Bank of New York Mellon (NYSE:BK) Sets New 1-Year High – Here’s Why

The Bank of New York Mellon Co. (NYSE:BK) shares reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $86.69 and last traded at $86.52, with a volume of 3248240 shares. The stock had previously closed at $85.90.

Wall Street Analysts Forecast Growth

BK has been the topic of a number of research reports. JPMorgan Chase & Co. boosted their target price on shares of Bank of New York Mellon from $69.00 to $77.00 and gave the company an “overweight” rating in a report on Monday, October 7th. Bank of America raised their target price on shares of Bank of New York Mellon from $90.00 to $95.00 and gave the company a “buy” rating in a research note on Thursday, January 16th. Barclays upped their price target on Bank of New York Mellon from $102.00 to $104.00 and gave the stock an “overweight” rating in a research note on Thursday, January 16th. Truist Financial lifted their price objective on Bank of New York Mellon from $91.00 to $93.00 and gave the company a “buy” rating in a research note on Thursday, January 16th. Finally, Wells Fargo & Company increased their target price on Bank of New York Mellon from $82.00 to $86.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 16th. Five investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $88.00.

Bank of New York Mellon Price Performance

The stock has a market capitalization of $62.90 billion, a P/E ratio of 14.89, a price-to-earnings-growth ratio of 0.96 and a beta of 1.08. The business’s 50 day moving average price is $79.67 and its 200 day moving average price is $73.44. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.69 and a quick ratio of 0.70.

Bank of New York Mellon (NYSE:BK) last posted its earnings results on Wednesday, January 15th. The bank reported $1.72 EPS for the quarter, topping analysts’ consensus estimates of $1.54 by $0.18. The business had revenue of $4.85 billion during the quarter, compared to the consensus estimate of $4.66 billion. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The firm’s revenue was up 11.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.28 EPS. Sell-side analysts forecast that The Bank of New York Mellon Co. will post 6.86 EPS for the current year.

Bank of New York Mellon Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 7th. Shareholders of record on Monday, January 27th will be issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 2.17%. The ex-dividend date of this dividend is Monday, January 27th. Bank of New York Mellon’s dividend payout ratio is 32.36%.

Institutional Investors Weigh In On Bank of New York Mellon

Hedge funds and other institutional investors have recently made changes to their positions in the business. Studio Investment Management LLC grew its position in Bank of New York Mellon by 2.1% during the third quarter. Studio Investment Management LLC now owns 6,636 shares of the bank’s stock valued at $477,000 after buying an additional 134 shares during the period. Stanley Laman Group Ltd. increased its stake in shares of Bank of New York Mellon by 2.2% in the 3rd quarter. Stanley Laman Group Ltd. now owns 6,198 shares of the bank’s stock worth $445,000 after purchasing an additional 135 shares in the last quarter. Grove Bank & Trust raised its holdings in Bank of New York Mellon by 21.0% in the 4th quarter. Grove Bank & Trust now owns 779 shares of the bank’s stock worth $60,000 after purchasing an additional 135 shares during the period. Avidian Wealth Enterprises LLC lifted its position in Bank of New York Mellon by 2.0% during the third quarter. Avidian Wealth Enterprises LLC now owns 7,024 shares of the bank’s stock valued at $505,000 after purchasing an additional 137 shares in the last quarter. Finally, Frank Rimerman Advisors LLC grew its holdings in Bank of New York Mellon by 1.1% during the third quarter. Frank Rimerman Advisors LLC now owns 12,908 shares of the bank’s stock valued at $928,000 after purchasing an additional 142 shares during the period. Hedge funds and other 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.