Bank of New York Mellon Corp (NYSE:BK) – Analysts at Jefferies Financial Group reduced their FY2018 EPS estimates for Bank of New York Mellon in a research note issued to investors on Tuesday, January 8th. Jefferies Financial Group analyst K. Usdin now anticipates that the bank will post earnings per share of $4.05 for the year, down from their previous forecast of $4.15.
Other equities research analysts also recently issued reports about the stock. Citigroup lowered their price objective on shares of Bank of New York Mellon from $66.00 to $60.00 and set a “buy” rating for the company in a research note on Friday, October 19th. Vining Sparks reissued a “buy” rating and set a $62.00 target price on shares of Bank of New York Mellon in a report on Tuesday, October 9th. Deutsche Bank raised their target price on shares of Bank of New York Mellon from $60.00 to $61.00 and gave the stock a “buy” rating in a report on Thursday, September 27th. Zacks Investment Research cut shares of Bank of New York Mellon from a “buy” rating to a “hold” rating in a report on Tuesday, September 25th. Finally, ValuEngine raised shares of Bank of New York Mellon from a “sell” rating to a “hold” rating in a report on Tuesday, November 20th. Four research analysts have rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $55.75.
Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings data on Thursday, October 18th. The bank reported $1.06 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.04 by $0.02. Bank of New York Mellon had a net margin of 24.92% and a return on equity of 11.48%. The business had revenue of $4.07 billion during the quarter, compared to the consensus estimate of $4.15 billion. During the same period in the previous year, the firm posted $0.94 earnings per share. The business’s revenue for the quarter was up 1.3% compared to the same quarter last year.
Bank of New York Mellon announced that its board has approved a share repurchase program on Monday, December 10th that authorizes the company to buyback $830.00 million in shares. This buyback authorization authorizes the bank to reacquire up to 1.8% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Spinnaker Trust purchased a new position in Bank of New York Mellon in the third quarter valued at $262,000. Ronna Sue Cohen increased its stake in shares of Bank of New York Mellon by 924.7% during the third quarter. Ronna Sue Cohen now owns 41,398 shares of the bank’s stock worth $2,111,000 after purchasing an additional 37,358 shares in the last quarter. First Fiduciary Investment Counsel Inc. increased its stake in shares of Bank of New York Mellon by 3.1% during the third quarter. First Fiduciary Investment Counsel Inc. now owns 442,392 shares of the bank’s stock worth $22,558,000 after purchasing an additional 13,155 shares in the last quarter. Alexandria Capital LLC increased its stake in shares of Bank of New York Mellon by 14.9% during the third quarter. Alexandria Capital LLC now owns 68,476 shares of the bank’s stock worth $3,491,000 after purchasing an additional 8,888 shares in the last quarter. Finally, MetLife Investment Advisors LLC purchased a new stake in shares of Bank of New York Mellon during the second quarter worth about $16,045,000. 84.00% of the stock is owned by institutional investors.
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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