Bank of New York Mellon (NYSE:BK) Hits New 1-Year High After Analyst Upgrade

The Bank of New York Mellon Co. (NYSE:BK) reached a new 52-week high during trading on Monday after Citigroup raised their price target on the stock from $75.00 to $82.00. Citigroup currently has a neutral rating on the stock. Bank of New York Mellon traded as high as $80.62 and last traded at $80.62, with a volume of 1204 shares trading hands. The stock had previously closed at $80.14.

Several other analysts have also recently commented on BK. StockNews.com upgraded shares of Bank of New York Mellon from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. Wells Fargo & Company raised their target price on Bank of New York Mellon from $79.00 to $81.00 and gave the stock an “equal weight” rating in a report on Friday, November 15th. UBS Group boosted their target price on Bank of New York Mellon from $73.00 to $82.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. Evercore ISI lifted their price target on shares of Bank of New York Mellon from $66.00 to $77.00 and gave the stock an “in-line” rating in a research report on Monday, October 14th. Finally, Morgan Stanley upped their price objective on shares of Bank of New York Mellon from $72.00 to $78.00 and gave the company an “equal weight” rating in a research report on Monday, September 30th. Five investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $78.15.

Insiders Place Their Bets

In related news, VP Hanneke Smits sold 16,475 shares of the firm’s stock in a transaction on 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 directly owns 157,455 shares of the company’s stock, valued at approximately $12,040,583.85. This trade represents a 9.47 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP J Kevin Mccarthy sold 25,000 shares of the company’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $76.31, for a total transaction of $1,907,750.00. Following the sale, the executive vice president now directly owns 75,404 shares in the company, valued at $5,754,079.24. This trade represents a 24.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.14% of the company’s stock.

Hedge Funds Weigh In On Bank of New York Mellon

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. State Street Corp increased its holdings in shares of Bank of New York Mellon by 2.0% in the third quarter. State Street Corp now owns 33,313,594 shares of the bank’s stock valued at $2,393,915,000 after purchasing an additional 659,096 shares during the last quarter. FMR LLC grew its stake in Bank of New York Mellon by 78.6% in the 3rd quarter. FMR LLC now owns 19,338,722 shares of the bank’s stock valued at $1,389,680,000 after buying an additional 8,512,404 shares during the last quarter. Ameriprise Financial Inc. raised its holdings in Bank of New York Mellon by 4.2% in the 2nd quarter. Ameriprise Financial Inc. now owns 10,416,436 shares of the bank’s stock valued at $623,891,000 after acquiring an additional 421,161 shares during the period. Victory Capital Management Inc. lifted its position in Bank of New York Mellon by 2.2% during the second quarter. Victory Capital Management Inc. now owns 8,192,345 shares of the bank’s stock worth $490,640,000 after acquiring an additional 179,503 shares during the last quarter. Finally, Legal & General Group Plc boosted its holdings in shares of Bank of New York Mellon by 1.2% during the second quarter. Legal & General Group Plc now owns 8,058,064 shares of the bank’s stock worth $482,597,000 after acquiring an additional 97,286 shares during the period. Institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Stock Up 1.3 %

The company has a market cap of $59.05 billion, a price-to-earnings ratio of 17.66, a P/E/G ratio of 0.92 and a beta of 1.07. 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 firm has a 50-day moving average price of $75.25 and a 200 day moving average price of $66.94.

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, beating analysts’ consensus estimates of $1.41 by $0.11. Bank of New York Mellon had a return on equity of 12.06% and a net margin of 9.44%. The firm had revenue of $4.65 billion for the quarter, compared to analyst estimates of $4.52 billion. Sell-side analysts predict that The Bank of New York Mellon Co. will post 5.82 EPS for the current year.

Bank of New York Mellon Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Monday, October 21st were issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date of this dividend was Monday, October 21st. Bank of New York Mellon’s dividend payout ratio is currently 40.87%.

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.