Bank of New York Mellon (NYSE:BK) Hits New 52-Week High at $57.66

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

Analysts Set New Price Targets

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

Bank of New York Mellon Stock Up 1.2 %

The company has a fifty day moving average of $55.38 and a 200 day moving average of $49.75. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.87. The company has a market cap of $43.38 billion, a P/E ratio of 14.52, a price-to-earnings-growth ratio of 1.20 and a beta of 1.11.

Bank of New York Mellon (NYSE:BK) last announced its earnings results on Friday, January 12th. The bank reported $1.28 EPS for the quarter, beating 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 was up 10.0% on a year-over-year basis. During the same period in the prior year, the company earned $1.30 earnings per share. On average, research 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 Announces Dividend

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

Insider Buying and Selling

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

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Acadian Asset Management LLC lifted its position in shares of Bank of New York Mellon by 160.0% during the first quarter. Acadian Asset Management LLC now owns 5,358 shares of the bank’s stock worth $263,000 after purchasing an additional 3,297 shares during the last quarter. Prudential PLC purchased a new stake in Bank of New York Mellon in the 1st quarter valued at about $1,096,000. Cetera Investment Advisers grew its stake in Bank of New York Mellon by 3.3% in the 1st quarter. Cetera Investment Advisers now owns 35,635 shares of the bank’s stock worth $1,769,000 after acquiring an additional 1,154 shares in the last quarter. Candriam Luxembourg S.C.A. increased its position in shares of Bank of New York Mellon by 54.3% during the first quarter. Candriam Luxembourg S.C.A. now owns 232,115 shares of the bank’s stock worth $11,519,000 after acquiring an additional 81,728 shares during the period. Finally, Zions Bancorporation N.A. raised its stake in shares of Bank of New York Mellon by 165.3% during the first quarter. Zions Bancorporation N.A. now owns 1,459 shares of the bank’s stock valued at $72,000 after acquiring an additional 909 shares in the last quarter. Institutional investors 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.