Bank of New York Mellon (NYSE:BK) Downgraded to "Hold" Rating by StockNews.com

Bank of New York Mellon (NYSE:BK - Get Free Report) was downgraded by StockNews.com from a "buy" rating to a "hold" rating in a research report issued on Friday.

A number of other equities research analysts have also weighed in on the company. Keefe, Bruyette & Woods boosted their target price on Bank of New York Mellon from $87.00 to $96.00 and gave the company an "outperform" rating in a research note on Tuesday. Royal Bank of Canada reiterated a "sector perform" rating and issued a $79.00 price objective on shares of Bank of New York Mellon in a research report on Monday, October 14th. Barclays increased their price objective on Bank of New York Mellon from $75.00 to $86.00 and gave the company an "overweight" rating in a research note on Monday, October 14th. JPMorgan Chase & Co. increased their price target on shares of Bank of New York Mellon from $69.00 to $77.00 and gave the company an "overweight" rating in a research report on Monday, October 7th. Finally, Deutsche Bank Aktiengesellschaft raised their price target on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the stock a "buy" rating in a report on Monday, November 11th. Six analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, Bank of New York Mellon currently has a consensus rating of "Moderate Buy" and an average target price of $79.77.

Bank of New York Mellon Price Performance

Shares of NYSE BK traded down $0.98 during midday trading on Friday, hitting $80.51. 2,491,253 shares of the company's stock were exchanged, compared to its average volume of 3,818,327. The business's fifty day moving average price is $76.79 and its two-hundred day moving average price is $68.08. The company has a market cap of $58.54 billion, a price-to-earnings ratio of 17.50, a PEG ratio of 0.92 and a beta of 1.07. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.89. Bank of New York Mellon has a 12-month low of $47.60 and a 12-month high of $82.72.

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

Insider Activity at Bank of New York Mellon

In other news, EVP J Kevin Mccarthy sold 25,000 shares of Bank of New York Mellon stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $76.31, for a total transaction of $1,907,750.00. Following the transaction, the executive vice president now owns 75,404 shares in the company, valued at $5,754,079.24. This trade represents a 24.90 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Hanneke Smits sold 16,475 shares of the company's stock in a transaction 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 completion of the sale, the vice president now owns 157,455 shares of the company's stock, valued at $12,040,583.85. This trade represents a 9.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.14% of the stock is owned by company insiders.

Institutional Trading of Bank of New York Mellon

Hedge funds and other institutional investors have recently modified their holdings of the company. McClarren Financial Advisors Inc. grew its position in shares of Bank of New York Mellon by 586.4% during the third quarter. McClarren Financial Advisors Inc. now owns 405 shares of the bank's stock worth $29,000 after purchasing an additional 346 shares in the last quarter. Clearstead Trust LLC purchased a new stake in Bank of New York Mellon during the 2nd quarter valued at approximately $32,000. Fortitude Family Office LLC raised its position in shares of Bank of New York Mellon by 130.6% during the third quarter. Fortitude Family Office LLC now owns 611 shares of the bank's stock valued at $44,000 after buying an additional 346 shares during the last quarter. Ashton Thomas Securities LLC purchased a new position in shares of Bank of New York Mellon in the third quarter worth $46,000. Finally, Grove Bank & Trust boosted its position in shares of Bank of New York Mellon by 28.8% during the third quarter. Grove Bank & Trust now owns 644 shares of the bank's stock worth $46,000 after acquiring an additional 144 shares during the last quarter. 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.

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