February 05, 2013 at 10:37 AM EST
Bank of New York Mellon Downgraded to “Neutral” at Guggenheim (BK)

Guggenheim Partners on Tuesday lowered its rating on financial services company, The Bank of New York Mellon Corporation (BK).

The firm downgraded BK from a “Buy” to “Neutral” based on a valuation call. Guggenheim analysts currently have a $28 price target on BK, suggesting a 2% upside to the stock’s current price of $27.20.

Bank of New York Mellon shares were mostly flat during Tuesday morning trading. The stock has increased 24% in the past year.

The Bottom Line
Shares of BK currently offer a 1.91% dividend yield, based on Tuesday morning’s price of $27.20 and the company’s annualized dividend payout of 52 cents per share.

The Bank of New York Mellon Corporation(BK) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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