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

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

BK has been the subject of several other reports. JPMorgan Chase & Co. raised their target price on 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. Keefe, Bruyette & Woods upped their target price on Bank of New York Mellon from $87.00 to $96.00 and gave the company an “outperform” rating in a research report on Tuesday, December 3rd. UBS Group raised their price target on shares of Bank of New York Mellon from $73.00 to $82.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. Morgan Stanley boosted their price objective on Bank of New York Mellon from $90.00 to $97.00 and gave the company an “overweight” rating in a report on Thursday. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on shares of Bank of New York Mellon from $94.00 to $98.00 and gave the stock a “buy” rating in a research report on Thursday. Six equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $87.14.

Bank of New York Mellon Price Performance

Shares of BK traded up $0.24 during trading hours on Thursday, reaching $82.28. The stock had a trading volume of 5,143,061 shares, compared to its average volume of 4,447,746. The stock has a market capitalization of $59.83 billion, a PE ratio of 17.89, a PEG ratio of 0.76 and a beta of 1.08. Bank of New York Mellon has a 12 month low of $52.64 and a 12 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 company’s 50-day moving average is $78.65 and its two-hundred day moving average is $72.01.

Bank of New York Mellon (NYSE:BK) last posted its earnings results on Wednesday, January 15th. The bank reported $1.72 EPS for the quarter, topping the consensus estimate of $1.54 by $0.18. 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 $4.85 billion for the quarter, compared to the consensus estimate of $4.66 billion. During the same period last year, the company earned $1.28 EPS. The firm’s revenue was up 11.2% compared to the same quarter last year. Research analysts expect that Bank of New York Mellon will post 5.87 EPS for the current year.

Hedge Funds Weigh In On Bank of New York Mellon

Several institutional investors have recently bought and sold shares of BK. McClarren Financial Advisors Inc. raised its stake in shares of Bank of New York Mellon by 586.4% in the third quarter. McClarren Financial Advisors Inc. now owns 405 shares of the bank’s stock valued at $29,000 after buying an additional 346 shares during the period. Fortitude Family Office LLC increased its holdings in Bank of New York Mellon by 130.6% in the 3rd quarter. Fortitude Family Office LLC now owns 611 shares of the bank’s stock worth $44,000 after acquiring an additional 346 shares during the last quarter. Modus Advisors LLC bought a new stake in Bank of New York Mellon in the 4th quarter valued at about $49,000. Ashton Thomas Securities LLC purchased a new stake in Bank of New York Mellon during the third quarter valued at about $46,000. Finally, Grove Bank & Trust boosted its position in Bank of New York Mellon by 28.8% during the third quarter. Grove Bank & Trust now owns 644 shares of the bank’s stock worth $46,000 after purchasing an additional 144 shares during the period. Hedge funds and other 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.