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

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

Several other brokerages have also recently issued reports on BK. Citigroup upped their target price on shares of Bank of New York Mellon from $75.00 to $82.00 and gave the company a “neutral” rating in a research report on Monday, November 25th. Bank of America boosted their price objective on Bank of New York Mellon from $90.00 to $95.00 and gave the stock a “buy” rating in a research note on Thursday. JPMorgan Chase & Co. raised their price objective on Bank of New York Mellon from $69.00 to $77.00 and gave the company an “overweight” rating in a research note on Monday, October 7th. Morgan Stanley lifted their target price on Bank of New York Mellon from $90.00 to $97.00 and gave the stock an “overweight” rating in a report on Thursday. Finally, Wolfe Research lowered Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a report on Friday, January 3rd. Six equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, Bank of New York Mellon has a consensus rating of “Moderate Buy” and an average target price of $87.14.

Bank of New York Mellon Stock Performance

NYSE BK opened at $83.31 on Thursday. The stock has a market capitalization of $60.57 billion, a PE ratio of 18.11, a P/E/G ratio of 0.76 and a beta of 1.08. Bank of New York Mellon has a 1-year low of $52.64 and a 1-year high of $83.67. The business has a 50 day simple moving average of $78.74 and a two-hundred day simple moving average of $72.08. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.70 and a quick ratio of 0.70.

Bank of New York Mellon (NYSE:BK) last posted its earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share 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 9.44% and a return on equity of 12.06%. Bank of New York Mellon’s revenue for the quarter was up 11.2% compared to the same quarter last year. During the same period last year, the firm posted $1.28 earnings per share. On average, research analysts predict that Bank of New York Mellon will post 5.87 EPS for the current fiscal year.

Institutional Investors Weigh In On Bank of New York Mellon

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. State Street Corp grew its stake in Bank of New York Mellon by 2.0% in the 3rd quarter. State Street Corp now owns 33,313,594 shares of the bank’s stock worth $2,393,915,000 after acquiring an additional 659,096 shares in the last quarter. FMR LLC boosted its holdings in shares of Bank of New York Mellon by 78.6% in the third quarter. FMR LLC now owns 19,338,722 shares of the bank’s stock valued at $1,389,680,000 after purchasing an additional 8,512,404 shares during the period. Ameriprise Financial Inc. grew its stake in Bank of New York Mellon by 4.2% in the second quarter. Ameriprise Financial Inc. now owns 10,416,436 shares of the bank’s stock worth $623,891,000 after purchasing an additional 421,161 shares in the last quarter. Legal & General Group Plc increased its holdings in Bank of New York Mellon by 1.2% during the 2nd quarter. Legal & General Group Plc now owns 8,058,064 shares of the bank’s stock worth $482,597,000 after purchasing an additional 97,286 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Bank of New York Mellon by 1.8% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 6,634,088 shares of the bank’s stock valued at $476,726,000 after purchasing an additional 117,974 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.