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

The Bank of New York Mellon Co. (NYSE:BK)’s share price reached a new 52-week high on Monday after the company announced a dividend. The company traded as high as $76.34 and last traded at $76.29, with a volume of 3286896 shares traded. The stock had previously closed at $74.15.

The newly announced dividend which will be paid on Friday, November 1st. Investors of record on Monday, October 21st will be issued a $0.47 dividend. The ex-dividend date is Monday, October 21st. This represents a $1.88 dividend on an annualized basis and a yield of 2.47%. Bank of New York Mellon’s dividend payout ratio is currently 43.52%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on BK shares. Deutsche Bank Aktiengesellschaft raised Bank of New York Mellon from a “hold” rating to a “buy” rating and raised their price target for the company from $66.00 to $80.00 in a report on Monday, September 23rd. Citigroup raised their price target on Bank of New York Mellon from $65.00 to $70.00 and gave the company a “neutral” rating in a report on Thursday, September 19th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $79.00 target price on shares of Bank of New York Mellon in a report on Monday. Barclays lifted their target price on Bank of New York Mellon from $75.00 to $86.00 and gave the stock an “overweight” rating in a report on Monday. Finally, JPMorgan Chase & Co. lifted their target price on Bank of New York Mellon from $69.00 to $77.00 and gave the stock an “overweight” rating in a report on Monday, October 7th. Five research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $76.69.

Bank of New York Mellon Stock Performance

The business has a 50-day moving average price of $68.95 and a 200-day moving average price of $62.73. The firm has a market capitalization of $57.01 billion, a price-to-earnings ratio of 17.65, a P/E/G ratio of 1.16 and a beta of 1.08. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.85.

Insider Activity

In other Bank of New York Mellon news, VP Hanneke Smits sold 15,000 shares of the company’s stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $64.11, for a total value of $961,650.00. Following the sale, the vice president now directly owns 173,930 shares of the company’s stock, valued at approximately $11,150,652.30. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.14% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Olistico Wealth LLC acquired a new stake in Bank of New York Mellon in the 2nd quarter valued at about $30,000. Clearstead Trust LLC purchased a new stake in shares of Bank of New York Mellon during the 2nd quarter valued at approximately $32,000. Kathleen S. Wright Associates Inc. acquired a new position in Bank of New York Mellon in the first quarter valued at approximately $32,000. Grove Bank & Trust grew its position in Bank of New York Mellon by 28.8% in the third quarter. Grove Bank & Trust now owns 644 shares of the bank’s stock worth $46,000 after acquiring an additional 144 shares during the period. Finally, Family Firm Inc. purchased a new position in Bank of New York Mellon in the second quarter worth approximately $40,000. 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.