Bank of New York Mellon (NYSE:BK) Rating Lowered to “Hold” at StockNews.com

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

BK has been the topic of a number of other research reports. Wolfe Research downgraded shares of Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 3rd. Wells Fargo & Company boosted their target price on shares of Bank of New York Mellon from $82.00 to $86.00 and gave the company an “equal weight” rating in a research note on Thursday. The Goldman Sachs Group raised their price target on Bank of New York Mellon from $74.00 to $80.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. Royal Bank of Canada reiterated a “sector perform” rating and set a $79.00 price objective on shares of Bank of New York Mellon in a research report on Monday, October 14th. Finally, Morgan Stanley increased their target price on Bank of New York Mellon from $90.00 to $97.00 and gave the company an “overweight” rating in a report on Thursday. Six analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $87.14.

Bank of New York Mellon Stock Up 1.3 %

Bank of New York Mellon stock opened at $83.31 on Thursday. Bank of New York Mellon has a 12 month low of $52.64 and a 12 month high of $83.67. The stock has a fifty day simple moving average of $78.74 and a two-hundred day simple moving average of $72.08. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.89. The firm has a market cap of $60.57 billion, a price-to-earnings ratio of 18.11, a PEG ratio of 0.76 and a beta of 1.08.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings data on Wednesday, January 15th. The bank reported $1.72 EPS for the quarter, topping the consensus estimate of $1.54 by $0.18. The company had revenue of $4.85 billion during the quarter, compared to the consensus estimate of $4.66 billion. Bank of New York Mellon had a return on equity of 12.06% and a net margin of 9.44%. Bank of New York Mellon’s revenue for the quarter was up 11.2% on a year-over-year basis. During the same period last year, the company earned $1.28 EPS. Equities analysts predict that Bank of New York Mellon will post 5.87 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Axxcess Wealth Management LLC boosted its stake in shares of Bank of New York Mellon by 45.4% in the second quarter. Axxcess Wealth Management LLC now owns 10,855 shares of the bank’s stock worth $650,000 after acquiring an additional 3,389 shares during the period. Argent Trust Co lifted its holdings in Bank of New York Mellon by 10.5% in the 2nd quarter. Argent Trust Co now owns 21,855 shares of the bank’s stock worth $1,309,000 after purchasing an additional 2,072 shares in the last quarter. Meiji Yasuda Asset Management Co Ltd. boosted its stake in Bank of New York Mellon by 3.7% in the 2nd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 24,937 shares of the bank’s stock worth $1,493,000 after purchasing an additional 897 shares during the period. Vanguard Personalized Indexing Management LLC grew its holdings in Bank of New York Mellon by 7.5% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 86,502 shares of the bank’s stock valued at $5,176,000 after buying an additional 6,033 shares in the last quarter. Finally, Blair William & Co. IL raised its position in shares of Bank of New York Mellon by 10.7% during the second quarter. Blair William & Co. IL now owns 23,691 shares of the bank’s stock valued at $1,419,000 after buying an additional 2,298 shares during the last quarter. Institutional investors own 85.31% of the company’s stock.

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.