Bank of New York Mellon (NYSE:BK) Sets New 12-Month High on Analyst Upgrade

The Bank of New York Mellon Co. (NYSE:BK)’s share price reached a new 52-week high during trading on Monday after Wells Fargo & Company raised their price target on the stock from $86.00 to $96.00. Wells Fargo & Company currently has an equal weight rating on the stock. Bank of New York Mellon traded as high as $90.34 and last traded at $89.70, with a volume of 211634 shares trading hands. The stock had previously closed at $88.95.

Other equities research analysts have also recently issued research reports about the company. Keefe, Bruyette & Woods increased their price target on Bank of New York Mellon from $87.00 to $96.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. Truist Financial raised their target price on Bank of New York Mellon from $91.00 to $93.00 and gave the stock a “buy” rating in a research note on Thursday, January 16th. Deutsche Bank Aktiengesellschaft raised their price objective on Bank of New York Mellon from $94.00 to $98.00 and gave the company a “buy” rating in a research note on Thursday, January 16th. Barclays raised their price objective on Bank of New York Mellon from $102.00 to $104.00 and gave the company an “overweight” rating in a research note on Thursday, January 16th. Finally, 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 report on Thursday, January 16th. Six investment 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 a consensus rating of “Moderate Buy” and a consensus target price of $88.71.

Institutional Trading of Bank of New York Mellon

A number of hedge funds have recently bought and sold shares of BK. Capital Analysts LLC raised its stake in shares of Bank of New York Mellon by 3.7% in the fourth quarter. Capital Analysts LLC now owns 3,317 shares of the bank’s stock valued at $255,000 after buying an additional 119 shares during the period. Cape Investment Advisory Inc. increased its position in shares of Bank of New York Mellon by 12.6% in the fourth quarter. Cape Investment Advisory Inc. now owns 1,172 shares of the bank’s stock worth $90,000 after purchasing an additional 131 shares during the last quarter. Syon Capital LLC increased its holdings in shares of Bank of New York Mellon by 2.5% in the 4th quarter. Syon Capital LLC now owns 5,432 shares of the bank’s stock worth $417,000 after buying an additional 132 shares during the last quarter. Oppenheimer & Co. Inc. increased its holdings in shares of Bank of New York Mellon by 0.4% in the 4th quarter. Oppenheimer & Co. Inc. now owns 34,536 shares of the bank’s stock worth $2,653,000 after buying an additional 133 shares during the last quarter. Finally, Studio Investment Management LLC increased its holdings in shares of Bank of New York Mellon by 2.1% in the 3rd quarter. Studio Investment Management LLC now owns 6,636 shares of the bank’s stock worth $477,000 after buying an additional 134 shares during the last quarter. 85.31% of the stock is currently owned by institutional investors.

Bank of New York Mellon Stock Down 0.7 %

The stock’s fifty day moving average price is $83.24 and its 200 day moving average price is $77.46. The stock has a market cap of $64.22 billion, a P/E ratio of 15.20, a price-to-earnings-growth ratio of 0.97 and a beta of 1.08. 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 released its earnings results on Wednesday, January 15th. The bank reported $1.72 EPS for the quarter, beating the consensus estimate of $1.54 by $0.18. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The company had revenue of $4.85 billion for the quarter, compared to analyst estimates of $4.66 billion. During the same quarter last year, the firm earned $1.28 EPS. The firm’s quarterly revenue was up 11.2% compared to the same quarter last year. As a group, research analysts forecast that The Bank of New York Mellon Co. will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 7th. Shareholders of record on Monday, January 27th were issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 2.13%. The ex-dividend date was Monday, January 27th. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 32.36%.

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.