Bank of New York Mellon (NYSE:BK) Reaches New 12-Month High at $61.21

The Bank of New York Mellon Co. (NYSE:BK) hit a new 52-week high on Thursday . The company traded as high as $61.21 and last traded at $61.07, with a volume of 691806 shares traded. The stock had previously closed at $60.70.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on BK shares. Jefferies Financial Group lifted their price target on shares of Bank of New York Mellon from $67.00 to $68.00 and gave the stock a “buy” rating in a research report on Thursday, April 18th. Royal Bank of Canada restated a “sector perform” rating and set a $58.00 price objective on shares of Bank of New York Mellon in a report on Wednesday, March 27th. Evercore ISI restated an “in-line” rating and set a $61.00 price objective on shares of Bank of New York Mellon in a report on Wednesday, July 3rd. Keefe, Bruyette & Woods upgraded shares of Bank of New York Mellon from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $60.00 to $70.00 in a research note on Thursday, June 27th. Finally, Morgan Stanley lifted their price target on shares of Bank of New York Mellon from $62.00 to $63.00 and gave the company an “equal weight” rating in a research note on Thursday, April 18th. Five research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $61.15.

Bank of New York Mellon Stock Up 0.9 %

The company has a market capitalization of $45.79 billion, a price-to-earnings ratio of 14.91, a price-to-earnings-growth ratio of 1.19 and a beta of 1.09. The firm’s 50 day moving average price is $58.95 and its two-hundred day moving average price is $56.52. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.90.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings data on Tuesday, April 16th. The bank reported $1.29 earnings per share for the quarter, topping the consensus estimate of $1.19 by $0.10. The company had revenue of $4.53 billion for the quarter, compared to analyst estimates of $4.39 billion. Bank of New York Mellon had a net margin of 9.48% and a return on equity of 11.80%. Bank of New York Mellon’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same period in the previous year, the business earned $1.13 EPS. Sell-side analysts anticipate that The Bank of New York Mellon Co. will post 5.47 earnings per share for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, May 9th. Investors of record on Friday, April 26th were issued a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 2.74%. The ex-dividend date was Thursday, April 25th. Bank of New York Mellon’s payout ratio is 40.98%.

Insider Buying and Selling

In related news, VP Catherine Keating sold 54,070 shares of Bank of New York Mellon stock in a transaction dated Thursday, April 18th. The shares were sold at an average price of $54.88, for a total transaction of $2,967,361.60. Following the completion of the sale, the vice president now owns 78,350 shares of the company’s stock, valued at approximately $4,299,848. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 40,000 shares of the stock in a transaction that occurred on Friday, April 19th. The shares were sold at an average price of $56.15, for a total transaction of $2,246,000.00. Following the transaction, the executive vice president now owns 100,404 shares in the company, valued at approximately $5,637,684.60. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Catherine Keating sold 54,070 shares of the stock in a transaction that occurred on Thursday, April 18th. The stock was sold at an average price of $54.88, for a total transaction of $2,967,361.60. Following the transaction, the vice president now owns 78,350 shares in the company, valued at approximately $4,299,848. The disclosure for this sale can be found here. In the last 90 days, insiders sold 115,928 shares of company stock valued at $6,475,216. Company insiders own 0.14% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. CGN Advisors LLC boosted its position in shares of Bank of New York Mellon by 19.8% during the 2nd quarter. CGN Advisors LLC now owns 33,539 shares of the bank’s stock worth $2,009,000 after acquiring an additional 5,550 shares in the last quarter. Olistico Wealth LLC acquired a new stake in shares of Bank of New York Mellon during the 2nd quarter worth approximately $30,000. First Bank & Trust acquired a new stake in shares of Bank of New York Mellon during the 2nd quarter worth approximately $205,000. Fulton Bank N.A. boosted its position in shares of Bank of New York Mellon by 25.7% during the 2nd quarter. Fulton Bank N.A. now owns 22,386 shares of the bank’s stock worth $1,341,000 after acquiring an additional 4,572 shares in the last quarter. Finally, Mather Group LLC. lifted its stake in Bank of New York Mellon by 8.1% in the 2nd quarter. Mather Group LLC. now owns 7,985 shares of the bank’s stock valued at $460,000 after purchasing an additional 597 shares during the last quarter. Institutional investors and hedge funds own 85.31% of the company’s stock.

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.