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

The Bank of New York Mellon Corporation (NYSE:BK) shares hit a new 52-week high on Wednesday . The company traded as high as $113.77 and last traded at $113.3760, with a volume of 1122396 shares changing hands. The stock had previously closed at $112.08.

Wall Street Analyst Weigh In

A number of equities analysts have commented on BK shares. BMO Capital Markets started coverage on shares of Bank of New York Mellon in a research note on Friday, October 3rd. They issued an “outperform” rating and a $125.00 target price on the stock. Truist Financial lifted their price target on shares of Bank of New York Mellon from $118.00 to $119.00 and gave the company a “hold” rating in a research note on Friday, October 17th. The Goldman Sachs Group increased their price objective on Bank of New York Mellon from $106.00 to $120.00 and gave the stock a “buy” rating in a research note on Monday, October 6th. TD Cowen raised their price objective on Bank of New York Mellon from $130.00 to $133.00 and gave the stock a “buy” rating in a report on Monday, October 20th. Finally, Keefe, Bruyette & Woods lifted their target price on Bank of New York Mellon from $120.00 to $124.00 and gave the company an “outperform” rating in a research report on Friday, October 17th. Ten analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $111.29.

Bank of New York Mellon Price Performance

The firm has a market capitalization of $79.15 billion, a P/E ratio of 16.38, a P/E/G ratio of 1.01 and a beta of 1.12. The stock’s fifty day simple moving average is $108.34 and its 200 day simple moving average is $101.27. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.70 and a quick ratio of 0.70.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings data on Tuesday, March 26th. The bank reported $1.30 EPS for the quarter. The firm had revenue of $4.38 billion during the quarter. Bank of New York Mellon had a net margin of 12.86% and a return on equity of 14.03%. On average, equities research analysts predict that The Bank of New York Mellon Corporation will post 6.96 EPS for the current year.

Bank of New York Mellon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 7th. Stockholders of record on Monday, October 27th were issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 1.9%. The ex-dividend date was Monday, October 27th. Bank of New York Mellon’s dividend payout ratio is currently 30.59%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Westside Investment Management Inc. increased its holdings in shares of Bank of New York Mellon by 78.9% during the second quarter. Westside Investment Management Inc. now owns 288 shares of the bank’s stock valued at $26,000 after acquiring an additional 127 shares in the last quarter. Orion Capital Management LLC purchased a new stake in Bank of New York Mellon during the 1st quarter worth approximately $32,000. Hoey Investments Inc. acquired a new position in Bank of New York Mellon during the 2nd quarter valued at approximately $32,000. Valley Wealth Managers Inc. acquired a new position in Bank of New York Mellon during the 3rd quarter valued at approximately $33,000. Finally, McClarren Financial Advisors Inc. purchased a new position in shares of Bank of New York Mellon in the first quarter worth $34,000. 85.31% of the stock is 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.