ValuEngine Lowers Bank of New York Mellon (BK) to Sell

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Bank of New York Mellon (NYSE:BK) was downgraded by research analysts at ValuEngine from a “hold” rating to a “sell” rating in a report released on Thursday, ValuEngine reports.

Several other research analysts have also recently issued reports on BK. Zacks Investment Research reissued a “hold” rating on shares of Bank of New York Mellon in a research note on Monday, December 31st. Deutsche Bank increased their price target on Bank of New York Mellon from $57.00 to $58.00 and gave the stock a “buy” rating in a research note on Friday, March 15th. Citigroup cut Bank of New York Mellon from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $55.00 to $52.00 in a research note on Wednesday, January 9th. Finally, Vining Sparks reissued a “buy” rating and issued a $55.00 price target on shares of Bank of New York Mellon in a research note on Wednesday, January 23rd. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $55.33.

NYSE:BK opened at $48.41 on Thursday. Bank of New York Mellon has a 1 year low of $43.67 and a 1 year high of $58.22. The firm has a market capitalization of $46.22 billion, a PE ratio of 11.50, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.87.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Wednesday, April 17th. The bank reported $0.94 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.96 by ($0.02). Bank of New York Mellon had a return on equity of 11.53% and a net margin of 22.19%. The business had revenue of $3.90 billion during the quarter, compared to the consensus estimate of $4.01 billion. During the same period in the previous year, the company posted $1.10 EPS. The company’s revenue for the quarter was down 6.7% compared to the same quarter last year. As a group, sell-side analysts predict that Bank of New York Mellon will post 4.25 earnings per share for the current year.

In related news, CEO Charles W. Scharf sold 4,674 shares of the firm’s stock in a transaction dated Friday, February 15th. The stock was sold at an average price of $52.99, for a total transaction of $247,675.26. Following the completion of the transaction, the chief executive officer now owns 304,118 shares of the company’s stock, valued at $16,115,212.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Edward P. Garden sold 1,336 shares of the firm’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $52.00, for a total value of $69,472.00. The disclosure for this sale can be found here. Insiders have sold 3,713,437 shares of company stock valued at $198,594,100 in the last ninety days. Company insiders own 1.71% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Pacer Advisors Inc. purchased a new stake in shares of Bank of New York Mellon during the first quarter valued at $3,708,000. Lindbrook Capital LLC purchased a new stake in shares of Bank of New York Mellon during the fourth quarter valued at $80,000. Hudson Capital Management LLC lifted its holdings in shares of Bank of New York Mellon by 10.1% during the fourth quarter. Hudson Capital Management LLC now owns 11,494 shares of the bank’s stock valued at $541,000 after purchasing an additional 1,053 shares during the last quarter. LPL Financial LLC lifted its holdings in shares of Bank of New York Mellon by 5.0% during the fourth quarter. LPL Financial LLC now owns 87,998 shares of the bank’s stock valued at $4,142,000 after purchasing an additional 4,187 shares during the last quarter. Finally, Smithbridge Asset Management Inc. DE lifted its holdings in shares of Bank of New York Mellon by 1.5% during the first quarter. Smithbridge Asset Management Inc. DE now owns 69,555 shares of the bank’s stock valued at $3,508,000 after purchasing an additional 995 shares during the last quarter. 87.61% of the stock is owned by institutional investors and hedge funds.

Bank of New York Mellon Company Profile

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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Analyst Recommendations for Bank of New York Mellon (NYSE:BK)

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