Stock Update (NYSE:BK): BNY Mellon Selected as Depositary Bank by Raia Drogasil for New ADR Program

[PR Newswire] – NEW YORK and SÃO PAULO, March 23, 2016 /PRNewswire/ — BNY Mellon, a global leader in investment management and investment services, has been appointed by Raia Drogasil S.A. as depositary bank for its … Read more on this. The Bank of New York Mellon Corporation (BK) , with a current market cap of $40.67B, started the session at $37.89. Shares have traded today between $37.62 and $37.94 per share with the price of the stock fluctuating between $32.20 to $45.45 over the last 52 weeks. BK shares are currently priced at 12.63x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s 10.39x earnings multiple for the same period. And for those looking to make a return holding the stock, the company pays shareholders $0.68 per share annually in dividends, yielding 1.78%. According to a consensus of 18 analysts, the earnings estimate of $0.68 per share would be $0.01 better than the year-ago quarter and a $0.03 sequential decrease. Investors should also note that the full-year EPS estimate of $3.02 is a $0.17 improvement when compared to the previous year’s annual results. The quarterly earnings estimate is predicated on a consensus revenue forecast of $3.74 Billion. If reported, that would be a 0.53% decrease over the year-ago quarter. In terms of ratings, JP Morgan upgraded BK from Neutral to Overweight (Jan 7, 2016). Previously, BofA/Merrill upgraded BK from Neutral to Buy. The average price target for BK shares by the analysts covering the stock is $42.82, which is 13.01% above where the stock opened this morning. See more in (NYSE:BK) Similar Articles: Stock Update: The Bank of New York Mellon Corporation (NYSE:BK) – With Rising Allocations to Alternatives, BNY Mellon White Paper Examines the Increasing Challenges and Potential False Sense of Security around Enterprise Risk Data Assumptions Company Update: The Bank of New York Mellon Corporation (NYSE:BK) – BNY Mellon Selected by Anglo American plc for its Sponsored Depositary Receipt Program Company Update: The Bank of New York Mellon Corporation (NYSE:BK) – BNY Mellon Launches New U.S. Government Securities Clearing Platform Powered by Innovative Technology Capabilities