The Bank of New York Mellon Co. (NYSE:BK) Short Interest Update

The Bank of New York Mellon Co. (NYSE:BK) saw a significant increase in short interest in November. As of November 15th, there was short interest totalling 9,400,000 shares, an increase of 16.9% from the October 31st total of 8,040,000 shares. Based on an average trading volume of 3,910,000 shares, the days-to-cover ratio is currently 2.4 days. Approximately 1.3% of the shares of the company are short sold.

Wall Street Analysts Forecast Growth

BK has been the subject of several research reports. StockNews.com upgraded Bank of New York Mellon from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. Barclays boosted their price target on Bank of New York Mellon from $75.00 to $86.00 and gave the stock an “overweight” rating in a research report on Monday, October 14th. Evercore ISI lifted their target price on shares of Bank of New York Mellon from $66.00 to $77.00 and gave the stock an “in-line” rating in a research note on Monday, October 14th. The Goldman Sachs Group increased their target price on shares of Bank of New York Mellon from $74.00 to $80.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. Finally, Citigroup boosted their price target on shares of Bank of New York Mellon from $75.00 to $82.00 and gave the stock a “neutral” rating in a research report on Monday, November 25th. Five investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $78.15.

Insider Activity at Bank of New York Mellon

In other Bank of New York Mellon news, VP Hanneke Smits sold 16,475 shares of the stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $76.47, for a total transaction of $1,259,843.25. Following the transaction, the vice president now owns 157,455 shares in the company, valued at approximately $12,040,583.85. This represents a 9.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP J Kevin Mccarthy sold 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $76.31, for a total value of $1,907,750.00. Following the completion of the sale, the executive vice president now owns 75,404 shares of the company’s stock, valued at $5,754,079.24. This trade represents a 24.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.14% of the stock is owned by company insiders.

Hedge Funds Weigh In On Bank of New York Mellon

Several hedge funds and other institutional investors have recently bought and sold shares of BK. Franklin Resources Inc. lifted its holdings in Bank of New York Mellon by 8.3% in the 3rd quarter. Franklin Resources Inc. now owns 2,252,729 shares of the bank’s stock worth $172,348,000 after buying an additional 173,347 shares in the last quarter. Synovus Financial Corp lifted its stake in shares of Bank of New York Mellon by 5.6% in the third quarter. Synovus Financial Corp now owns 13,241 shares of the bank’s stock worth $952,000 after acquiring an additional 700 shares in the last quarter. Tidal Investments LLC boosted its holdings in Bank of New York Mellon by 7.1% in the third quarter. Tidal Investments LLC now owns 33,764 shares of the bank’s stock valued at $2,426,000 after purchasing an additional 2,240 shares during the last quarter. Wilmington Savings Fund Society FSB grew its stake in Bank of New York Mellon by 340.8% during the 3rd quarter. Wilmington Savings Fund Society FSB now owns 27,991 shares of the bank’s stock valued at $2,011,000 after purchasing an additional 21,641 shares in the last quarter. Finally, World Investment Advisors LLC purchased a new stake in Bank of New York Mellon during the 3rd quarter worth approximately $2,617,000. 85.31% of the stock is owned by institutional investors and hedge funds.

Bank of New York Mellon Trading Up 0.2 %

Shares of NYSE:BK traded up $0.13 during trading on Friday, reaching $81.87. 2,180,286 shares of the stock were exchanged, compared to its average volume of 3,438,468. The firm’s 50-day moving average price is $76.07 and its 200 day moving average price is $67.53. The firm has a market cap of $59.53 billion, a price-to-earnings ratio of 17.80, a price-to-earnings-growth ratio of 0.93 and a beta of 1.07. Bank of New York Mellon has a 12-month low of $47.44 and a 12-month high of $82.72. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.70 and a current ratio of 0.70.

Bank of New York Mellon (NYSE:BK) last posted its earnings results on Friday, October 11th. The bank reported $1.52 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.11. Bank of New York Mellon had a net margin of 9.44% and a return on equity of 12.06%. The business had revenue of $4.65 billion for the quarter, compared to analyst estimates of $4.52 billion. On average, sell-side analysts anticipate that Bank of New York Mellon will post 5.84 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 Friday, November 1st. Stockholders of record on Monday, October 21st were paid a $0.47 dividend. The ex-dividend date of this dividend was Monday, October 21st. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.30%. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 40.87%.

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.