Bank Of New York Mellon Corporation (The) (BK) Given Hold Rating at Jefferies Group LLC

Jefferies Group LLC reiterated their hold rating on shares of Bank Of New York Mellon Corporation (The) (NYSE:BK) in a research report released on Tuesday, July 11th. Jefferies Group also issued estimates for Bank Of New York Mellon Corporation (The)’s Q2 2017 earnings at $0.82 EPS, Q4 2017 earnings at $0.87 EPS and FY2018 earnings at $3.80 EPS.

Several other research analysts have also recently weighed in on the stock. Buckingham Research reissued a neutral rating and set a $57.00 price target (up previously from $52.00) on shares of Bank Of New York Mellon Corporation (The) in a research report on Monday, July 10th. BidaskClub raised shares of Bank Of New York Mellon Corporation (The) from a hold rating to a buy rating in a research report on Tuesday, July 4th. Zacks Investment Research cut shares of Bank Of New York Mellon Corporation (The) from a hold rating to a sell rating in a research report on Wednesday, June 21st. Bank of America Corporation set a $49.00 price target on shares of Bank Of New York Mellon Corporation (The) and gave the company a sell rating in a research report on Saturday, May 27th. Finally, Rafferty Capital Markets reissued a buy rating and set a $53.00 price target on shares of Bank Of New York Mellon Corporation (The) in a research report on Tuesday, April 25th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company. The company currently has a consensus rating of Buy and an average price target of $53.00.

Bank Of New York Mellon Corporation (NYSE:BK) traded up 0.15% during trading on Tuesday, reaching $53.79. 3,007,120 shares of the company’s stock traded hands. The company has a 50-day moving average price of $51.95 and a 200 day moving average price of $48.21. The firm has a market capitalization of $55.57 billion, a PE ratio of 15.95 and a beta of 1.15. Bank Of New York Mellon Corporation has a one year low of $38.68 and a one year high of $54.59.

Bank Of New York Mellon Corporation (The) (NYSE:BK) last announced its quarterly earnings results on Thursday, July 20th. The bank reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.84 by $0.04. The firm had revenue of $3.96 billion for the quarter, compared to analysts’ expectations of $3.91 billion. Bank Of New York Mellon Corporation (The) had a net margin of 23.35% and a return on equity of 10.35%. The company’s revenue was up .4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.76 EPS. On average, analysts anticipate that Bank Of New York Mellon Corporation will post $3.53 earnings per share for the current fiscal year.

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The firm also recently declared a quarterly dividend, which will be paid on Friday, August 11th. Shareholders of record on Tuesday, August 1st will be paid a dividend of $0.24 per share. The ex-dividend date is Friday, July 28th. This is a positive change from Bank Of New York Mellon Corporation (The)’s previous quarterly dividend of $0.19. This represents a $0.96 dividend on an annualized basis and a yield of 1.78%. Bank Of New York Mellon Corporation (The)’s dividend payout ratio is 28.40%.

Bank Of New York Mellon Corporation (The) announced that its Board of Directors has initiated a share buyback program on Wednesday, June 28th that allows the company to buyback $3.10 billion in outstanding shares. This buyback authorization allows the bank to repurchase up to 5.9% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Hedge funds have recently modified their holdings of the company. Boothbay Fund Management LLC acquired a new stake in shares of Bank Of New York Mellon Corporation (The) during the fourth quarter worth about $365,000. CAMG Solamere Management LLC acquired a new stake in shares of Bank Of New York Mellon Corporation (The) during the fourth quarter worth about $384,000. Barings LLC raised its stake in Bank Of New York Mellon Corporation (The) by 225.2% in the fourth quarter. Barings LLC now owns 56,752 shares of the bank’s stock worth $2,689,000 after buying an additional 39,300 shares during the last quarter. First Commonwealth Financial Corp PA purchased a new stake in Bank Of New York Mellon Corporation (The) during the fourth quarter worth $206,000. Finally, Capital Guardian Trust Co. raised its stake in Bank Of New York Mellon Corporation (The) by 0.9% in the fourth quarter. Capital Guardian Trust Co. now owns 946,355 shares of the bank’s stock worth $44,838,000 after buying an additional 8,670 shares during the last quarter. Institutional investors own 82.44% of the company’s stock.

Bank Of New York Mellon Corporation (The) Company Profile

The Bank of New York Mellon Corporation is an investments company. The Company operates businesses through two segments: Investment Management and Investment Services. The Company also has an Other segment, which includes the leasing portfolio, corporate treasury activities (including its investment securities portfolio), derivatives and other trading, corporate and bank-owned life insurance and renewable energy investments, and business exits.

Analyst Recommendations for Bank Of New York Mellon Corporation (The) (NYSE:BK)

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