Bank of New York Mellon (NYSE:BK) Reaches New 12-Month High at $57.66

The Bank of New York Mellon Co. (NYSE:BK) shares 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.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on BK. Morgan Stanley raised shares of Bank of New York Mellon from an “underweight” rating to an “equal weight” rating and lifted their price objective for the stock from $52.00 to $62.00 in a research note on Tuesday, January 30th. JPMorgan Chase & Co. raised Bank of New York Mellon from a “neutral” rating to an “overweight” rating and set a $54.50 price objective on the stock in a research note on Monday, December 18th. Citigroup lifted their price objective on 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 set a $58.00 target price on shares of Bank of New York Mellon in a report on Wednesday. Finally, UBS Group upped their target price on shares of 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 company. According to data from MarketBeat.com, Bank of New York Mellon currently has an average rating of “Hold” and a consensus target price of $55.65.

Bank of New York Mellon Price Performance

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

Bank of New York Mellon (NYSE:BK) last announced its quarterly 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 for the quarter, compared to analyst estimates of $4.30 billion. Bank of New York Mellon had a net margin of 10.01% and a return on equity of 11.63%. Bank of New York Mellon’s quarterly revenue was up 10.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.30 EPS. As a group, research analysts predict that The Bank of New York Mellon Co. will post 5.26 EPS for the current fiscal year.

Bank of New York Mellon Announces Dividend

The firm also recently announced 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 dividend on an annualized basis and a dividend yield of 2.92%. Bank of New York Mellon’s payout ratio is presently 42.32%.

Insider Buying and Selling

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

Institutional Investors Weigh In On Bank of New York Mellon

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in Bank of New York Mellon by 6.1% in the fourth quarter. Vanguard Group Inc. now owns 74,501,451 shares of the bank’s stock valued at $3,877,801,000 after acquiring an additional 4,293,751 shares during the last quarter. State Street Corp lifted its holdings in Bank of New York Mellon by 1.7% in the second quarter. State Street Corp now owns 31,433,413 shares of the bank’s stock valued at $1,399,416,000 after buying an additional 526,561 shares during the period. Artisan Partners Limited Partnership grew its holdings in Bank of New York Mellon by 0.7% during the 4th quarter. Artisan Partners Limited Partnership now owns 19,793,539 shares of the bank’s stock worth $1,030,254,000 after acquiring an additional 144,162 shares during the period. Norges Bank bought a new position in shares of Bank of New York Mellon in the 4th quarter worth about $813,701,000. Finally, Geode Capital Management LLC boosted its position in shares of Bank of New York Mellon by 1.5% during the 1st quarter. Geode Capital Management LLC now owns 15,302,537 shares of the bank’s stock valued at $693,747,000 after purchasing an additional 227,602 shares in the last quarter. Institutional investors 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.