Bank of New York Mellon (NYSE:BK) Cut to “Peer Perform” at Wolfe Research

Bank of New York Mellon (NYSE:BK) was downgraded by stock analysts at Wolfe Research from an “outperform” rating to a “peer perform” rating in a research note issued on Friday, Marketbeat Ratings reports.

BK has been the subject of several other research reports. The Goldman Sachs Group raised their price target on shares of Bank of New York Mellon from $74.00 to $80.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. Deutsche Bank Aktiengesellschaft upped their price target on Bank of New York Mellon from $82.00 to $85.00 and gave the company a “buy” rating in a research report on Monday, November 11th. StockNews.com upgraded Bank of New York Mellon from a “hold” rating to a “buy” rating in a research report on Saturday, December 14th. UBS Group increased their target price on shares of Bank of New York Mellon from $73.00 to $82.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. Finally, Wells Fargo & Company boosted their price target on shares of Bank of New York Mellon from $81.00 to $82.00 and gave the stock an “equal weight” rating in a research report on Thursday. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, Bank of New York Mellon currently has an average rating of “Moderate Buy” and a consensus target price of $80.77.

Bank of New York Mellon Trading Down 0.6 %

Shares of BK stock opened at $76.93 on Friday. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.89. The firm has a market capitalization of $55.93 billion, a P/E ratio of 16.72, a P/E/G ratio of 0.91 and a beta of 1.08. Bank of New York Mellon has a twelve month low of $51.86 and a twelve month high of $82.72. The stock’s fifty day simple moving average is $78.41 and its 200 day simple moving average is $70.88.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Friday, October 11th. The bank reported $1.52 earnings per share for the quarter, topping the consensus estimate of $1.41 by $0.11. The company had revenue of $4.65 billion for the quarter, compared to analysts’ expectations of $4.52 billion. Bank of New York Mellon had a return on equity of 12.06% and a net margin of 9.44%. As a group, sell-side analysts predict that Bank of New York Mellon will post 5.84 EPS for the current fiscal year.

Insider Transactions at Bank of New York Mellon

In other news, VP Hanneke Smits sold 16,475 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $76.47, for a total value of $1,259,843.25. Following the transaction, the vice president now owns 157,455 shares in the company, valued at $12,040,583.85. This trade represents a 9.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP J Kevin Mccarthy sold 25,000 shares of the company’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $76.31, for a total value of $1,907,750.00. Following the sale, the executive vice president now owns 75,404 shares of the company’s stock, valued at $5,754,079.24. This trade represents a 24.90 % decrease in their position. The disclosure for this sale can be found here. 0.14% of the stock is owned by insiders.

Hedge Funds Weigh In On Bank of New York Mellon

A number of hedge funds have recently bought and sold shares of BK. McClarren Financial Advisors Inc. grew its holdings 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 acquiring an additional 346 shares in the last quarter. Clearstead Trust LLC bought a new position in Bank of New York Mellon in the 2nd quarter valued at $32,000. Fortitude Family Office LLC grew its stake 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 valued at $44,000 after purchasing an additional 346 shares during the period. Grove Bank & Trust increased its position in shares of Bank of New York Mellon by 28.8% during the 3rd quarter. Grove Bank & Trust now owns 644 shares of the bank’s stock valued at $46,000 after purchasing an additional 144 shares during the last quarter. Finally, Ashton Thomas Securities LLC bought a new stake in shares of Bank of New York Mellon during the 3rd quarter worth $46,000. 85.31% of the stock is owned by hedge funds and other institutional investors.

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.