JPMorgan Chase & Co. Lowers Bank of New York Mellon (NYSE:BK) Price Target to $49.00

Bank of New York Mellon (NYSE:BK) had its price objective decreased by JPMorgan Chase & Co. from $50.00 to $49.00 in a research note published on Tuesday morning, BenzingaRatingsTable reports. JPMorgan Chase & Co. currently has an underweight rating on the bank’s stock.

Several other equities analysts have also issued reports on the company. Buckingham Research lowered their price target on PolyOne from $40.00 to $36.00 and set a buy rating for the company in a research report on Thursday, April 18th. Morgan Stanley set a $36.00 price target on ArcBest and gave the stock a hold rating in a research report on Monday. UBS Group set a $13.00 price target on Freeport-McMoRan and gave the stock a hold rating in a research report on Wednesday, June 26th. Deutsche Bank reaffirmed a buy rating and issued a GBX 4,000 ($52.27) price target on shares of in a research report on Tuesday, June 18th. Finally, ValuEngine raised Vermillion from a hold rating to a buy rating in a research report on Wednesday, May 15th. Five analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company’s stock. Bank of New York Mellon presently has an average rating of Hold and a consensus price target of $50.91.

Shares of Bank of New York Mellon stock opened at $43.65 on Tuesday. The firm’s fifty day moving average price is $43.98. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.68 and a quick ratio of 0.68. The stock has a market capitalization of $41.21 billion, a price-to-earnings ratio of 10.37, a P/E/G ratio of 1.32 and a beta of 1.04. Bank of New York Mellon has a 12 month low of $42.13 and a 12 month high of $55.69.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Wednesday, April 17th. The bank reported $0.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.96 by ($0.02). The company had revenue of $3.90 billion during the quarter, compared to analysts’ expectations of $4.01 billion. Bank of New York Mellon had a return on equity of 10.98% and a net margin of 20.69%. Bank of New York Mellon’s revenue for the quarter was down 6.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.10 EPS. As a group, equities analysts expect that Bank of New York Mellon will post 3.96 EPS for the current year.

Bank of New York Mellon declared that its Board of Directors has authorized a share buyback program on Thursday, June 27th that allows the company to repurchase $3.94 billion in shares. This repurchase authorization allows the bank to reacquire up to 9.5% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 25,000 shares of the business’s stock in a transaction dated Tuesday, April 30th. The stock was sold at an average price of $49.43, for a total transaction of $1,235,750.00. Following the completion of the sale, the executive vice president now directly owns 93,418 shares in the company, valued at approximately $4,617,651.74. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Trian Fund Management, L.P. sold 621,807 shares of the business’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $50.11, for a total value of $31,158,748.77. The disclosure for this sale can be found here. 1.71% of the stock is currently owned by insiders.

Several institutional investors have recently added to or reduced their stakes in the business. Archford Capital Strategies LLC grew its stake in shares of Bank of New York Mellon by 4.1% during the 1st quarter. Archford Capital Strategies LLC now owns 5,654 shares of the bank’s stock valued at $285,000 after acquiring an additional 221 shares during the period. Parallel Advisors LLC grew its stake in shares of Bank of New York Mellon by 5.5% during the 1st quarter. Parallel Advisors LLC now owns 4,298 shares of the bank’s stock valued at $217,000 after acquiring an additional 225 shares during the period. Van ECK Associates Corp grew its stake in shares of Bank of New York Mellon by 2.0% during the 4th quarter. Van ECK Associates Corp now owns 12,450 shares of the bank’s stock valued at $586,000 after acquiring an additional 239 shares during the period. Arjuna Capital grew its stake in shares of Bank of New York Mellon by 0.9% during the 1st quarter. Arjuna Capital now owns 28,799 shares of the bank’s stock valued at $1,452,000 after acquiring an additional 244 shares during the period. Finally, Buckingham Asset Management LLC grew its stake in shares of Bank of New York Mellon by 3.7% during the 1st quarter. Buckingham Asset Management LLC now owns 7,110 shares of the bank’s stock valued at $359,000 after acquiring an additional 254 shares during the period. Institutional investors and hedge funds own 84.20% 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 to institutions, corporations, and high net worth individuals in the United States and internationally. The company operates through two segments, Investment Management and Investment Services. It offers investment management, custody, foreign exchange, fund broker-dealer, collateral and liquidity, clearing, corporate trust, global payment, trade finance, and cash management services, as well as securities finance and depositary receipts.

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