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

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

Analysts Set New Price Targets

Several research firms have recently issued reports on BK. Evercore ISI reissued an “in-line” rating and issued a $61.00 price target on shares of Bank of New York Mellon in a research report on Wednesday, July 3rd. Morgan Stanley boosted their price target on shares of Bank of New York Mellon from $62.00 to $63.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 18th. Bank of America upped their price objective on shares of Bank of New York Mellon from $64.00 to $66.00 and gave the company a “buy” rating in a research note on Wednesday, April 17th. Keefe, Bruyette & Woods raised shares of Bank of New York Mellon from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $60.00 to $70.00 in a research note on Thursday, June 27th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $58.00 price target on shares of Bank of New York Mellon in a report on Wednesday, March 27th. Five research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $61.15.

Bank of New York Mellon Stock Up 0.9 %

The company’s 50-day moving average is $58.95 and its 200 day moving average is $56.52. The company has a market capitalization of $45.79 billion, a PE ratio of 14.91, a P/E/G ratio of 1.19 and a beta of 1.09. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.71 and a current ratio of 0.71.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Tuesday, April 16th. The bank reported $1.29 EPS for the quarter, beating the consensus estimate of $1.19 by $0.10. Bank of New York Mellon had a net margin of 9.48% and a return on equity of 11.80%. The company had revenue of $4.53 billion for the quarter, compared to the consensus estimate of $4.39 billion. During the same period in the prior year, the firm posted $1.13 EPS. Bank of New York Mellon’s revenue for the quarter was up 3.8% on a year-over-year basis. As a group, analysts anticipate that The Bank of New York Mellon Co. will post 5.47 EPS for the current year.

Bank of New York Mellon Dividend Announcement

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

Insider Activity

In other news, VP Catherine Keating sold 54,070 shares of the firm’s 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 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 SEC, which is accessible through this hyperlink. In other news, VP Catherine Keating sold 54,070 shares of the stock in a transaction that occurred on Thursday, April 18th. The shares were sold at an average price of $54.88, for a total value 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Senthilkumar Santhanakrishnan sold 15,643 shares of the stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $57.65, for a total transaction of $901,818.95. Following the completion of the transaction, the vice president now owns 144,721 shares in the company, valued at approximately $8,343,165.65. The disclosure for this sale can be found here. Insiders have sold a total of 115,928 shares of company stock valued at $6,475,216 in the last 90 days. 0.14% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Bank of New York Mellon

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BK. Toroso Investments LLC raised its stake in Bank of New York Mellon by 23.6% during the 3rd quarter. Toroso Investments LLC now owns 18,911 shares of the bank’s stock worth $807,000 after acquiring an additional 3,606 shares during the period. Creative Planning raised its position in shares of Bank of New York Mellon by 3.5% during the third quarter. Creative Planning now owns 223,162 shares of the bank’s stock valued at $9,508,000 after buying an additional 7,575 shares during the last quarter. Comerica Bank bought a new stake in shares of Bank of New York Mellon during the third quarter valued at approximately $6,169,000. Public Sector Pension Investment Board raised its position in shares of Bank of New York Mellon by 7.0% during the third quarter. Public Sector Pension Investment Board now owns 180,302 shares of the bank’s stock valued at $7,690,000 after buying an additional 11,857 shares during the last quarter. Finally, Neo Ivy Capital Management bought a new stake in shares of Bank of New York Mellon during the third quarter valued at approximately $158,000. Institutional investors 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.