Bank Of New York Mellon (BK) Hits New 12-Month High at $58.42

Bank Of New York Mellon Corporation (The) (NYSE:BK) shares hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $58.42 and last traded at $58.42, with a volume of 3484200 shares traded. The stock had previously closed at $57.83.

Several brokerages recently issued reports on BK. Citigroup raised Bank Of New York Mellon from a “neutral” rating to a “buy” rating and set a $56.00 target price for the company in a research report on Wednesday, January 10th. Zacks Investment Research lowered Bank Of New York Mellon from a “buy” rating to a “hold” rating in a research report on Wednesday, October 11th. Vining Sparks reaffirmed a “buy” rating and set a $62.00 target price on shares of Bank Of New York Mellon in a research report on Monday, January 8th. Jefferies Group reaffirmed a “hold” rating on shares of Bank Of New York Mellon in a research report on Friday, October 20th. Finally, Goldman Sachs Group reissued a “buy” rating and issued a $58.00 price objective (up from $52.85) on shares of Bank Of New York Mellon in a research report on Friday, October 20th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $56.59.

The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 0.85. The firm has a market cap of $60,360.00, a PE ratio of 17.18, a price-to-earnings-growth ratio of 1.84 and a beta of 1.22.

Bank Of New York Mellon (NYSE:BK) last posted its quarterly earnings data on Thursday, October 19th. The bank reported $0.94 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.93 by $0.01. The firm had revenue of $4.02 billion during the quarter, compared to analyst estimates of $3.99 billion. Bank Of New York Mellon had a return on equity of 10.51% and a net margin of 23.14%. The business’s quarterly revenue was up 1.9% on a year-over-year basis. During the same period last year, the company posted $0.90 EPS. research analysts anticipate that Bank Of New York Mellon Corporation will post 3.55 EPS for the current fiscal year.

In other news, Director Edward P. Garden sold 1,031,157 shares of the firm’s stock in a transaction dated Friday, October 20th. The stock was sold at an average price of $53.13, for a total value of $54,785,371.41. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Trian Fund Management, L.P. sold 5,798,725 shares of the firm’s stock in a transaction dated Tuesday, October 24th. The shares were sold at an average price of $52.42, for a total value of $303,969,164.50. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 7,708,334 shares of company stock valued at $404,956,863. 3.60% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently modified their holdings of BK. Invictus RG acquired a new position in Bank Of New York Mellon during the 3rd quarter valued at about $102,000. Rowland & Co. Investment Counsel ADV acquired a new position in Bank Of New York Mellon during the 4th quarter valued at about $124,000. Advisory Services Network LLC boosted its stake in Bank Of New York Mellon by 15.5% during the 2nd quarter. Advisory Services Network LLC now owns 2,712 shares of the bank’s stock valued at $138,000 after purchasing an additional 363 shares during the last quarter. Horan Capital Advisors LLC. acquired a new position in Bank Of New York Mellon during the 3rd quarter valued at about $139,000. Finally, Sawyer & Company Inc acquired a new position in Bank Of New York Mellon during the 4th quarter valued at about $164,000. Institutional investors own 82.93% of the company’s stock.

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Bank Of New York Mellon Company Profile

The Bank of New York Mellon Corporation is an investments company. The Company operates businesses through two segments: Investment Management and Investment Services. The Company also has an Other segment, which includes the leasing portfolio, corporate treasury activities (including its investment securities portfolio), derivatives and other trading, corporate and bank-owned life insurance and renewable energy investments, and business exits.

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