StockNews.com Downgrades Bank of New York Mellon (NYSE:BK) to Hold

Bank of New York Mellon (NYSE:BK) was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued on Thursday.

A number of other research analysts also recently issued reports on BK. Morgan Stanley boosted their price target on shares of Bank of New York Mellon from $90.00 to $97.00 and gave the stock an “overweight” rating in a research report on Thursday, January 16th. UBS Group boosted their target price on shares of Bank of New York Mellon from $88.00 to $94.00 and gave the company a “buy” rating in a report on Tuesday, January 21st. Evercore ISI increased their price target on Bank of New York Mellon from $79.00 to $83.00 and gave the stock an “in-line” rating in a report on Thursday, January 16th. Deutsche Bank Aktiengesellschaft boosted their price objective on Bank of New York Mellon from $94.00 to $98.00 and gave the company a “buy” rating in a research note on Thursday, January 16th. Finally, Citigroup raised their target price on Bank of New York Mellon from $75.00 to $82.00 and gave the stock a “neutral” rating in a research note on Monday, November 25th. Six equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, Bank of New York Mellon currently has an average rating of “Moderate Buy” and an average target price of $88.00.

Bank of New York Mellon Stock Performance

Shares of Bank of New York Mellon stock opened at $86.15 on Thursday. The stock has a market cap of $62.64 billion, a price-to-earnings ratio of 14.83, a P/E/G ratio of 0.98 and a beta of 1.08. The company has a quick ratio of 0.70, a current ratio of 0.69 and a debt-to-equity ratio of 0.83. Bank of New York Mellon has a twelve month low of $52.64 and a twelve month high of $87.70. The company’s fifty day moving average is $80.61 and its 200 day moving average is $74.51.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share for the quarter, beating the consensus estimate of $1.54 by $0.18. The company had revenue of $4.85 billion during the quarter, compared to analysts’ expectations of $4.66 billion. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The business’s quarterly revenue was up 11.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.28 earnings per share. Sell-side analysts forecast that Bank of New York Mellon will post 6.86 EPS for the current year.

Institutional Investors Weigh In On Bank of New York Mellon

Hedge funds and other institutional investors have recently made changes to their positions in the business. FMR LLC increased its holdings in Bank of New York Mellon by 78.6% during the 3rd quarter. FMR LLC now owns 19,338,722 shares of the bank’s stock worth $1,389,680,000 after purchasing an additional 8,512,404 shares in the last quarter. Wellington Management Group LLP boosted its position in shares of Bank of New York Mellon by 2,707.1% during the third quarter. Wellington Management Group LLP now owns 3,258,967 shares of the bank’s stock valued at $234,189,000 after buying an additional 3,142,869 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Bank of New York Mellon during the fourth quarter worth $90,955,000. Zacks Investment Management purchased a new stake in Bank of New York Mellon in the 3rd quarter valued at $62,589,000. Finally, State Street Corp lifted its stake in Bank of New York Mellon by 2.0% during the 3rd quarter. State Street Corp now owns 33,313,594 shares of the bank’s stock valued at $2,393,915,000 after acquiring an additional 659,096 shares in the last quarter. 85.31% of the stock is owned by institutional investors.

About Bank of New York Mellon

The Bank of New York Mellon Corporation provides a range of financial products and services in the United States and internationally. The company operates through Securities Services, Market and Wealth Services, Investment and Wealth Management, and other segments. The Securities Services segment offers custody, trust and depositary, accounting, exchange-traded funds, middle-office solutions, transfer agency, services for private equity and real estate funds, foreign exchange, securities lending, liquidity/lending services, and data analytics.