Bank of New York Mellon (NYSE:BK) Sets New 52-Week High – Time to Buy?

Shares of The Bank of New York Mellon Co. (NYSE:BK) hit a new 52-week high during trading on Wednesday . The company traded as high as $80.29 and last traded at $79.96, with a volume of 60119 shares. The stock had previously closed at $76.01.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on BK shares. Royal Bank of Canada reissued a “sector perform” rating and issued a $79.00 price objective on shares of Bank of New York Mellon in a research report on Monday, October 14th. Barclays increased their price target on Bank of New York Mellon from $75.00 to $86.00 and gave the company an “overweight” rating in a report on Monday, October 14th. Keefe, Bruyette & Woods restated an “outperform” rating and set a $75.00 price objective (up from $70.00) on shares of Bank of New York Mellon in a report on Monday, July 15th. UBS Group increased their target price on Bank of New York Mellon from $73.00 to $82.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. Finally, StockNews.com upgraded shares of Bank of New York Mellon from a “hold” rating to a “buy” rating in a research note on Monday, October 14th. Five research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, Bank of New York Mellon has a consensus rating of “Moderate Buy” and an average target price of $76.69.

Bank of New York Mellon Stock Performance

The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.89. The stock has a 50 day simple moving average of $72.56 and a 200 day simple moving average of $64.94. The company has a market capitalization of $56.07 billion, a price-to-earnings ratio of 16.89, a P/E/G ratio of 0.88 and a beta of 1.07.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings data on Friday, October 11th. The bank reported $1.52 EPS for the quarter, topping analysts’ consensus estimates of $1.41 by $0.11. The firm had revenue of $4.65 billion during the quarter, compared to the consensus estimate of $4.52 billion. Bank of New York Mellon had a return on equity of 12.06% and a net margin of 9.44%. As a group, analysts anticipate that The Bank of New York Mellon Co. will post 5.79 earnings per share for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Monday, October 21st were given a $0.47 dividend. The ex-dividend date was Monday, October 21st. This represents a $1.88 annualized dividend and a yield of 2.44%. Bank of New York Mellon’s dividend payout ratio is presently 40.87%.

Insider Buying and Selling at Bank of New York Mellon

In related news, VP Hanneke Smits sold 16,475 shares of the stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $76.47, for a total value of $1,259,843.25. Following the completion of the transaction, the vice president now directly owns 157,455 shares of the company’s stock, valued at $12,040,583.85. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, VP Hanneke Smits sold 16,475 shares of the stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $76.47, for a total value of $1,259,843.25. Following the completion of the transaction, the vice president now owns 157,455 shares in the company, valued at $12,040,583.85. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP J Kevin Mccarthy sold 25,000 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $76.31, for a total transaction of $1,907,750.00. Following the transaction, the executive vice president now directly owns 75,404 shares in the company, valued at approximately $5,754,079.24. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.14% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Bank of New York Mellon

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. McClarren Financial Advisors Inc. boosted its stake in Bank of New York Mellon by 586.4% during the third quarter. McClarren Financial Advisors Inc. now owns 405 shares of the bank’s stock valued at $29,000 after buying an additional 346 shares in the last quarter. Olistico Wealth LLC bought a new position in shares of Bank of New York Mellon during the 2nd quarter valued at about $30,000. Clearstead Trust LLC acquired a new position in shares of Bank of New York Mellon in the 2nd quarter worth approximately $32,000. Family Firm Inc. bought a new stake in shares of Bank of New York Mellon in the 2nd quarter worth approximately $40,000. Finally, Fortitude Family Office LLC lifted its stake in Bank of New York Mellon by 130.6% during the third quarter. Fortitude Family Office LLC now owns 611 shares of the bank’s stock valued at $44,000 after purchasing an additional 346 shares during the last quarter. 85.31% of the stock is owned by institutional investors.

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.