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

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

A number of other equities analysts also recently commented on BK. Morgan Stanley upped their target price on shares of Bank of New York Mellon from $90.00 to $97.00 and gave the stock an “overweight” rating in a research note on Thursday, January 16th. Barclays raised their price objective on Bank of New York Mellon from $102.00 to $104.00 and gave the stock an “overweight” rating in a report on Thursday, January 16th. Evercore ISI upped their target price 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. Wolfe Research lowered Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. Finally, UBS Group upped their price objective on shares of Bank of New York Mellon from $88.00 to $94.00 and gave the stock a “buy” rating in a research note on Tuesday, January 21st. Six research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $88.00.

Bank of New York Mellon Price Performance

Shares of BK stock opened at $87.20 on Wednesday. The stock has a 50 day moving average price of $81.87 and a 200 day moving average price of $76.08. The firm has a market capitalization of $63.40 billion, a P/E ratio of 15.01, a P/E/G ratio of 1.01 and a beta of 1.08. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.70 and a current ratio of 0.69. Bank of New York Mellon has a 52-week low of $52.64 and a 52-week high of $89.44.

Bank of New York Mellon (NYSE:BK) last issued its earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.54 by $0.18. The firm had revenue of $4.85 billion during the quarter, compared to analyst estimates of $4.66 billion. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The business’s revenue was up 11.2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.28 earnings per share. As a group, sell-side analysts predict that Bank of New York Mellon will post 6.93 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. State Street Corp increased its position in shares of Bank of New York Mellon by 2.0% during the third quarter. State Street Corp now owns 33,313,594 shares of the bank’s stock worth $2,393,915,000 after purchasing an additional 659,096 shares in the last quarter. FMR LLC grew its stake in Bank of New York Mellon by 19.3% during the 4th quarter. FMR LLC now owns 23,071,584 shares of the bank’s stock worth $1,772,590,000 after buying an additional 3,732,862 shares during the last quarter. Norges Bank acquired a new position in Bank of New York Mellon during the 4th quarter valued at about $1,150,462,000. Ameriprise Financial Inc. raised its stake in Bank of New York Mellon by 0.3% in the fourth quarter. Ameriprise Financial Inc. now owns 11,821,988 shares of the bank’s stock valued at $908,281,000 after buying an additional 35,413 shares during the last quarter. Finally, Northern Trust Corp boosted its holdings in Bank of New York Mellon by 19.1% in the fourth quarter. Northern Trust Corp now owns 9,533,615 shares of the bank’s stock worth $732,468,000 after acquiring an additional 1,526,686 shares in 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.