Bank of New York Mellon (NYSE:BK) Sets New 52-Week High – Still a Buy?

The Bank of New York Mellon Co. (NYSE:BK)’s stock price hit a new 52-week high during trading on Wednesday . The stock traded as high as $86.69 and last traded at $86.52, with a volume of 3248240 shares changing hands. The stock had previously closed at $85.90.

Analysts Set New Price Targets

BK has been the subject of several recent analyst reports. Wolfe Research cut Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 3rd. Wells Fargo & Company lifted their target price on shares of Bank of New York Mellon from $82.00 to $86.00 and gave the company an “equal weight” rating in a research report on Thursday, January 16th. Keefe, Bruyette & Woods increased their price target on shares of Bank of New York Mellon from $87.00 to $96.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. JPMorgan Chase & Co. lifted their price objective on shares of Bank of New York Mellon from $69.00 to $77.00 and gave the stock an “overweight” rating in a report on Monday, October 7th. Finally, Truist Financial increased their target price on Bank of New York Mellon from $91.00 to $93.00 and gave the company a “buy” rating in a research note on Thursday, January 16th. Five equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $88.00.

Bank of New York Mellon Stock Up 0.7 %

The stock has a market cap of $62.90 billion, a P/E ratio of 14.89, a P/E/G ratio of 0.96 and a beta of 1.08. The company has a quick ratio of 0.70, a current ratio of 0.69 and a debt-to-equity ratio of 0.83. The company has a 50-day simple moving average of $79.67 and a two-hundred day simple moving average of $73.44.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Wednesday, January 15th. The bank reported $1.72 EPS for the quarter, beating analysts’ consensus estimates of $1.54 by $0.18. The company had revenue of $4.85 billion during the quarter, compared to analyst estimates of $4.66 billion. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The firm’s revenue was up 11.2% compared to the same quarter last year. During the same period in the prior year, the business posted $1.28 EPS. On average, equities analysts forecast that The Bank of New York Mellon Co. will post 6.86 EPS for the current year.

Bank of New York Mellon Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 7th. Investors of record on Monday, January 27th will be issued a dividend of $0.47 per share. The ex-dividend date is Monday, January 27th. This represents a $1.88 dividend on an annualized basis and a yield of 2.17%. Bank of New York Mellon’s dividend payout ratio is presently 32.36%.

Institutional Investors Weigh In On Bank of New York Mellon

Large investors have recently made changes to their positions in the business. United Advisor Group LLC bought a new stake in Bank of New York Mellon in the third quarter valued at $595,000. Czech National Bank boosted its stake in shares of Bank of New York Mellon by 4.9% during the 4th quarter. Czech National Bank now owns 157,645 shares of the bank’s stock valued at $12,112,000 after purchasing an additional 7,316 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of Bank of New York Mellon by 1.7% during the third quarter. Principal Financial Group Inc. now owns 883,853 shares of the bank’s stock valued at $63,514,000 after buying an additional 14,916 shares during the period. Chase Investment Counsel Corp raised its stake in Bank of New York Mellon by 67.2% in the third quarter. Chase Investment Counsel Corp now owns 83,530 shares of the bank’s stock worth $6,002,000 after buying an additional 33,558 shares in the last quarter. Finally, HighTower Advisors LLC lifted its holdings in Bank of New York Mellon by 130.1% in the third quarter. HighTower Advisors LLC now owns 326,372 shares of the bank’s stock worth $23,449,000 after buying an additional 184,560 shares during the period. 85.31% of the stock is currently owned by institutional investors.

Bank of New York Mellon Company Profile

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.