Bank of New York Mellon (NYSE:BK) Reaches New 1-Year High Following Analyst Upgrade

Shares of The Bank of New York Mellon Co. (NYSE:BK) reached a new 52-week high on Monday after Citigroup raised their price target on the stock from $75.00 to $82.00. Citigroup currently has a neutral rating on the stock. Bank of New York Mellon traded as high as $80.62 and last traded at $80.62, with a volume of 1204 shares traded. The stock had previously closed at $80.14.

A number of other equities research analysts have also weighed in on BK. Evercore ISI boosted their target price on shares of Bank of New York Mellon from $66.00 to $77.00 and gave the company an “in-line” rating in a research note on Monday, October 14th. The Goldman Sachs Group increased their price target on Bank of New York Mellon from $74.00 to $80.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. Morgan Stanley lifted their price objective on shares of Bank of New York Mellon from $72.00 to $78.00 and gave the company an “equal weight” rating in a report on Monday, September 30th. Wells Fargo & Company raised their price objective on Bank of New York Mellon from $79.00 to $81.00 and gave the stock an “equal weight” rating in a research report on Friday, November 15th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on Bank of New York Mellon from $82.00 to $85.00 and gave the stock a “buy” rating in a research note on Monday, November 11th. Five investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $78.15.

Insider Activity at Bank of New York Mellon

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 25,000 shares of Bank of New York Mellon stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $76.31, for a total transaction of $1,907,750.00. Following the transaction, the executive vice president now owns 75,404 shares of the company’s stock, valued at $5,754,079.24. The trade was a 24.90 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Hanneke Smits sold 16,475 shares of the stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $76.47, for a total transaction of $1,259,843.25. Following the completion of the sale, the vice president now owns 157,455 shares of the company’s stock, valued at approximately $12,040,583.85. The trade was a 9.47 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.14% of the company’s stock.

Institutional Trading of Bank of New York Mellon

Several institutional investors have recently modified their holdings of the company. McClarren Financial Advisors Inc. lifted its stake in shares of Bank of New York Mellon by 586.4% during the 3rd quarter. McClarren Financial Advisors Inc. now owns 405 shares of the bank’s stock worth $29,000 after buying an additional 346 shares during the last quarter. Olistico Wealth LLC bought a new stake in Bank of New York Mellon during the second quarter worth about $30,000. Clearstead Trust LLC purchased a new position in Bank of New York Mellon in the 2nd quarter worth $32,000. Family Firm Inc. purchased a new stake in Bank of New York Mellon in the second quarter worth $40,000. Finally, Fortitude Family Office LLC raised its holdings in Bank of New York Mellon by 130.6% in the third quarter. Fortitude Family Office LLC now owns 611 shares of the bank’s stock worth $44,000 after purchasing an additional 346 shares in the last quarter. Institutional investors and hedge funds own 85.31% of the company’s stock.

Bank of New York Mellon Trading Up 0.8 %

The company has a market cap of $58.74 billion, a P/E ratio of 17.61, a price-to-earnings-growth ratio of 0.92 and a beta of 1.07. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.70 and a current ratio of 0.70. The stock has a 50-day moving average of $75.03 and a two-hundred day moving average of $66.77.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Friday, October 11th. The bank reported $1.52 earnings per share for the quarter, topping the consensus estimate of $1.41 by $0.11. Bank of New York Mellon had a net margin of 9.44% and a return on equity of 12.06%. The business had revenue of $4.65 billion for the quarter, compared to the consensus estimate of $4.52 billion. On average, equities research analysts predict that The Bank of New York Mellon Co. will post 5.82 earnings per share for the current year.

Bank of New York Mellon Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Monday, October 21st were issued a dividend of $0.47 per share. The ex-dividend date was Monday, October 21st. This represents a $1.88 dividend on an annualized basis and a yield of 2.33%. Bank of New York Mellon’s payout ratio is 40.87%.

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.