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

The Bank of New York Mellon Corporation (NYSE:BK) hit a new 52-week high during trading on Wednesday . The company traded as high as $91.46 and last traded at $91.13, with a volume of 771142 shares traded. The stock had previously closed at $89.77.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on BK shares. Wells Fargo & Company upped their price objective on shares of Bank of New York Mellon from $86.00 to $96.00 and gave the stock an “equal weight” rating in a research report on Monday, March 3rd. Evercore ISI upped their price target on shares of Bank of New York Mellon from $83.00 to $87.00 and gave the stock an “in-line” rating in a report on Tuesday, April 1st. Royal Bank Of Canada reissued a “sector perform” rating and set a $90.00 price objective on shares of Bank of New York Mellon in a report on Monday, March 17th. Morgan Stanley boosted their price objective on Bank of New York Mellon from $94.00 to $95.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 3rd. Finally, Truist Financial downgraded shares of Bank of New York Mellon from a “buy” rating to a “hold” rating and raised their price target for the company from $87.00 to $97.00 in a research note on Wednesday, May 28th. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $91.85.

Bank of New York Mellon Stock Performance

The company has a 50-day moving average of $85.23 and a 200-day moving average of $83.17. The company has a market cap of $65.46 billion, a PE ratio of 14.90, a PEG ratio of 1.02 and a beta of 1.08. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 0.81.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings data on Friday, April 11th. The bank reported $1.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.50 by $0.08. The firm had revenue of $4.79 billion for the quarter, compared to the consensus estimate of $4.76 billion. Bank of New York Mellon had a net margin of 11.78% and a return on equity of 12.96%. The business’s revenue for the quarter was up 5.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.29 EPS. As a group, analysts anticipate that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current year.

Bank of New York Mellon Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 2nd. Shareholders of record on Monday, April 21st were given a dividend of $0.47 per share. The ex-dividend date of this dividend was Monday, April 21st. This represents a $1.88 annualized dividend and a dividend yield of 2.05%. Bank of New York Mellon’s dividend payout ratio is currently 30.62%.

Insider Transactions at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 30,000 shares of the firm’s stock in a transaction dated Tuesday, April 29th. The shares were sold at an average price of $79.03, for a total transaction of $2,370,900.00. Following the completion of the sale, the executive vice president now owns 55,115 shares in the company, valued at approximately $4,355,738.45. This trade represents a 35.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Catherine Keating sold 65,473 shares of Bank of New York Mellon stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $77.31, for a total transaction of $5,061,717.63. Following the completion of the sale, the vice president now directly owns 87,542 shares in the company, valued at approximately $6,767,872.02. This represents a 42.79% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 101,114 shares of company stock worth $7,869,795 in the last 90 days. Insiders own 0.14% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of BK. Alpine Bank Wealth Management bought a new position in shares of Bank of New York Mellon during the 1st quarter worth $25,000. Opal Wealth Advisors LLC purchased a new stake in Bank of New York Mellon during the first quarter valued at about $25,000. Parvin Asset Management LLC bought a new position in Bank of New York Mellon during the fourth quarter worth about $25,000. Bellwether Advisors LLC purchased a new position in shares of Bank of New York Mellon in the fourth quarter worth about $28,000. Finally, Orion Capital Management LLC bought a new stake in shares of Bank of New York Mellon in the first quarter valued at approximately $32,000. 85.31% of the stock is owned by institutional investors.

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.