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 reached 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. The stock had previously closed at $56.93.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on BK. Citigroup boosted their price target 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 reissued a “sector perform” rating and issued a $58.00 price objective on shares of Bank of New York Mellon in a report on Wednesday. Morgan Stanley upgraded 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 report on Tuesday, January 30th. UBS Group lifted 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. Finally, JPMorgan Chase & Co. upgraded Bank of New York Mellon from a “neutral” rating to an “overweight” rating and set a $54.50 target price on the stock in a report on Monday, December 18th. Six investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $55.65.

Bank of New York Mellon Stock Performance

The firm’s fifty day moving average is $55.38 and its 200-day moving average is $49.75. The stock has a market capitalization of $43.38 billion, a PE ratio of 14.52, a price-to-earnings-growth ratio of 1.20 and a beta of 1.11. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.87.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings data 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 the consensus estimate of $4.30 billion. Bank of New York Mellon had a return on equity of 11.63% and a net margin of 10.01%. The business’s revenue for the quarter was up 10.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.30 EPS. As a group, research analysts anticipate that The Bank of New York Mellon Co. will post 5.26 earnings per share for the current year.

Bank of New York Mellon Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 2nd. Stockholders of record on Monday, January 22nd were given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.92%. The ex-dividend date was Friday, January 19th. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 42.32%.

Insiders Place Their Bets

In related news, VP Catherine Keating sold 4,498 shares of the 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 sale, the vice president now owns 123,490 shares in the company, valued at approximately $6,768,486.90. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Bank of New York Mellon news, VP Hanneke Smits sold 15,425 shares of the company’s stock in a transaction on Tuesday, January 16th. The stock was sold at an average price of $55.16, for a total value of $850,843.00. Following the sale, the vice president now owns 119,656 shares of the company’s stock, valued at $6,600,224.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Catherine Keating sold 4,498 shares of Bank of New York Mellon stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $54.81, for a total value of $246,535.38. Following the transaction, the vice president now owns 123,490 shares of the company’s stock, valued at $6,768,486.90. The disclosure for this sale can be found here. 0.14% of the stock is currently 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 BK. Quilter Plc acquired a new stake in Bank of New York Mellon during the 1st quarter worth approximately $446,850,000. Atlantic Edge Private Wealth Management LLC bought a new position in Bank of New York Mellon during the 4th quarter valued at $28,000. Brown Brothers Harriman & Co. lifted its holdings in Bank of New York Mellon by 97.1% during the 1st quarter. Brown Brothers Harriman & Co. now owns 609 shares of the bank’s stock worth $30,000 after buying an additional 300 shares during the last quarter. Able Wealth Management LLC bought a new stake in shares of Bank of New York Mellon in the 4th quarter valued at approximately $32,000. Finally, Hartford Financial Management Inc. lifted its stake in Bank of New York Mellon by 41.4% during the fourth quarter. Hartford Financial Management Inc. now owns 625 shares of the bank’s stock worth $33,000 after purchasing an additional 183 shares during the last quarter. 85.31% of the stock is currently owned by institutional investors and hedge funds.

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.