Bank of New York Mellon (NYSE:BK) Shares Gap Down – Time to Sell?

The Bank of New York Mellon Co. (NYSE:BK) gapped down before the market opened on Friday . The stock had previously closed at $76.61, but opened at $73.61. Bank of New York Mellon shares last traded at $74.77, with a volume of 758,238 shares changing hands.

Wall Street Analyst Weigh In

Several research firms have recently commented on BK. Wolfe Research downgraded shares of Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 3rd. Royal Bank of Canada reissued a “sector perform” rating and issued a $90.00 price objective on shares of Bank of New York Mellon in a research note on Monday, March 17th. Truist Financial cut their target price on Bank of New York Mellon from $93.00 to $90.00 and set a “buy” rating on the stock in a research report on Friday, April 4th. UBS Group increased their price target on Bank of New York Mellon from $88.00 to $94.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. Finally, Citigroup lifted their price objective on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the stock a “neutral” rating in a report on Monday, March 24th. Six analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, Bank of New York Mellon presently has an average rating of “Moderate Buy” and an average target price of $89.86.

Bank of New York Mellon Trading Down 2.2 %

The firm has a 50 day moving average of $83.77 and a 200 day moving average of $80.14. The firm has a market cap of $53.80 billion, a PE ratio of 12.95, a P/E/G ratio of 0.97 and a beta of 1.03. The company has a quick ratio of 0.70, a current ratio of 0.69 and a debt-to-equity ratio of 0.83.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings results on Friday, April 11th. The bank reported $1.58 EPS for the quarter, beating analysts’ consensus estimates of $1.50 by $0.08. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The firm had revenue of $4.79 billion for the quarter, compared to analysts’ expectations of $4.76 billion. During the same quarter in the prior year, the firm earned $1.29 EPS. The business’s revenue for the quarter was up 5.9% compared to the same quarter last year. Equities analysts anticipate that The Bank of New York Mellon Co. will post 6.96 earnings per share for the current year.

Bank of New York Mellon Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 7th. Stockholders of record on Monday, January 27th were paid a $0.47 dividend. The ex-dividend date was Monday, January 27th. This represents a $1.88 annualized dividend and a dividend yield of 2.51%. Bank of New York Mellon’s payout ratio is 32.36%.

Institutional Trading of Bank of New York Mellon

A number of institutional investors have recently modified their holdings of the business. FMR LLC raised its holdings in Bank of New York Mellon by 19.3% during the 4th quarter. FMR LLC now owns 23,071,584 shares of the bank’s stock valued at $1,772,590,000 after acquiring an additional 3,732,862 shares during the period. Norges Bank bought a new stake in shares of Bank of New York Mellon during the 4th quarter valued at $1,150,462,000. Ameriprise Financial Inc. lifted its holdings in Bank of New York Mellon by 0.3% during the 4th quarter. Ameriprise Financial Inc. now owns 11,821,988 shares of the bank’s stock worth $908,281,000 after purchasing an additional 35,413 shares in the last quarter. Northern Trust Corp boosted its stake in Bank of New York Mellon by 19.1% in the 4th quarter. Northern Trust Corp now owns 9,533,615 shares of the bank’s stock worth $732,468,000 after purchasing an additional 1,526,686 shares during the period. Finally, Arrowstreet Capital Limited Partnership boosted its stake in Bank of New York Mellon by 17.0% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,751,219 shares of the bank’s stock worth $595,526,000 after purchasing an additional 1,125,493 shares during the period. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

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.