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.
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