UBS Group Cuts Bank of New York Mellon (NYSE:BK) Price Target to $45.00

Bank of New York Mellon (NYSE:BK) had its target price lowered by equities research analysts at UBS Group from $49.00 to $45.00 in a research report issued to clients and investors on Wednesday, June 26th, BenzingaRatingsTable reports. The firm currently has a “neutral” rating on the bank’s stock. UBS Group’s price target suggests a potential upside of 0.31% from the company’s current price.

Several other brokerages also recently weighed in on BK. Buckingham Research reduced their target price on PolyOne from $40.00 to $36.00 and set a “buy” rating for the company in a research note on Thursday, April 18th. ValuEngine raised Vermillion from a “hold” rating to a “buy” rating in a research note on Wednesday, May 15th. Morgan Stanley reaffirmed a “top pick” rating on shares of in a research note on Wednesday, June 5th. Zacks Investment Research downgraded GreenTree Hospitality Group from a “buy” rating to a “hold” rating in a research note on Monday, May 20th. Finally, Royal Bank of Canada reissued a “neutral” rating and issued a $145.00 price objective on shares of Travelers Companies in a research note on Thursday, April 18th. Four research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company. Bank of New York Mellon currently has a consensus rating of “Hold” and an average price target of $50.45.

Bank of New York Mellon stock traded up $0.74 during trading hours on Wednesday, reaching $44.86. The stock had a trading volume of 5,231,948 shares, compared to its average volume of 4,991,894. Bank of New York Mellon has a 52 week low of $42.13 and a 52 week high of $54.50. The company has a market capitalization of $41.28 billion, a P/E ratio of 10.66, a price-to-earnings-growth ratio of 1.33 and a beta of 1.04. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.84. The stock has a 50 day moving average of $43.82.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings results on Wednesday, July 17th. The bank reported $1.01 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.94 by $0.07. Bank of New York Mellon had a return on equity of 10.98% and a net margin of 20.69%. The business had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.92 billion. During the same quarter in the previous year, the firm earned $1.03 earnings per share. The company’s revenue was down 5.2% on a year-over-year basis. On average, equities analysts anticipate that Bank of New York Mellon will post 3.94 earnings per share for the current fiscal year.

Bank of New York Mellon declared that its Board of Directors has approved a share repurchase plan on Thursday, June 27th that permits the company to buyback $3.94 billion in shares. This buyback authorization permits the bank to repurchase up to 9.5% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

In other news, EVP J Kevin Mccarthy sold 25,000 shares of the firm’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 sale, the executive vice president now owns 93,418 shares of the company’s stock, valued at approximately $4,617,651.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Trian Fund Management, L.P. sold 621,807 shares of Bank of New York Mellon stock in a transaction that occurred on Friday, May 3rd. The stock was 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. Company insiders own 1.71% of the company’s stock.

Several hedge funds have recently made changes to their positions in the business. Eqis Capital Management Inc. boosted its position in shares of Bank of New York Mellon by 4.3% in the second quarter. Eqis Capital Management Inc. now owns 25,079 shares of the bank’s stock worth $1,107,000 after buying an additional 1,032 shares during the period. Stewart & Patten Co. LLC boosted its position in shares of Bank of New York Mellon by 4.9% in the second quarter. Stewart & Patten Co. LLC now owns 275,837 shares of the bank’s stock worth $12,178,000 after buying an additional 12,929 shares during the period. Meag Munich Ergo Kapitalanlagegesellschaft MBH boosted its position in shares of Bank of New York Mellon by 1.5% in the second quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH now owns 44,114 shares of the bank’s stock worth $1,917,000 after buying an additional 651 shares during the period. NEXT Financial Group Inc boosted its position in shares of Bank of New York Mellon by 96.7% in the second quarter. NEXT Financial Group Inc now owns 11,789 shares of the bank’s stock worth $520,000 after buying an additional 5,796 shares during the period. Finally, Cullinan Associates Inc. boosted its position in shares of Bank of New York Mellon by 14.3% in the second quarter. Cullinan Associates Inc. now owns 82,000 shares of the bank’s stock worth $3,620,000 after buying an additional 10,250 shares during the period. Institutional investors own 84.18% 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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