Buckingham Research Cuts Bank of New York Mellon (NYSE:BK) Price Target to $50.00

Bank of New York Mellon (NYSE:BK) had its target price cut by Buckingham Research from $53.00 to $50.00 in a research note issued to investors on Thursday morning, BenzingaRatingsTable reports. They currently have a neutral rating on the bank’s stock.

A number of other equities analysts also recently weighed in on BK. Royal Bank of Canada restated a neutral rating and issued a $145.00 target price on shares of Travelers Companies in a research note on Thursday, April 18th. ValuEngine raised shares of Vermillion from a hold rating to a buy rating in a report on Wednesday, May 15th. UBS Group set a $13.00 price target on shares of Freeport-McMoRan and gave the stock a hold rating in a report on Wednesday, June 26th. Keefe, Bruyette & Woods raised shares of 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 report on Thursday. Finally, Morgan Stanley set a $36.00 price target on shares of ArcBest and gave the stock a hold rating in a report on Monday, July 8th. Four equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus price target of $50.45.

Shares of NYSE BK opened at $45.27 on Thursday. Bank of New York Mellon has a twelve month low of $42.13 and a twelve month high of $54.47. The business has a 50 day simple moving average of $43.86. The stock has a market cap of $43.35 billion, a P/E ratio of 11.32, a PEG ratio of 1.40 and a beta of 1.04. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.71 and a quick ratio of 0.68.

Bank of New York Mellon (NYSE:BK) last announced its earnings results on Wednesday, July 17th. The bank reported $1.01 earnings per share for the quarter, topping analysts’ consensus estimates of $0.94 by $0.07. Bank of New York Mellon had a return on equity of 10.74% and a net margin of 19.93%. The firm had revenue of $3.92 billion for the quarter, compared to the consensus estimate of $3.92 billion. During the same quarter in the previous year, the business earned $1.03 EPS. The company’s revenue was down 5.2% compared to the same quarter last year. Research analysts expect that Bank of New York Mellon will post 3.94 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, August 9th. Investors of record on Monday, July 29th will be issued a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.74%. The ex-dividend date of this dividend is Friday, July 26th. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.28. Bank of New York Mellon’s payout ratio is 26.60%.

Bank of New York Mellon announced that its board has approved a share repurchase program on Thursday, June 27th that authorizes the company to repurchase $3.94 billion in outstanding shares. This repurchase authorization authorizes the bank to buy up to 9.5% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.

In other Bank of New York Mellon news, Director Trian Fund Management, L.P. sold 621,807 shares of the business’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $50.11, for a total transaction of $31,158,748.77. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP J Kevin Mccarthy sold 25,000 shares of the business’s stock in a transaction on Tuesday, April 30th. The shares were sold at an average price of $49.43, for a total transaction of $1,235,750.00. Following the sale, the executive vice president now directly owns 93,418 shares in the company, valued at approximately $4,617,651.74. The disclosure for this sale can be found here. Insiders own 1.71% of the company’s stock.

Hedge funds have recently modified their holdings of the business. C J Advisory Inc bought a new position in shares of Bank of New York Mellon in the first quarter worth $28,000. Sontag Advisory LLC bought a new position in shares of Bank of New York Mellon in the fourth quarter worth $33,000. Valley National Advisers Inc. increased its holdings in shares of Bank of New York Mellon by 76.5% in the fourth quarter. Valley National Advisers Inc. now owns 713 shares of the bank’s stock worth $34,000 after purchasing an additional 309 shares during the period. Financial Gravity Wealth Inc. bought a new position in shares of Bank of New York Mellon in the first quarter worth $41,000. Finally, Prime Capital Investment Advisors LLC bought a new position in shares of Bank of New York Mellon in the first quarter worth $42,000. 84.18% of the stock is currently owned by institutional investors and hedge funds.

About Bank of New York Mellon

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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