Bank of New York Mellon (NYSE:BK) Sets New 12-Month High at $60.91

The Bank of New York Mellon Co. (NYSE:BK) reached a new 52-week high during trading on Wednesday . The stock traded as high as $60.91 and last traded at $60.53, with a volume of 367028 shares trading hands. The stock had previously closed at $60.50.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on BK shares. Bank of America upped their target price on shares of Bank of New York Mellon from $64.00 to $66.00 and gave the company a “buy” rating in a research report on Wednesday, April 17th. Jefferies Financial Group increased their price target on Bank of New York Mellon from $67.00 to $68.00 and gave the company a “buy” rating in a research note on Thursday, April 18th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $58.00 price objective on shares of Bank of New York Mellon in a research note on Wednesday, March 27th. Morgan Stanley raised their target price on Bank of New York Mellon from $62.00 to $63.00 and gave the stock an “equal weight” rating in a report on Thursday, April 18th. Finally, Evercore ISI restated an “in-line” rating and set a $61.00 target price on shares of Bank of New York Mellon in a research report on Wednesday. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $61.15.

Bank of New York Mellon Stock Down 0.0 %

The firm has a fifty day moving average of $58.57 and a 200-day moving average of $56.19. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.90. The firm has a market cap of $45.22 billion, a P/E ratio of 14.85, a price-to-earnings-growth ratio of 1.20 and a beta of 1.09.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings data on Tuesday, April 16th. The bank reported $1.29 EPS for the quarter, beating the consensus estimate of $1.19 by $0.10. Bank of New York Mellon had a return on equity of 11.80% and a net margin of 9.48%. The company had revenue of $4.53 billion during the quarter, compared to the consensus estimate of $4.39 billion. During the same quarter in the prior year, the firm posted $1.13 EPS. The firm’s revenue for the quarter was up 3.8% compared to the same quarter last year. On average, equities research analysts anticipate that The Bank of New York Mellon Co. will post 5.45 earnings per share for the current year.

Bank of New York Mellon Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 9th. Shareholders of record on Friday, April 26th were issued a $0.42 dividend. The ex-dividend date of this dividend was Thursday, April 25th. This represents a $1.68 annualized dividend and a dividend yield of 2.78%. Bank of New York Mellon’s dividend payout ratio is currently 40.98%.

Insider Buying and Selling

In other news, VP Catherine Keating sold 54,070 shares of the stock in a transaction that occurred on Thursday, April 18th. The stock was sold at an average price of $54.88, for a total transaction of $2,967,361.60. Following the transaction, the vice president now owns 78,350 shares in the company, valued at $4,299,848. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, VP Catherine Keating sold 54,070 shares of the firm’s stock in a transaction dated Thursday, April 18th. The shares were sold at an average price of $54.88, for a total transaction of $2,967,361.60. Following the transaction, the vice president now directly owns 78,350 shares of the company’s stock, valued at $4,299,848. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP J Kevin Mccarthy sold 40,000 shares of the business’s stock in a transaction dated Friday, April 19th. The shares were sold at an average price of $56.15, for a total transaction of $2,246,000.00. Following the completion of the sale, the executive vice president now directly owns 100,404 shares of the company’s stock, valued at approximately $5,637,684.60. The disclosure for this sale can be found here. In the last 90 days, insiders sold 115,928 shares of company stock valued at $6,475,216. Company insiders own 0.14% of the company’s stock.

Hedge Funds Weigh In On Bank of New York Mellon

Several hedge funds and other institutional investors have recently modified their holdings of the business. Wetzel Investment Advisors Inc. boosted its position in Bank of New York Mellon by 82.1% in the first quarter. Wetzel Investment Advisors Inc. now owns 510 shares of the bank’s stock valued at $28,000 after buying an additional 230 shares in the last quarter. Atlantic Edge Private Wealth Management LLC bought a new stake in Bank of New York Mellon during the 4th quarter worth $28,000. Able Wealth Management LLC acquired a new position in Bank of New York Mellon in the 4th quarter worth about $32,000. Kathleen S. Wright Associates Inc. bought a new position in Bank of New York Mellon in the first quarter valued at about $32,000. Finally, Hartford Financial Management Inc. boosted its stake in shares of Bank of New York Mellon by 41.4% during the fourth quarter. Hartford Financial Management Inc. now owns 625 shares of the bank’s stock valued at $33,000 after purchasing an additional 183 shares in the last quarter. 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.