Bank of New York Mellon (NYSE:BK) Lowered to “Neutral” at Citigroup

Bank of New York Mellon (NYSE:BK) was downgraded by equities researchers at Citigroup from a “buy” rating to a “neutral” rating in a research note issued on Monday, Briefing.com reports. They presently have a $65.00 target price on the bank’s stock. Citigroup’s price target would suggest a potential upside of 0.48% from the company’s previous close.

A number of other research analysts have also weighed in on BK. Jefferies Financial Group lifted their price target on shares of Bank of New York Mellon from $67.00 to $68.00 and gave the company a “buy” rating in a research note on Thursday, April 18th. Royal Bank of Canada reiterated a “sector perform” rating and set a $58.00 target price on shares of Bank of New York Mellon in a report on Wednesday, March 27th. Keefe, Bruyette & Woods upgraded Bank of New York Mellon from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $60.00 to $70.00 in a report on Thursday, June 27th. Morgan Stanley lifted their target price on Bank of New York Mellon from $62.00 to $63.00 and gave the company an “equal weight” rating in a research report on Thursday, April 18th. Finally, Bank of America upped their price target on Bank of New York Mellon from $64.00 to $66.00 and gave the stock a “buy” rating in a research report on Wednesday, April 17th. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $61.15.

Bank of New York Mellon Trading Up 5.2 %

Shares of NYSE BK opened at $64.69 on Monday. Bank of New York Mellon has a twelve month low of $39.66 and a twelve month high of $64.93. The stock has a market cap of $48.38 billion, a price-to-earnings ratio of 14.97, a P/E/G ratio of 1.31 and a beta of 1.09. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.90. The company’s fifty day moving average is $59.20 and its 200-day moving average is $56.72.

Bank of New York Mellon (NYSE:BK) last posted its earnings results on Friday, July 12th. The bank reported $1.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.43 by $0.08. The firm had revenue of $4.60 billion during the quarter, compared to analysts’ expectations of $4.53 billion. Bank of New York Mellon had a return on equity of 11.89% and a net margin of 9.40%. The company’s revenue was up 2.1% on a year-over-year basis. During the same period in the previous year, the firm earned $1.38 earnings per share. Equities research analysts predict that Bank of New York Mellon will post 5.49 EPS for the current year.

Insider Activity

In other Bank of New York Mellon news, insider Kurtis R. Kurimsky sold 6,215 shares of the stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $57.93, for a total transaction of $360,034.95. Following the transaction, the insider now owns 24,346 shares in the company, valued at approximately $1,410,363.78. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Bank of New York Mellon news, VP Catherine Keating sold 54,070 shares of the company’s stock in a transaction on Thursday, April 18th. The stock was sold at an average price of $54.88, for a total transaction of $2,967,361.60. Following the completion of the sale, the vice president now directly owns 78,350 shares in the company, valued at $4,299,848. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Kurtis R. Kurimsky sold 6,215 shares of Bank of New York Mellon stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $57.93, for a total transaction of $360,034.95. Following the sale, the insider now directly owns 24,346 shares in the company, valued at $1,410,363.78. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 115,928 shares of company stock valued at $6,475,216. 0.14% of the stock is owned by insiders.

Hedge Funds Weigh In On Bank of New York Mellon

Institutional investors and hedge funds have recently bought and sold shares of the company. Austin Private Wealth LLC acquired a new stake in shares of Bank of New York Mellon during the second quarter valued at about $213,000. Sound Income Strategies LLC grew its holdings in Bank of New York Mellon by 8.6% during the 2nd quarter. Sound Income Strategies LLC now owns 52,580 shares of the bank’s stock worth $3,149,000 after acquiring an additional 4,165 shares during the last quarter. Cardinal Capital Management increased its position in Bank of New York Mellon by 1.2% in the 2nd quarter. Cardinal Capital Management now owns 141,631 shares of the bank’s stock valued at $8,482,000 after acquiring an additional 1,619 shares during the period. Sax Wealth Advisors LLC bought a new position in shares of Bank of New York Mellon during the second quarter valued at $272,000. Finally, U.S. Capital Wealth Advisors LLC bought a new stake in shares of Bank of New York Mellon in the second quarter worth $252,000. Institutional investors and hedge funds own 85.31% of the company’s stock.

Bank of New York Mellon Company Profile

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.