Bank of New York Mellon (NYSE:BK) Hits New 52-Week 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 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 traded. The stock had previously closed at $82.25.

BK has been the subject of a number of other research reports. Citigroup lifted their target price on Bank of New York Mellon from $75.00 to $82.00 and gave the company a “neutral” rating in a report on Monday, November 25th. Keefe, Bruyette & Woods increased their target price on shares of Bank of New York Mellon from $87.00 to $96.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. Barclays upped their price target on shares of Bank of New York Mellon from $102.00 to $104.00 and gave the stock an “overweight” rating in a report on Thursday. The Goldman Sachs Group lifted their price objective on Bank of New York Mellon from $74.00 to $80.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $79.00 price target on shares of Bank of New York Mellon in a report on Monday, October 14th. Six research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, Bank of New York Mellon has an average rating of “Moderate Buy” and a consensus target price of $87.14.

Hedge Funds Weigh In On Bank of New York Mellon

Several institutional investors and hedge funds have recently made changes to their positions in the business. McClarren Financial Advisors Inc. boosted its holdings in Bank of New York Mellon by 586.4% during the 3rd quarter. McClarren Financial Advisors Inc. now owns 405 shares of the bank’s stock valued at $29,000 after acquiring an additional 346 shares during the period. Fortitude Family Office LLC grew its holdings in Bank of New York Mellon by 130.6% in the 3rd quarter. Fortitude Family Office LLC now owns 611 shares of the bank’s stock worth $44,000 after acquiring an additional 346 shares during the last quarter. Grove Bank & Trust raised its stake in shares of Bank of New York Mellon by 28.8% during the third quarter. Grove Bank & Trust now owns 644 shares of the bank’s stock valued at $46,000 after acquiring an additional 144 shares during the last quarter. Ashton Thomas Securities LLC bought a new position in Bank of New York Mellon during the 3rd quarter valued at approximately $46,000. Finally, Modus Advisors LLC purchased a new stake in Bank of New York Mellon in the fourth quarter worth $49,000. Institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Stock Up 1.3 %

The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.89. The firm has a market capitalization of $60.57 billion, a PE ratio of 18.11, a price-to-earnings-growth ratio of 0.76 and a beta of 1.08. The company’s fifty day simple moving average is $78.87 and its 200 day simple moving average is $72.24.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share (EPS) for the quarter, beating 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 company had revenue of $4.85 billion during the quarter, compared to analysts’ expectations of $4.66 billion. During the same period last year, the company posted $1.28 EPS. Bank of New York Mellon’s revenue was up 11.2% on a year-over-year basis. Analysts anticipate that The Bank of New York Mellon Co. will post 5.87 earnings per share for the current fiscal 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. This represents a $1.88 annualized dividend and a dividend yield of 2.26%. The ex-dividend date of this dividend is Monday, January 27th. Bank of New York Mellon’s dividend payout ratio is presently 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.