Bank of New York Mellon (NYSE:BK) Reaches New 52-Week High After Analyst Upgrade

Shares of The Bank of New York Mellon Co. (NYSE:BK) hit a new 52-week high during mid-day trading on Monday after Wells Fargo & Company raised their price target on the stock from $86.00 to $96.00. Wells Fargo & Company currently has an equal weight rating on the stock. Bank of New York Mellon traded as high as $90.34 and last traded at $89.70, with a volume of 211634 shares trading hands. The stock had previously closed at $88.95.

Several other research analysts have also weighed in on the stock. Bank of America boosted their price objective on shares of Bank of New York Mellon from $90.00 to $95.00 and gave the stock a “buy” rating in a research note on Thursday, January 16th. UBS Group boosted their price objective on shares of Bank of New York Mellon from $88.00 to $94.00 and gave the stock a “buy” rating in a research note on Tuesday, January 21st. Keefe, Bruyette & Woods boosted their price objective on shares of Bank of New York Mellon from $87.00 to $96.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. Barclays boosted their price objective on shares of 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. Finally, Evercore ISI boosted their price objective on shares of Bank of New York Mellon from $79.00 to $83.00 and gave the stock an “in-line” rating in a research note on Thursday, January 16th. Six investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $88.71.

Institutional Trading of Bank of New York Mellon

Institutional investors have recently bought and sold shares of the business. Parvin Asset Management LLC bought a new stake in Bank of New York Mellon in the 4th quarter valued at about $25,000. Bellwether Advisors LLC bought a new stake in Bank of New York Mellon in the 4th quarter valued at about $28,000. REAP Financial Group LLC boosted its holdings in Bank of New York Mellon by 123.2% in the 4th quarter. REAP Financial Group LLC now owns 395 shares of the bank’s stock valued at $30,000 after purchasing an additional 218 shares during the period. Transce3nd LLC bought a new stake in Bank of New York Mellon in the 4th quarter valued at about $33,000. Finally, South Plains Financial Inc. bought a new stake in Bank of New York Mellon in the 4th quarter valued at about $34,000. Institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Stock Down 3.2 %

The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.70 and a current ratio of 0.69. The stock has a market cap of $61.29 billion, a P/E ratio of 14.73, a P/E/G ratio of 0.97 and a beta of 1.06. The stock’s fifty day simple moving average is $83.39 and its 200-day simple moving average is $77.60.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings data on Wednesday, January 15th. The bank reported $1.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.54 by $0.18. The firm 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 business’s revenue for the quarter was up 11.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.28 EPS. As a group, research analysts forecast that The Bank of New York Mellon Co. will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 7th. Stockholders of record on Monday, January 27th were given a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 2.20%. The ex-dividend date was Monday, January 27th. Bank of New York Mellon’s payout ratio is presently 32.36%.

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.