Bank of New York Mellon (NYSE:BK) Sets New 1-Year High – Still a Buy?

The Bank of New York Mellon Co. (NYSE:BK)’s stock price reached a new 52-week high during trading on Wednesday . The stock traded as high as $86.69 and last traded at $86.52, with a volume of 3248240 shares trading hands. The stock had previously closed at $85.90.

Analyst Ratings Changes

BK has been the topic of several recent analyst reports. Citigroup lifted their target price on shares of Bank of New York Mellon from $75.00 to $82.00 and gave the stock a “neutral” rating in a research report on Monday, November 25th. Morgan Stanley boosted their price objective on Bank of New York Mellon from $90.00 to $97.00 and gave the stock an “overweight” rating in a research report on Thursday, January 16th. Bank of America raised their target price on Bank of New York Mellon from $90.00 to $95.00 and gave the company a “buy” rating in a research report on Thursday, January 16th. JPMorgan Chase & Co. boosted their price target on shares of Bank of New York Mellon from $69.00 to $77.00 and gave the stock an “overweight” rating in a report on Monday, October 7th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $79.00 price objective on shares of Bank of New York Mellon in a report on Monday, October 14th. Five equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Bank of New York Mellon currently has an average rating of “Moderate Buy” and an average target price of $88.00.

Bank of New York Mellon Stock Performance

The company has a 50-day moving average price of $80.02 and a two-hundred day moving average price of $73.68. The company has a quick ratio of 0.70, a current ratio of 0.69 and a debt-to-equity ratio of 0.83. The stock has a market capitalization of $62.92 billion, a P/E ratio of 14.90, a PEG ratio of 0.96 and a beta of 1.08.

Bank of New York Mellon (NYSE:BK) last posted its earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.18. The business had revenue of $4.85 billion for the quarter, compared to analysts’ expectations of $4.66 billion. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The business’s revenue for the quarter was up 11.2% compared to the same quarter last year. During the same period in the prior year, the company posted $1.28 EPS. Equities analysts expect that The Bank of New York Mellon Co. will post 6.86 earnings per share for the current year.

Bank of New York Mellon Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 7th. Investors of record on Monday, January 27th will be given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 2.17%. The ex-dividend date is Monday, January 27th. Bank of New York Mellon’s payout ratio is 32.36%.

Institutional Trading of Bank of New York Mellon

Institutional investors and hedge funds have recently modified their holdings of the business. Allworth Financial LP increased its position in shares of Bank of New York Mellon by 215.8% in the fourth quarter. Allworth Financial LP now owns 26,702 shares of the bank’s stock worth $2,252,000 after purchasing an additional 18,246 shares during the last quarter. Principal Securities Inc. grew its stake in Bank of New York Mellon by 12.7% in the 4th quarter. Principal Securities Inc. now owns 28,301 shares of the bank’s stock worth $2,174,000 after buying an additional 3,191 shares in the last quarter. Vivid Wealth Management LLC bought a new position in shares of Bank of New York Mellon in the 4th quarter worth $2,243,000. Hickory Asset Management Inc. purchased a new stake in shares of Bank of New York Mellon during the 4th quarter valued at $332,000. Finally, Manchester Capital Management LLC lifted its holdings in shares of Bank of New York Mellon by 34.8% during the 4th quarter. Manchester Capital Management LLC now owns 10,476 shares of the bank’s stock worth $805,000 after acquiring an additional 2,703 shares during the last quarter. Hedge funds and other institutional investors own 85.31% of the company’s stock.

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.