Bank of New York Mellon (NYSE:BK) Sets New 52-Week High on Analyst Upgrade

The Bank of New York Mellon Co. (NYSE:BK) shares hit a new 52-week high during mid-day trading on Friday after Morgan Stanley raised their price target on the stock from $90.00 to $97.00. Morgan Stanley currently has an overweight rating on the stock. Bank of New York Mellon traded as high as $82.79 and last traded at $82.51, with a volume of 1041327 shares changing hands. The stock had previously closed at $82.25.

BK has been the subject of a number of other reports. Keefe, Bruyette & Woods raised their price objective on shares of Bank of New York Mellon from $87.00 to $96.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. Truist Financial lifted their price objective on Bank of New York Mellon from $91.00 to $93.00 and gave the company a “buy” rating in a report on Thursday. Wells Fargo & Company increased their target price on Bank of New York Mellon from $82.00 to $86.00 and gave the stock an “equal weight” rating in a report on Thursday. JPMorgan Chase & Co. boosted their price target on Bank of New York Mellon from $69.00 to $77.00 and gave the company an “overweight” rating in a research note on Monday, October 7th. Finally, Bank of America increased their price objective on Bank of New York Mellon from $90.00 to $95.00 and gave the stock a “buy” rating in a research note on Thursday. Six research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, Bank of New York Mellon presently has an average rating of “Moderate Buy” and an average target price of $87.14.

Hedge Funds Weigh In On Bank of New York Mellon

Large investors have recently modified their holdings of the stock. New Century Financial Group LLC bought a new position in Bank of New York Mellon in the 4th quarter worth approximately $342,000. Apeiron RIA LLC bought a new stake in shares of Bank of New York Mellon during the fourth quarter worth $594,000. IVC Wealth Advisors LLC lifted its stake in shares of Bank of New York Mellon by 2.3% during the fourth quarter. IVC Wealth Advisors LLC now owns 7,475 shares of the bank’s stock valued at $574,000 after acquiring an additional 167 shares during the period. Donoghue Forlines LLC acquired a new position in shares of Bank of New York Mellon during the fourth quarter valued at $3,555,000. Finally, Avior Wealth Management LLC boosted its holdings in Bank of New York Mellon by 33.4% in the fourth quarter. Avior Wealth Management LLC now owns 5,940 shares of the bank’s stock valued at $456,000 after acquiring an additional 1,488 shares during the last quarter. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Bank of New York Mellon Stock Performance

The company has a debt-to-equity ratio of 0.89, a current ratio of 0.70 and a quick ratio of 0.70. The stock has a market capitalization of $60.57 billion, a price-to-earnings ratio of 18.11, a price-to-earnings-growth ratio of 0.76 and a beta of 1.08. The stock has a 50-day moving average of $78.74 and a 200 day moving average of $72.08.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share for the quarter, topping analysts’ consensus estimates of $1.54 by $0.18. Bank of New York Mellon had a net margin of 9.44% and a return on equity of 12.06%. The business had revenue of $4.85 billion during the quarter, compared to the consensus estimate of $4.66 billion. During the same period in the previous year, the firm posted $1.28 earnings per share. Bank of New York Mellon’s revenue for the quarter was up 11.2% compared to the same quarter last year. On average, analysts expect that The Bank of New York Mellon Co. will post 5.87 EPS for the current year.

Bank of New York Mellon Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 7th. Stockholders of record on Monday, January 27th will be given a $0.47 dividend. The ex-dividend date of this dividend is Monday, January 27th. This represents a $1.88 annualized dividend and a dividend yield of 2.26%. Bank of New York Mellon’s dividend payout ratio is currently 40.87%.

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.