Goldman Sachs Maintains Neutral on Bank of New York Mellon (BK)

Goldman Sachs is out with its report today on Bank of New York Mellon BK, maintaining Neutral. In a note to clients, Goldman Sachs writes, "We believe investor sentiment heading into BK's print was already fairly low. However, higher expenses and still deteriorating rate-related fees put near-term consensus EPS estimates at risk. Although AUM/AUC continue to grow nicely, the firm's bottom line remains growth-constrained, which likely keeping the stock grounded." At the time of posting, shares of BK were trading pre-market at $28.61, down 2.02% from Monday's close.