The Bank of New York Mellon Corporation (NYSE:BK) Sees Large Growth in Short Interest

The Bank of New York Mellon Corporation (NYSE:BK) was the recipient of a large growth in short interest in January. As of January 30th, there was short interest totaling 8,913,188 shares, a growth of 27.0% from the January 15th total of 7,019,921 shares. Approximately 1.3% of the shares of the company are sold short. Based on an average daily volume of 3,652,105 shares, the short-interest ratio is currently 2.4 days. Based on an average daily volume of 3,652,105 shares, the short-interest ratio is currently 2.4 days. Approximately 1.3% of the shares of the company are sold short.

Bank of New York Mellon Price Performance

Shares of Bank of New York Mellon stock traded up $1.08 during trading hours on Tuesday, reaching $118.82. The company’s stock had a trading volume of 2,960,718 shares, compared to its average volume of 3,722,581. Bank of New York Mellon has a one year low of $70.46 and a one year high of $128.76. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.71 and a quick ratio of 0.70. The firm has a 50 day moving average price of $119.29 and a 200-day moving average price of $111.35. The stock has a market cap of $82.86 billion, a P/E ratio of 16.04, a P/E/G ratio of 1.10 and a beta of 1.10.

Bank of New York Mellon (NYSE:BK) last announced its earnings results on Friday, October 31st. The bank reported $1.91 EPS for the quarter. Bank of New York Mellon had a return on equity of 14.37% and a net margin of 13.62%.The firm had revenue of $5.07 billion during the quarter. On average, analysts predict that Bank of New York Mellon will post 6.96 EPS for the current year.

Bank of New York Mellon Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, February 5th. Stockholders of record on Friday, January 23rd were paid a $0.53 dividend. The ex-dividend date of this dividend was Friday, January 23rd. This represents a $2.12 annualized dividend and a dividend yield of 1.8%. Bank of New York Mellon’s dividend payout ratio is currently 28.61%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on BK. Weiss Ratings lowered Bank of New York Mellon from a “buy (a-)” rating to a “buy (b+)” rating in a report on Friday. New Street Research set a $143.00 price objective on Bank of New York Mellon in a research report on Wednesday, January 14th. Royal Bank Of Canada boosted their price objective on Bank of New York Mellon from $124.00 to $130.00 and gave the company a “sector perform” rating in a research note on Wednesday, January 14th. Barclays raised their target price on shares of Bank of New York Mellon from $120.00 to $143.00 and gave the stock an “overweight” rating in a research note on Monday, January 5th. Finally, TD Cowen lifted their price target on shares of Bank of New York Mellon from $133.00 to $145.00 and gave the company a “buy” rating in a report on Wednesday, January 7th. Eight equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, Bank of New York Mellon currently has an average rating of “Moderate Buy” and a consensus target price of $131.92.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Ashton Thomas Private Wealth LLC increased its position in shares of Bank of New York Mellon by 133.2% during the third quarter. Ashton Thomas Private Wealth LLC now owns 91,762 shares of the bank’s stock worth $9,998,000 after purchasing an additional 52,412 shares in the last quarter. Jones Financial Companies Lllp boosted its position in shares of Bank of New York Mellon by 35.1% in the 3rd quarter. Jones Financial Companies Lllp now owns 31,848 shares of the bank’s stock worth $3,487,000 after purchasing an additional 8,277 shares in the last quarter. Investment Management Corp of Ontario grew its stake in Bank of New York Mellon by 25.9% during the 2nd quarter. Investment Management Corp of Ontario now owns 125,506 shares of the bank’s stock worth $11,435,000 after buying an additional 25,842 shares during the last quarter. First National Advisers LLC acquired a new position in Bank of New York Mellon during the 3rd quarter valued at about $3,304,000. Finally, First Horizon Corp acquired a new position in Bank of New York Mellon during the 3rd quarter valued at about $22,072,000. 85.31% of the stock is currently owned by institutional investors.

Bank of New York Mellon Company Profile

Bank of New York Mellon Corporation (BNY Mellon) is a global financial services company headquartered in New York City that provides a wide range of asset servicing, custody, and related financial infrastructure solutions to institutional clients. Its core businesses include custody and asset servicing, clearing and collateral management, treasury services, securities lending, corporate trust services, and depositary receipt administration. The company also offers investment management and advisory services through its asset management arm and provides technology-enabled solutions for trade processing, foreign exchange, and liquidity management.

BNY Mellon serves a broad client base that includes asset managers, pension funds, corporations, banks, broker-dealers and sovereign entities.