Bank of New York Mellon (NYSE:BK) Hits New 1-Year High – What’s Next?

The Bank of New York Mellon Corporation (NYSE:BK) shares reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $111.17 and last traded at $111.22, with a volume of 863179 shares changing hands. The stock had previously closed at $109.64.

Analysts Set New Price Targets

Several research firms have recently weighed in on BK. Morgan Stanley upped their price objective on Bank of New York Mellon from $101.00 to $116.00 and gave the stock an “overweight” rating in a research report on Monday, September 29th. Truist Financial upped their price target on Bank of New York Mellon from $118.00 to $119.00 and gave the stock a “hold” rating in a research report on Friday, October 17th. The Goldman Sachs Group lifted their price objective on shares of Bank of New York Mellon from $106.00 to $120.00 and gave the company a “buy” rating in a report on Monday, October 6th. Evercore ISI boosted their price objective on shares of Bank of New York Mellon from $91.00 to $110.00 and gave the stock an “in-line” rating in a research report on Tuesday, September 30th. Finally, Weiss Ratings downgraded shares of Bank of New York Mellon from a “buy (a-)” rating to a “buy (b)” rating in a research report on Friday. Ten analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, Bank of New York Mellon has an average rating of “Moderate Buy” and a consensus target price of $111.29.

Bank of New York Mellon Price Performance

The company has a quick ratio of 0.72, a current ratio of 0.70 and a debt-to-equity ratio of 0.83. The business has a fifty day moving average of $107.06 and a 200 day moving average of $98.13. The firm has a market cap of $77.36 billion, a P/E ratio of 16.01, a PEG ratio of 0.98 and a beta of 1.13.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Tuesday, March 26th. The bank reported $1.30 earnings per share for the quarter. Bank of New York Mellon had a return on equity of 14.03% and a net margin of 12.86%.The business had revenue of $4.38 billion for the quarter. On average, sell-side 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 Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 7th. Stockholders of record on Monday, October 27th were given a $0.53 dividend. The ex-dividend date of this dividend was Monday, October 27th. This represents a $2.12 annualized dividend and a dividend yield of 1.9%. Bank of New York Mellon’s dividend payout ratio is presently 30.59%.

Institutional Trading of Bank of New York Mellon

Several institutional investors have recently added to or reduced their stakes in BK. Westside Investment Management Inc. lifted its holdings in shares of Bank of New York Mellon by 78.9% during the second quarter. Westside Investment Management Inc. now owns 288 shares of the bank’s stock worth $26,000 after buying an additional 127 shares in the last quarter. Orion Capital Management LLC acquired a new stake in Bank of New York Mellon in the 1st quarter worth about $32,000. Hoey Investments Inc. bought a new stake in Bank of New York Mellon in the 2nd quarter valued at about $32,000. Valley Wealth Managers Inc. acquired a new position in shares of Bank of New York Mellon during the 3rd quarter worth approximately $33,000. Finally, McClarren Financial Advisors Inc. bought a new position in shares of Bank of New York Mellon during the first quarter worth approximately $34,000. 85.31% of the stock is currently 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.