upside of 8.09% from the company’s current price.

BK has been the topic of several other research reports. Jefferies Group reissued a “hold” rating and issued a $56.00 target price on shares of Bank Of New York Mellon in a report on Friday, September 15th. Zacks Investment Research lowered Bank Of New York Mellon from a “hold” rating to a “sell” rating in a report on Thursday, September 21st. Citigroup reissued a “neutral” rating and issued a $56.00 target price (up previously from $53.00) on shares of Bank Of New York Mellon in a report on Monday, October 9th. Credit Suisse Group reissued a “hold” rating and issued a $55.00 target price on shares of Bank Of New York Mellon in a report on Tuesday, October 10th. Finally, Goldman Sachs Group reissued a “buy” rating and issued a $58.00 target price (up previously from $52.85) on shares of Bank Of New York Mellon in a report on Friday, October 20th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the stock. Bank Of New York Mellon currently has a consensus rating of “Hold” and a consensus price target of $56.59.

Shares of Bank Of New York Mellon (NYSE:BK) traded up $1.80 during midday trading on Monday, hitting $57.36. The stock had a trading volume of 2,630,000 shares, compared to its average volume of 4,210,000. The firm has a market capitalization of $59,260.00, a PE ratio of 16.87, a P/E/G ratio of 1.78 and a beta of 1.22. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.69 and a current ratio of 0.69. Bank Of New York Mellon has a twelve month low of $43.85 and a twelve month high of $57.39.

Bank Of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Thursday, October 19th. The bank reported $0.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.01. The business had revenue of $4.02 billion for the quarter, compared to analysts’ expectations of $3.99 billion. Bank Of New York Mellon had a return on equity of 10.51% and a net margin of 23.14%. The company’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same period last year, the firm earned $0.90 earnings per share. sell-side analysts expect that Bank Of New York Mellon will post 3.55 earnings per share for the current fiscal year.

In other Bank Of New York Mellon news, CFO Thomas P. Gibbons sold 38,152 shares of the firm’s stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $54.15, for a total transaction of $2,065,930.80. Following the transaction, the chief financial officer now owns 310,002 shares of the company’s stock, valued at $16,786,608.30. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Vice Chairman Brian T. Shea sold 22,228 shares of the firm’s stock in a transaction dated Friday, November 3rd. The stock was sold at an average price of $51.26, for a total value of $1,139,407.28. Following the transaction, the insider now directly owns 181,815 shares in the company, valued at approximately $9,319,836.90. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 7,708,334 shares of company stock worth $404,956,863. Corporate insiders own 3.60% of the company’s stock.

Hedge funds have recently modified their holdings of the business. Invictus RG purchased a new position in shares of Bank Of New York Mellon during the third quarter worth about $102,000. Advisory Services Network LLC grew its holdings in shares of Bank Of New York Mellon by 15.5% during the second quarter. Advisory Services Network LLC now owns 2,712 shares of the bank’s stock worth $138,000 after purchasing an additional 363 shares during the last quarter. Horan Capital Advisors LLC. purchased a new position in shares of Bank Of New York Mellon during the third quarter worth about $139,000. Fiduciary Trust Co. purchased a new position in shares of Bank Of New York Mellon during the second quarter worth about $168,000. Finally, Bronfman E.L. Rothschild L.P. grew its holdings in shares of Bank Of New York Mellon by 58.3% during the second quarter. Bronfman E.L. Rothschild L.P. now owns 3,477 shares of the bank’s stock worth $177,000 after purchasing an additional 1,280 shares during the last quarter. 82.92% of the stock is currently owned by institutional investors.

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About Bank Of New York Mellon

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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