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Banks (Finance)

Unusually-Strong Trading Volume for Bank of New York Mellon Corp Shares

Strategic Insights

— 2 min read

Bank of New York Mellon Corp saw its shares traded at an unusually high volume on Wednesday, according to reports. Approximately 10,074,768 shares changed hands, a 64% increase from the previous session's volume of 6,144,649 shares. The stock's last traded price was $42.39, having closed at $43.15 the previous day.

A number of analysts have weighed in on the stock, with some adjusting their price targets. Credit Suisse lowered its target price to $46.00, while Deutsche Bank increased its target price to $47.00. Vetr downgraded the stock from a strong-buy to a buy rating, and Jefferies Group restated a hold rating. Bank of America upgraded the stock from a neutral rating to a buy rating, and raised its price target to $48.00.

The consensus rating for the stock is buy, with an average price target of $47.83. The firm has a market capitalization of $46.20 billion and a price-to-earnings ratio of 18.35. The stock's 50-day moving average is $43.14, and its 200-day moving average is $42.12.

The company reported earnings per share of $0.74 in its latest quarterly results, beating analyst estimates of $0.71. Revenue for the quarter was $3.79 billion, slightly ahead of analyst expectations of $3.90 billion. The business's revenue was up 1.1% compared to the same quarter last year.

Key Takeaways:

  • Unusually-strong trading volume with 10,074,768 shares traded on Wednesday, a 64% increase from the previous session's volume of 6,144,649 shares.
  • Multiple analysts have weighed in on the stock, with some adjusting their price targets such as Credit Suisse's $46.00, Deutsche Bank's $47.00, and Bank of America's $48.00.
  • Consensus rating for the stock is buy, with an average price target of $47.83.
  • Market capitalization of $46.20 billion and a price-to-earnings ratio of 18.35.
  • The company reported earnings per share of $0.74 in its latest quarterly results, beating analyst estimates of $0.71.
  • Revenue for the quarter was $3.79 billion, slightly ahead of analyst expectations of $3.90 billion.
  • The business's revenue was up 1.1% compared to the same quarter last year.

Statistics:

  • 10,074,768 shares traded on Wednesday.
  • 64% increase in trading volume compared to the previous session.
  • $42.39 - last traded price of the stock.
  • $43.15 - previous day's closing price.
  • $46.20 billion - market capitalization.
  • 18.35 - price-to-earnings ratio.
  • $43.14 - 50-day moving average.
  • $42.12 - 200-day moving average.
  • $0.74 - earnings per share in the latest quarterly results.
  • $0.71 - analyst estimate of earnings per share.
  • $3.79 billion - revenue for the quarter.
  • $3.90 billion - analyst expectation of revenue.
  • 1.1% - increase in revenue compared to the same quarter last year.

Sources:

  • ARN reports.
  • Credit Suisse.
  • Deutsche Bank.
  • Vetr.
  • Bank of America.
  • Jefferies Group.

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