Bank of New York Mellon (NYSE:BK) Hits New 52-Week High – Here’s Why

The Bank of New York Mellon Co. (NYSE:BK)’s share price hit a new 52-week high on Friday . The stock traded as high as $87.77 and last traded at $87.62, with a volume of 110091 shares traded. The stock had previously closed at $86.88.

Analyst Ratings Changes

Several research analysts recently weighed in on BK shares. Barclays increased their price objective on Bank of New York Mellon from $102.00 to $104.00 and gave the stock an “overweight” rating in a research report on Thursday, January 16th. UBS Group increased their price objective on Bank of New York Mellon from $88.00 to $94.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. Bank of America increased their price objective on Bank of New York Mellon from $90.00 to $95.00 and gave the company a “buy” rating in a research note on Thursday, January 16th. StockNews.com cut Bank of New York Mellon from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Finally, Citigroup increased their target price on Bank of New York Mellon from $75.00 to $82.00 and gave the company a “neutral” rating in a report on Monday, November 25th. Six research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $88.00.

Bank of New York Mellon Stock Performance

The firm has a fifty day simple moving average of $81.23 and a 200-day simple moving average of $75.43. The company has a market cap of $63.94 billion, a PE ratio of 15.14, a price-to-earnings-growth ratio of 0.98 and a beta of 1.08. The company has a quick ratio of 0.70, a current ratio of 0.69 and a debt-to-equity ratio of 0.83.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings data on Wednesday, January 15th. The bank reported $1.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.18. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The company had revenue of $4.85 billion for the quarter, compared to analyst estimates of $4.66 billion. During the same quarter last year, the company posted $1.28 earnings per share. The business’s quarterly revenue was up 11.2% compared to the same quarter last year. On average, research analysts forecast that The Bank of New York Mellon Co. will post 6.89 EPS for the current fiscal year.

Bank of New York Mellon Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 7th. Investors of record on Monday, January 27th were issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.14%. The ex-dividend date of this dividend was Monday, January 27th. Bank of New York Mellon’s dividend payout ratio is currently 32.36%.

Hedge Funds Weigh In On Bank of New York Mellon

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Capital Analysts LLC lifted its position in Bank of New York Mellon by 3.7% in the fourth quarter. Capital Analysts LLC now owns 3,317 shares of the bank’s stock valued at $255,000 after purchasing an additional 119 shares during the period. Cape Investment Advisory Inc. raised its position in shares of Bank of New York Mellon by 12.6% during the 4th quarter. Cape Investment Advisory Inc. now owns 1,172 shares of the bank’s stock worth $90,000 after purchasing an additional 131 shares during the last quarter. Syon Capital LLC raised its position in shares of Bank of New York Mellon by 2.5% during the 4th quarter. Syon Capital LLC now owns 5,432 shares of the bank’s stock worth $417,000 after purchasing an additional 132 shares during the last quarter. Oppenheimer & Co. Inc. raised its position in shares of Bank of New York Mellon by 0.4% during the 4th quarter. Oppenheimer & Co. Inc. now owns 34,536 shares of the bank’s stock worth $2,653,000 after purchasing an additional 133 shares during the last quarter. Finally, Studio Investment Management LLC raised its position in shares of Bank of New York Mellon by 2.1% during the 3rd quarter. Studio Investment Management LLC now owns 6,636 shares of the bank’s stock worth $477,000 after purchasing an additional 134 shares during the last quarter. Hedge funds and other 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.