Bank of New York Mellon (NYSE:BK) Downgraded to Peer Perform Rating by Wolfe Research

Wolfe Research lowered shares of Bank of New York Mellon (NYSE:BK) from an outperform rating to a peer perform rating in a research report released on Friday, Marketbeat.com reports.

Several other research firms have also recently weighed in on BK. Morgan Stanley raised Bank of New York Mellon from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $82.00 to $94.00 in a research report on Monday, December 9th. UBS Group boosted their target price on shares of Bank of New York Mellon from $73.00 to $82.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. JPMorgan Chase & Co. raised their price target on shares of Bank of New York Mellon from $69.00 to $77.00 and gave the stock an “overweight” rating in a research report on Monday, October 7th. StockNews.com upgraded Bank of New York Mellon from a “hold” rating to a “buy” rating in a research note on Saturday, December 14th. Finally, Barclays lifted their price target on shares of Bank of New York Mellon from $75.00 to $86.00 and gave the stock an “overweight” rating in a research note on Monday, October 14th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $80.77.

Bank of New York Mellon Stock Down 0.6 %

BK opened at $76.93 on Friday. Bank of New York Mellon has a twelve month low of $51.86 and a twelve month high of $82.72. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.70 and a current ratio of 0.70. The business has a 50 day moving average price of $78.41 and a 200 day moving average price of $70.97. The firm has a market cap of $55.93 billion, a P/E ratio of 16.72, a price-to-earnings-growth ratio of 0.91 and a beta of 1.08.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings data on Friday, October 11th. The bank reported $1.52 earnings per share for the quarter, topping analysts’ consensus estimates of $1.41 by $0.11. Bank of New York Mellon had a net margin of 9.44% and a return on equity of 12.06%. The business had revenue of $4.65 billion during the quarter, compared to analysts’ expectations of $4.52 billion. Research analysts forecast that Bank of New York Mellon will post 5.84 EPS for the current year.

Bank of New York Mellon Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Monday, October 21st were issued a dividend of $0.47 per share. The ex-dividend date of this dividend was Monday, October 21st. This represents a $1.88 annualized dividend and a yield of 2.44%. Bank of New York Mellon’s dividend payout ratio is currently 40.87%.

Insider Activity

In other Bank of New York Mellon news, VP Hanneke Smits sold 16,475 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $76.47, for a total transaction of $1,259,843.25. Following the transaction, the vice president now owns 157,455 shares in the company, valued at approximately $12,040,583.85. This trade represents a 9.47 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP J Kevin Mccarthy sold 25,000 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $76.31, for a total value of $1,907,750.00. Following the completion of the sale, the executive vice president now directly owns 75,404 shares of the company’s stock, valued at approximately $5,754,079.24. This trade represents a 24.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.14% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of BK. Modus Advisors LLC bought a new stake in shares of Bank of New York Mellon in the fourth quarter worth about $49,000. GAMMA Investing LLC grew its position in shares of Bank of New York Mellon by 14.2% in the 4th quarter. GAMMA Investing LLC now owns 14,524 shares of the bank’s stock valued at $1,116,000 after purchasing an additional 1,807 shares during the period. Versant Capital Management Inc increased its stake in Bank of New York Mellon by 34.8% during the 4th quarter. Versant Capital Management Inc now owns 3,044 shares of the bank’s stock worth $234,000 after purchasing an additional 786 shares in the last quarter. Principal Financial Group Inc. raised its holdings in Bank of New York Mellon by 1.7% during the 3rd quarter. Principal Financial Group Inc. now owns 883,853 shares of the bank’s stock worth $63,514,000 after buying an additional 14,916 shares during the period. Finally, Franklin Resources Inc. lifted its stake in Bank of New York Mellon by 8.3% in the third quarter. Franklin Resources Inc. now owns 2,252,729 shares of the bank’s stock valued at $172,348,000 after buying an additional 173,347 shares in the last quarter. Institutional investors 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.