Short Interest in The Bank of New York Mellon Co. (NYSE:BK) Decreases By 6.9%

The Bank of New York Mellon Co. (NYSE:BK) saw a large drop in short interest in March. As of March 31st, there was short interest totalling 7,070,000 shares, a drop of 6.9% from the March 15th total of 7,590,000 shares. Based on an average daily trading volume, of 3,960,000 shares, the short-interest ratio is presently 1.8 days. Approximately 0.9% of the shares of the stock are short sold.

Analyst Ratings Changes

A number of research analysts have recently commented on BK shares. UBS Group raised their target price on Bank of New York Mellon from $54.00 to $62.00 and gave the company a “buy” rating in a research note on Tuesday, January 9th. Royal Bank of Canada reiterated a “sector perform” rating and set a $58.00 price objective on shares of Bank of New York Mellon in a research note on Wednesday, March 27th. Morgan Stanley upgraded Bank of New York Mellon from an “underweight” rating to an “equal weight” rating and lifted their price objective for the company from $52.00 to $62.00 in a research note on Tuesday, January 30th. Evercore ISI lifted their price objective on Bank of New York Mellon from $57.00 to $61.00 and gave the stock an “in-line” rating in a report on Thursday, April 4th. Finally, Citigroup lifted their price objective on Bank of New York Mellon from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, February 14th. Six investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $56.72.

Bank of New York Mellon Price Performance

Shares of NYSE BK traded down $1.09 during mid-day trading on Wednesday, reaching $54.00. The company’s stock had a trading volume of 8,232,834 shares, compared to its average volume of 3,131,460. The firm has a market capitalization of $40.65 billion, a PE ratio of 13.60, a P/E/G ratio of 1.18 and a beta of 1.12. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.72 and a quick ratio of 0.72. The stock has a fifty day moving average of $55.75 and a two-hundred day moving average of $51.08. Bank of New York Mellon has a 52 week low of $39.65 and a 52 week high of $58.28.

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 analysts’ consensus estimates of $1.19 by $0.10. The firm had revenue of $4.53 billion during the quarter, compared to analyst estimates of $4.39 billion. Bank of New York Mellon had a return on equity of 11.63% and a net margin of 10.01%. The business’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.13 earnings per share. As a group, sell-side analysts anticipate that Bank of New York Mellon will post 5.33 EPS for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 9th. Investors of record on Friday, April 26th will be given a $0.42 dividend. The ex-dividend date is Thursday, April 25th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.11%. Bank of New York Mellon’s dividend payout ratio is currently 42.32%.

Insider Activity at Bank of New York Mellon

In related news, VP Catherine Keating sold 4,498 shares of the firm’s stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $54.81, for a total transaction of $246,535.38. Following the transaction, the vice president now directly owns 123,490 shares in the company, valued at approximately $6,768,486.90. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 0.14% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Bank of New York Mellon

A number of hedge funds have recently made changes to their positions in the company. Norges Bank purchased a new stake in Bank of New York Mellon during the fourth quarter valued at approximately $813,701,000. Moneta Group Investment Advisors LLC raised its position in Bank of New York Mellon by 74,433.7% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 6,114,741 shares of the bank’s stock valued at $278,343,000 after purchasing an additional 6,106,537 shares during the period. Vanguard Group Inc. raised its position in Bank of New York Mellon by 6.1% during the fourth quarter. Vanguard Group Inc. now owns 74,501,451 shares of the bank’s stock valued at $3,877,801,000 after purchasing an additional 4,293,751 shares during the period. Barclays PLC raised its position in Bank of New York Mellon by 126.2% during the second quarter. Barclays PLC now owns 2,885,446 shares of the bank’s stock valued at $128,462,000 after purchasing an additional 1,609,730 shares during the period. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in Bank of New York Mellon during the first quarter valued at approximately $66,916,000. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

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.