Bank of New York Mellon (NYSE:BK) Sets New 52-Week High at $66.88

Shares of The Bank of New York Mellon Co. (NYSE:BK) hit a new 52-week high during trading on Monday . The company traded as high as $66.88 and last traded at $66.83, with a volume of 197373 shares traded. The stock had previously closed at $66.40.

Analysts Set New Price Targets

BK has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $75.00 price target (up from $70.00) on shares of Bank of New York Mellon in a report on Monday, July 15th. Evercore ISI upped their target price on Bank of New York Mellon from $61.00 to $66.00 and gave the company an “in-line” rating in a research note on Monday, July 15th. Barclays upped their target price on Bank of New York Mellon from $68.00 to $75.00 and gave the company an “overweight” rating in a research note on Monday, July 15th. Citigroup lowered Bank of New York Mellon from a “buy” rating to a “neutral” rating and set a $65.00 target price for the company. in a research note on Monday, July 15th. Finally, Deutsche Bank Aktiengesellschaft upped their target price on Bank of New York Mellon from $63.00 to $66.00 and gave the company a “hold” rating in a research note on Thursday, August 15th. Six investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, Bank of New York Mellon presently has a consensus rating of “Moderate Buy” and an average price target of $66.14.

Bank of New York Mellon Stock Up 0.8 %

The firm has a market capitalization of $50.07 billion, a price-to-earnings ratio of 15.37, a P/E/G ratio of 1.14 and a beta of 1.09. The business’s 50-day moving average is $62.49 and its two-hundred day moving average is $58.84. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.71 and a current ratio of 0.70.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Friday, July 12th. The bank reported $1.51 earnings per share for the quarter, beating analysts’ consensus estimates of $1.43 by $0.08. The business had revenue of $4.60 billion for the quarter, compared to the consensus estimate of $4.53 billion. Bank of New York Mellon had a net margin of 9.40% and a return on equity of 11.87%. Bank of New York Mellon’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same period last year, the company posted $1.38 EPS. On average, equities analysts anticipate that The Bank of New York Mellon Co. will post 5.6 earnings per share for the current year.

Bank of New York Mellon Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 2nd. Investors of record on Monday, July 22nd were given a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.81%. This is an increase from Bank of New York Mellon’s previous quarterly dividend of $0.42. The ex-dividend date was Monday, July 22nd. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 43.52%.

Insiders Place Their Bets

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

Institutional Trading of Bank of New York Mellon

Several hedge funds have recently bought and sold shares of BK. Wetzel Investment Advisors Inc. raised its holdings in Bank of New York Mellon by 82.1% during the 1st quarter. Wetzel Investment Advisors Inc. now owns 510 shares of the bank’s stock worth $28,000 after buying an additional 230 shares during the period. Atlantic Edge Private Wealth Management LLC bought a new position in shares of Bank of New York Mellon during the 4th quarter worth approximately $28,000. Olistico Wealth LLC bought a new position in shares of Bank of New York Mellon during the 2nd quarter worth approximately $30,000. Able Wealth Management LLC bought a new position in shares of Bank of New York Mellon during the 4th quarter worth approximately $32,000. Finally, Kathleen S. Wright Associates Inc. bought a new position in shares of Bank of New York Mellon during the 1st quarter worth approximately $32,000. 85.31% of the stock is currently owned by institutional investors and hedge funds.

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.