Bank of New York Mellon (NYSE:BK) Hits New 52-Week High at $71.28

The Bank of New York Mellon Co. (NYSE:BK) shares reached a new 52-week high during trading on Wednesday . The stock traded as high as $71.28 and last traded at $71.18, with a volume of 122639 shares. The stock had previously closed at $70.81.

Analysts Set New Price Targets

BK has been the subject of several analyst reports. Deutsche Bank Aktiengesellschaft boosted their target price on Bank of New York Mellon from $63.00 to $66.00 and gave the stock a “hold” rating in a research note on Thursday, August 15th. Morgan Stanley upped their price objective on Bank of New York Mellon from $65.00 to $72.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 30th. Evercore ISI upped their price objective on Bank of New York Mellon from $61.00 to $66.00 and gave the stock an “in-line” rating in a research report on Monday, July 15th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $75.00 price objective (up from $70.00) on shares of Bank of New York Mellon in a research report on Monday, July 15th. Finally, Barclays upped their price objective on Bank of New York Mellon from $68.00 to $75.00 and gave the stock an “overweight” rating in a research report on Monday, July 15th. Six analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, Bank of New York Mellon has an average rating of “Moderate Buy” and a consensus price target of $66.14.

Bank of New York Mellon Stock Up 0.6 %

The firm has a 50-day simple moving average of $65.42 and a 200 day simple moving average of $60.38. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.70 and a quick ratio of 0.70. The company has a market capitalization of $53.27 billion, a PE ratio of 16.39, a price-to-earnings-growth ratio of 1.17 and a beta of 1.08.

Bank of New York Mellon (NYSE:BK) last announced its earnings results on Friday, July 12th. The bank reported $1.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.43 by $0.08. Bank of New York Mellon had a return on equity of 11.87% and a net margin of 9.40%. The business had revenue of $4.60 billion for the quarter, compared to analyst estimates of $4.53 billion. During the same period in the previous year, the company earned $1.38 earnings per share. The company’s revenue for the quarter was up 2.1% compared to the same quarter last year. On average, research analysts predict that The Bank of New York Mellon Co. will post 5.63 EPS for the current fiscal year.

Bank of New York Mellon Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 2nd. Stockholders of record on Monday, July 22nd were given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.64%. This is a positive change from Bank of New York Mellon’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend was Monday, July 22nd. Bank of New York Mellon’s payout ratio is presently 43.52%.

Insider Transactions at Bank of New York Mellon

In related news, VP Hanneke Smits sold 15,000 shares of Bank of New York Mellon stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $64.11, for a total value of $961,650.00. Following the completion of the transaction, the vice president now directly owns 173,930 shares in the company, valued at $11,150,652.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.14% of the company’s stock.

Hedge Funds Weigh In On Bank of New York Mellon

Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in shares of 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 worth $3,877,801,000 after buying an additional 4,293,751 shares during the period. Artisan Partners Limited Partnership boosted its position in shares of Bank of New York Mellon by 0.7% during the fourth quarter. Artisan Partners Limited Partnership now owns 19,793,539 shares of the bank’s stock worth $1,030,254,000 after buying an additional 144,162 shares during the period. Ameriprise Financial Inc. boosted its position in shares of Bank of New York Mellon by 4.2% during the second quarter. Ameriprise Financial Inc. now owns 10,416,436 shares of the bank’s stock worth $623,891,000 after buying an additional 421,161 shares during the period. Victory Capital Management Inc. boosted its position in shares of Bank of New York Mellon by 2.2% during the second quarter. Victory Capital Management Inc. now owns 8,192,345 shares of the bank’s stock worth $490,640,000 after buying an additional 179,503 shares during the period. Finally, Legal & General Group Plc boosted its position in shares of Bank of New York Mellon by 1.2% during the second quarter. Legal & General Group Plc now owns 8,058,064 shares of the bank’s stock worth $482,597,000 after buying an additional 97,286 shares during the period. 85.31% of the stock is currently owned by institutional investors and hedge funds.

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.