Bank of New York Mellon (NYSE:BK) Reaches New 52-Week High Following Dividend Announcement

The Bank of New York Mellon Co. (NYSE:BK) reached a new 52-week high on Monday after the company announced a dividend. The stock traded as high as $76.34 and last traded at $76.29, with a volume of 3286896 shares. The stock had previously closed at $74.15.

The newly announced dividend which will be paid on Friday, November 1st. Investors of record on Monday, October 21st will be given a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.46%. The ex-dividend date is Monday, October 21st. Bank of New York Mellon’s payout ratio is currently 43.52%.

Wall Street Analyst Weigh In

Several equities analysts have commented on BK shares. Evercore ISI raised their target price on shares of Bank of New York Mellon from $66.00 to $77.00 and gave the company an “in-line” rating in a report on Monday. Barclays upped their target price on Bank of New York Mellon from $75.00 to $86.00 and gave the stock an “overweight” rating in a research note on Monday. Deutsche Bank Aktiengesellschaft upgraded Bank of New York Mellon from a “hold” rating to a “buy” rating and lifted their target price for the company from $66.00 to $80.00 in a research report on Monday, September 23rd. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $75.00 price target (up from $70.00) on shares of Bank of New York Mellon in a report on Monday, July 15th. Finally, Wells Fargo & Company increased their price objective on Bank of New York Mellon from $69.00 to $79.00 and gave the stock an “equal weight” rating in a research note on Monday. Five analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $76.69.

Bank of New York Mellon Price Performance

The company has a market capitalization of $57.05 billion, a PE ratio of 17.52, a PEG ratio of 1.16 and a beta of 1.08. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.70 and a quick ratio of 0.70. The firm has a 50-day moving average of $68.37 and a 200 day moving average of $62.46.

Bank of New York Mellon (NYSE:BK) last released its earnings results on Friday, July 12th. The bank reported $1.51 EPS for the quarter, topping the consensus estimate of $1.43 by $0.08. Bank of New York Mellon had a net margin of 9.40% and a return on equity of 11.87%. The firm had revenue of $4.60 billion for the quarter, compared to the consensus estimate of $4.53 billion. During the same quarter in the previous year, the firm earned $1.38 earnings per share. The company’s quarterly revenue was up 2.1% compared to the same quarter last year. As a group, research analysts anticipate that The Bank of New York Mellon Co. will post 5.66 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, VP Hanneke Smits sold 15,000 shares of the company’s stock in a transaction that occurred on Thursday, July 18th. The stock was sold at an average price of $64.11, for a total transaction of $961,650.00. Following the transaction, the vice president now owns 173,930 shares of the company’s stock, valued at approximately $11,150,652.30. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.14% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Grove Bank & Trust raised its stake in shares of Bank of New York Mellon by 28.8% during the third quarter. Grove Bank & Trust now owns 644 shares of the bank’s stock valued at $46,000 after acquiring an additional 144 shares in the last quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH purchased a new position in shares of Bank of New York Mellon during the third quarter valued at $340,000. Sound Income Strategies LLC raised its holdings in shares of Bank of New York Mellon by 9.0% in the third quarter. Sound Income Strategies LLC now owns 57,300 shares of the bank’s stock valued at $4,118,000 after acquiring an additional 4,720 shares in the last quarter. McGlone Suttner Wealth Management Inc. boosted its stake in shares of Bank of New York Mellon by 36.0% during the third quarter. McGlone Suttner Wealth Management Inc. now owns 6,670 shares of the bank’s stock valued at $479,000 after purchasing an additional 1,765 shares in the last quarter. Finally, Ritholtz Wealth Management boosted its position in Bank of New York Mellon by 10.9% during the 3rd quarter. Ritholtz Wealth Management now owns 27,643 shares of the bank’s stock valued at $1,986,000 after acquiring an additional 2,718 shares in the last quarter. 85.31% of the stock is currently owned by institutional investors.

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.