Bank of New York Mellon (NYSE:BNY) Rating Lowered to Hold at Zacks Research

Bank of New York Mellon (NYSE:BNY) was downgraded by stock analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued on Monday, Zacks reports.

A number of other equities research analysts also recently weighed in on BNY. Keefe, Bruyette & Woods raised their price target on shares of Bank of New York Mellon from $166.00 to $177.00 and gave the company an “outperform” rating in a research note on Thursday, July 16th. Wall Street Zen raised shares of Bank of New York Mellon to a “hold” rating in a research note on Saturday, May 23rd. Wells Fargo & Company raised their target price on shares of Bank of New York Mellon from $152.00 to $162.00 and gave the company an “equal weight” rating in a research report on Thursday, July 16th. Barclays upped their price target on shares of Bank of New York Mellon from $149.00 to $178.00 and gave the stock an “overweight” rating in a report on Thursday, July 16th. Finally, Argus raised their price objective on Bank of New York Mellon from $153.00 to $180.00 and gave the company a “buy” rating in a report on Wednesday, July 22nd. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $157.13.

Bank of New York Mellon Price Performance

Shares of BNY stock opened at $162.91 on Monday. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.76. Bank of New York Mellon has a twelve month low of $102.63 and a twelve month high of $165.84. The company has a market cap of $110.53 billion, a P/E ratio of 18.97, a P/E/G ratio of 1.24 and a beta of 1.05. The business has a fifty day simple moving average of $158.26 and a 200 day simple moving average of $140.28.

Bank of New York Mellon (NYSE:BNY) last released its quarterly earnings data on Wednesday, July 15th. The bank reported $2.46 earnings per share for the quarter, beating the consensus estimate of $2.16 by $0.30. The business had revenue of $5.70 billion for the quarter, compared to analyst estimates of $5.35 billion. Bank of New York Mellon had a return on equity of 16.00% and a net margin of 15.52%.Bank of New York Mellon’s revenue was up 13.3% compared to the same quarter last year. During the same period last year, the firm posted $1.93 earnings per share. On average, sell-side analysts forecast that Bank of New York Mellon will post 9.26 EPS for the current fiscal year.

Insider Transactions at Bank of New York Mellon

In other news, CFO Dermot Mcdonogh sold 31,800 shares of the firm’s stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $155.26, for a total transaction of $4,937,268.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Jose Minaya sold 3,520 shares of Bank of New York Mellon stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $162.64, for a total value of $572,492.80. Following the completion of the transaction, the vice president directly owned 180,344 shares in the company, valued at approximately $29,331,148.16. This represents a 1.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.17% of the company’s stock.

Institutional Trading of Bank of New York Mellon

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Community Bank N.A. bought a new position in shares of Bank of New York Mellon in the 2nd quarter worth about $63,000. NewEdge Advisors LLC acquired a new position in shares of Bank of New York Mellon in the 2nd quarter valued at about $72,719,000. IFP Advisors Inc bought a new stake in shares of Bank of New York Mellon during the 2nd quarter valued at about $735,000. Baird Financial Group Inc. bought a new stake in shares of Bank of New York Mellon during the 2nd quarter valued at about $14,303,000. Finally, Beacon Investment Advisory Services Inc. acquired a new stake in Bank of New York Mellon during the second quarter worth approximately $1,637,000. Institutional investors and hedge funds own 85.31% of the company’s stock.

Bank of New York Mellon Company Profile

BNY, formerly known as BNY Mellon, is a global financial services company headquartered in New York City. Formed in 2007 through the merger of the Bank of New York and Mellon Financial Corporation, BNY traces its roots back to 1784, making it one of the oldest banking institutions in the United States. It was also the first company listed on the New York Stock Exchange.

BNY operates at the center of the world’s capital markets, partnering with clients to help them operate more efficiently and accelerate growth.