Bank of New York Mellon (NYSE:BK) Sets New 1-Year High at $57.66

The Bank of New York Mellon Co. (NYSE:BK)’s stock price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $57.66 and last traded at $57.63, with a volume of 327421 shares traded. The stock had previously closed at $56.93.

Analysts Set New Price Targets

A number of analysts have weighed in on BK shares. Morgan Stanley raised Bank of New York Mellon from an “underweight” rating to an “equal weight” rating and boosted their price target for the stock from $52.00 to $62.00 in a research report on Tuesday, January 30th. Citigroup lifted their price target on shares of Bank of New York Mellon from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, February 14th. JPMorgan Chase & Co. raised shares of Bank of New York Mellon from a “neutral” rating to an “overweight” rating and set a $54.50 price objective for the company in a report on Monday, December 18th. UBS Group raised their price target on Bank of New York Mellon from $54.00 to $62.00 and gave the company a “buy” rating in a research report on Tuesday, January 9th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $58.00 target price on shares of Bank of New York Mellon in a report on Wednesday. Six research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $55.65.

Bank of New York Mellon Stock Performance

The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.87. The firm has a market capitalization of $43.38 billion, a price-to-earnings ratio of 14.52, a PEG ratio of 1.20 and a beta of 1.11. The stock has a fifty day moving average price of $55.38 and a 200-day moving average price of $49.75.

Bank of New York Mellon (NYSE:BK) last announced its earnings results on Friday, January 12th. The bank reported $1.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.12 by $0.16. The business had revenue of $4.31 billion during the quarter, compared to analysts’ expectations of $4.30 billion. Bank of New York Mellon had a net margin of 10.01% and a return on equity of 11.63%. The firm’s revenue for the quarter was up 10.0% on a year-over-year basis. During the same quarter last year, the company posted $1.30 EPS. As a group, analysts anticipate that The Bank of New York Mellon Co. will post 5.26 earnings per share for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 2nd. Shareholders of record on Monday, January 22nd were given a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 2.92%. The ex-dividend date was Friday, January 19th. Bank of New York Mellon’s payout ratio is presently 42.32%.

Insider Activity

In other news, VP Hanneke Smits sold 15,425 shares of the company’s stock in a transaction on Tuesday, January 16th. The stock was sold at an average price of $55.16, for a total transaction of $850,843.00. Following the transaction, the vice president now owns 119,656 shares of the company’s stock, valued at $6,600,224.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Bank of New York Mellon news, VP Catherine Keating sold 4,498 shares of the stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $54.81, for a total value of $246,535.38. Following the transaction, the vice president now owns 123,490 shares of the company’s stock, valued at $6,768,486.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Hanneke Smits sold 15,425 shares of the stock in a transaction that occurred on Tuesday, January 16th. The shares were sold at an average price of $55.16, for a total transaction of $850,843.00. Following the completion of the sale, the vice president now owns 119,656 shares in the company, valued at $6,600,224.96. The disclosure for this sale can be found here. 0.14% of the stock is owned by insiders.

Hedge Funds Weigh In On Bank of New York Mellon

Several institutional investors and hedge funds have recently made changes to their positions in BK. HighPoint Advisor Group LLC acquired a new position in shares of Bank of New York Mellon in the fourth quarter valued at approximately $360,000. PNC Financial Services Group Inc. increased its holdings in Bank of New York Mellon by 1.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 251,344 shares of the bank’s stock worth $13,082,000 after purchasing an additional 4,619 shares in the last quarter. Rovin Capital UT ADV raised its stake in shares of Bank of New York Mellon by 27.2% in the 4th quarter. Rovin Capital UT ADV now owns 6,239 shares of the bank’s stock valued at $325,000 after purchasing an additional 1,333 shares during the period. Spartan Planning & Wealth Management lifted its holdings in shares of Bank of New York Mellon by 53,000.0% in the fourth quarter. Spartan Planning & Wealth Management now owns 2,655 shares of the bank’s stock valued at $138,000 after purchasing an additional 2,650 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of Bank of New York Mellon by 6.1% during the fourth quarter. Vanguard Group Inc. now owns 74,501,451 shares of the bank’s stock worth $3,877,801,000 after buying an additional 4,293,751 shares during the period. Institutional investors and hedge funds own 85.31% of the company’s stock.

About Bank of New York Mellon

The Bank of New York Mellon Corporation provides a range of financial products and services in the United States and internationally. The company operates through Securities Services, Market and Wealth Services, Investment and Wealth Management, and other segments. The Securities Services segment offers custody, trust and depositary, accounting, exchange-traded funds, middle-office solutions, transfer agency, services for private equity and real estate funds, foreign exchange, securities lending, liquidity/lending services, and data analytics.