Bank of New York Mellon (NYSE:BK) Hits New 52-Week High – Here’s Why

Shares of The Bank of New York Mellon Co. (NYSE:BK) hit a new 52-week high on Friday . The stock traded as high as $87.77 and last traded at $87.62, with a volume of 110091 shares traded. The stock had previously closed at $86.88.

Analyst Upgrades and Downgrades

BK has been the topic of several research analyst reports. Barclays boosted their target price on Bank of New York Mellon from $102.00 to $104.00 and gave the stock an “overweight” rating in a research note on Thursday, January 16th. Evercore ISI boosted their target price on Bank of New York Mellon from $79.00 to $83.00 and gave the stock an “in-line” rating in a research note on Thursday, January 16th. Keefe, Bruyette & Woods lifted their price target on Bank of New York Mellon from $87.00 to $96.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. Wells Fargo & Company lifted their price target on Bank of New York Mellon from $82.00 to $86.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 16th. Finally, StockNews.com cut Bank of New York Mellon from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Six research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $88.00.

Bank of New York Mellon Trading Up 1.2 %

The firm has a market cap of $63.94 billion, a price-to-earnings ratio of 15.14, a PEG ratio of 0.98 and a beta of 1.08. The company has a fifty day moving average price of $81.23 and a 200-day moving average price of $75.43. The company has a current ratio of 0.69, a quick ratio of 0.70 and a debt-to-equity ratio of 0.83.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings data on Wednesday, January 15th. The bank reported $1.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.54 by $0.18. The business had revenue of $4.85 billion during the quarter, compared to analysts’ expectations of $4.66 billion. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The company’s revenue for the quarter was up 11.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.28 EPS. As a group, research analysts expect that The Bank of New York Mellon Co. will post 6.89 EPS for the current year.

Bank of New York Mellon Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 7th. Investors of record on Monday, January 27th were issued a $0.47 dividend. The ex-dividend date of this dividend was Monday, January 27th. This represents a $1.88 dividend on an annualized basis and a yield of 2.14%. Bank of New York Mellon’s payout ratio is 32.36%.

Hedge Funds Weigh In On Bank of New York Mellon

Large investors have recently bought and sold shares of the business. Vontobel Holding Ltd. increased its stake in Bank of New York Mellon by 11.4% during the 3rd quarter. Vontobel Holding Ltd. now owns 63,884 shares of the bank’s stock worth $4,591,000 after buying an additional 6,544 shares in the last quarter. Bleakley Financial Group LLC increased its stake in Bank of New York Mellon by 6.4% during the 3rd quarter. Bleakley Financial Group LLC now owns 10,664 shares of the bank’s stock worth $766,000 after buying an additional 646 shares in the last quarter. Ellsworth Advisors LLC increased its stake in Bank of New York Mellon by 38.1% during the 3rd quarter. Ellsworth Advisors LLC now owns 4,783 shares of the bank’s stock worth $344,000 after buying an additional 1,320 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd grew its position in shares of Bank of New York Mellon by 1.0% in the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 75,763 shares of the bank’s stock valued at $5,444,000 after purchasing an additional 769 shares in the last quarter. Finally, Aaron Wealth Advisors LLC grew its position in shares of Bank of New York Mellon by 41.8% in the third quarter. Aaron Wealth Advisors LLC now owns 7,879 shares of the bank’s stock valued at $566,000 after purchasing an additional 2,324 shares in the last quarter. Institutional investors and hedge funds 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.