Bank of New York Mellon (NYSE:BK) Reaches New 1-Year High After Dividend Announcement

The Bank of New York Mellon Co. (NYSE:BK) reached a new 52-week high during mid-day trading on Monday following a dividend announcement from the company. The company traded as high as $76.34 and last traded at $76.29, with a volume of 3286896 shares traded. The stock had previously closed at $74.15.

The newly announced dividend which will be paid on Friday, November 1st. Shareholders of record on Monday, October 21st will be issued a $0.47 dividend. The ex-dividend date of this dividend is Monday, October 21st. This represents a $1.88 dividend on an annualized basis and a yield of 2.46%. Bank of New York Mellon’s dividend payout ratio (DPR) is 43.52%.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. StockNews.com upgraded shares of Bank of New York Mellon from a “hold” rating to a “buy” rating in a research report on Monday. Deutsche Bank Aktiengesellschaft upgraded shares of Bank of New York Mellon from a “hold” rating to a “buy” rating and raised their target price for the stock from $66.00 to $80.00 in a research report on Monday, September 23rd. Royal Bank of Canada restated a “sector perform” rating and set a $79.00 target price on shares of Bank of New York Mellon in a research report on Monday. JPMorgan Chase & Co. lifted their price target 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. Finally, Evercore ISI lifted their price target on shares of Bank of New York Mellon from $66.00 to $77.00 and gave the company an “in-line” rating in a report on Monday. Five analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, Bank of New York Mellon currently has an average rating of “Moderate Buy” and a consensus target price of $76.69.

Bank of New York Mellon Stock Performance

The stock’s 50 day moving average price is $68.67 and its 200 day moving average price is $62.60. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.85. The firm has a market cap of $57.22 billion, a PE ratio of 17.71, a P/E/G ratio of 1.16 and a beta of 1.08.

Bank of New York Mellon (NYSE:BK) last issued its earnings results on Friday, July 12th. The bank reported $1.51 EPS for the quarter, beating analysts’ consensus estimates of $1.43 by $0.08. Bank of New York Mellon had a net margin of 9.40% and a return on equity of 11.87%. The business had revenue of $4.60 billion for the quarter, compared to the consensus estimate of $4.53 billion. During the same quarter last year, the firm posted $1.38 EPS. The business’s revenue for the quarter was up 2.1% compared to the same quarter last year. As a group, equities analysts forecast that The Bank of New York Mellon Co. will post 5.66 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, VP Hanneke Smits sold 15,000 shares of Bank of New York Mellon stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $64.11, for a total transaction of $961,650.00. Following the sale, the vice president now owns 173,930 shares of the company’s stock, valued at $11,150,652.30. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.14% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Bank of New York Mellon

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Olistico Wealth LLC bought a new stake in shares of Bank of New York Mellon in the 2nd quarter worth about $30,000. Kathleen S. Wright Associates Inc. bought a new stake in shares of Bank of New York Mellon in the 1st quarter worth about $32,000. Clearstead Trust LLC bought a new stake in shares of Bank of New York Mellon in the 2nd quarter worth about $32,000. Family Firm Inc. bought a new stake in shares of Bank of New York Mellon in the 2nd quarter worth about $40,000. Finally, Grove Bank & Trust increased its position in shares of Bank of New York Mellon by 28.8% in the 3rd quarter. Grove Bank & Trust now owns 644 shares of the bank’s stock worth $46,000 after purchasing an additional 144 shares during the last quarter. 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.