Bank of New York Mellon (NYSE:BK) Reaches New 1-Year High at $60.91

The Bank of New York Mellon Co. (NYSE:BK) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $60.91 and last traded at $60.53, with a volume of 367028 shares changing hands. The stock had previously closed at $60.50.

Analysts Set New Price Targets

A number of brokerages have commented on BK. Morgan Stanley increased their target price on Bank of New York Mellon from $62.00 to $63.00 and gave the company an “equal weight” rating in a report on Thursday, April 18th. Keefe, Bruyette & Woods raised shares of Bank of New York Mellon from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $60.00 to $70.00 in a research note on Thursday, June 27th. Bank of America increased their target price on shares of Bank of New York Mellon from $64.00 to $66.00 and gave the company a “buy” rating in a research report on Wednesday, April 17th. Evercore ISI restated an “in-line” rating and set a $61.00 price target on shares of Bank of New York Mellon in a research report on Wednesday. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $58.00 target price on shares of Bank of New York Mellon in a report on Wednesday, March 27th. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, Bank of New York Mellon currently has a consensus rating of “Moderate Buy” and an average price target of $61.15.

Bank of New York Mellon Stock Performance

The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.90. The firm has a 50-day moving average price of $58.57 and a 200 day moving average price of $56.19. The firm has a market capitalization of $45.22 billion, a PE ratio of 14.85, a price-to-earnings-growth ratio of 1.20 and a beta of 1.09.

Bank of New York Mellon (NYSE:BK) last announced its earnings results on Tuesday, April 16th. The bank reported $1.29 earnings per share for the quarter, topping the consensus estimate of $1.19 by $0.10. Bank of New York Mellon had a net margin of 9.48% and a return on equity of 11.80%. The firm had revenue of $4.53 billion for the quarter, compared to the consensus estimate of $4.39 billion. During the same period in the prior year, the firm earned $1.13 EPS. The firm’s revenue for the quarter was up 3.8% on a year-over-year basis. Research analysts expect that The Bank of New York Mellon Co. will post 5.45 earnings per share for the current year.

Bank of New York Mellon Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 9th. Stockholders of record on Friday, April 26th were given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.78%. The ex-dividend date of this dividend was Thursday, April 25th. Bank of New York Mellon’s dividend payout ratio is presently 40.98%.

Insider Activity at Bank of New York Mellon

In related news, VP Catherine Keating sold 54,070 shares of the business’s stock in a transaction on Thursday, April 18th. The shares were sold at an average price of $54.88, for a total transaction of $2,967,361.60. Following the completion of the transaction, the vice president now owns 78,350 shares in the company, valued at $4,299,848. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, EVP J Kevin Mccarthy sold 40,000 shares of Bank of New York Mellon stock in a transaction on Friday, April 19th. The shares were sold at an average price of $56.15, for a total transaction of $2,246,000.00. Following the sale, the executive vice president now directly owns 100,404 shares in the company, valued at approximately $5,637,684.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Catherine Keating sold 54,070 shares of the firm’s stock in a transaction dated Thursday, April 18th. The stock was sold at an average price of $54.88, for a total value of $2,967,361.60. Following the transaction, the vice president now directly owns 78,350 shares in the company, valued at approximately $4,299,848. The disclosure for this sale can be found here. Insiders have sold a total of 115,928 shares of company stock valued at $6,475,216 over the last 90 days. 0.14% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Bank of New York Mellon

Several institutional investors have recently added to or reduced their stakes in the stock. Wetzel Investment Advisors Inc. increased its holdings in shares of Bank of New York Mellon by 82.1% in the first quarter. Wetzel Investment Advisors Inc. now owns 510 shares of the bank’s stock valued at $28,000 after purchasing an additional 230 shares during the period. Atlantic Edge Private Wealth Management LLC acquired a new position in Bank of New York Mellon in the 4th quarter valued at $28,000. Able Wealth Management LLC purchased a new position in Bank of New York Mellon during the 4th quarter worth $32,000. Kathleen S. Wright Associates Inc. acquired a new stake in shares of Bank of New York Mellon in the 1st quarter worth $32,000. Finally, Hartford Financial Management Inc. boosted its holdings in shares of Bank of New York Mellon by 41.4% in the fourth quarter. Hartford Financial Management Inc. now owns 625 shares of the bank’s stock valued at $33,000 after acquiring an additional 183 shares in the last quarter. Institutional investors and hedge funds own 85.31% of the company’s stock.

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.