Bank of New York Mellon (NYSE:BK) Hits New 12-Month High on Analyst Upgrade

The Bank of New York Mellon Co. (NYSE:BK)’s share price reached a new 52-week high on Friday after Morgan Stanley raised their price target on the stock from $90.00 to $97.00. Morgan Stanley currently has an overweight rating on the stock. Bank of New York Mellon traded as high as $82.79 and last traded at $82.51, with a volume of 1041327 shares changing hands. The stock had previously closed at $82.25.

BK has been the subject of several other research reports. Deutsche Bank Aktiengesellschaft increased their price target on shares of Bank of New York Mellon from $94.00 to $98.00 and gave the company a “buy” rating in a research report on Thursday. Barclays lifted their target price on shares of Bank of New York Mellon from $102.00 to $104.00 and gave the company an “overweight” rating in a research note on Thursday. Royal Bank of Canada restated a “sector perform” rating and issued a $79.00 price objective on shares of Bank of New York Mellon in a report on Monday, October 14th. Bank of America upped their price target on Bank of New York Mellon from $90.00 to $95.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, Keefe, Bruyette & Woods upped their price target 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. Six investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $87.14.

Hedge Funds Weigh In On Bank of New York Mellon

Several institutional investors have recently bought and sold shares of the business. McClarren Financial Advisors Inc. raised its position in shares of Bank of New York Mellon by 586.4% during the 3rd quarter. McClarren Financial Advisors Inc. now owns 405 shares of the bank’s stock valued at $29,000 after buying an additional 346 shares in the last quarter. Fortitude Family Office LLC raised its holdings in shares of Bank of New York Mellon by 130.6% in the third quarter. Fortitude Family Office LLC now owns 611 shares of the bank’s stock worth $44,000 after buying an additional 346 shares during the period. Modus Advisors LLC bought a new stake in shares of Bank of New York Mellon during the 4th quarter worth approximately $49,000. Ashton Thomas Securities LLC purchased a new position in Bank of New York Mellon during the 3rd quarter valued at $46,000. Finally, Grove Bank & Trust boosted its holdings in Bank of New York Mellon by 28.8% during the 3rd quarter. Grove Bank & Trust now owns 644 shares of the bank’s stock valued at $46,000 after acquiring an additional 144 shares during the period. Institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Stock Up 0.3 %

The company has a market cap of $60.00 billion, a P/E ratio of 17.96, a P/E/G ratio of 0.76 and a beta of 1.08. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.89. The company has a 50-day simple moving average of $78.65 and a 200 day simple moving average of $72.01.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings data on Wednesday, January 15th. The bank reported $1.72 EPS for the quarter, topping the consensus estimate of $1.54 by $0.18. Bank of New York Mellon had a return on equity of 12.06% and a net margin of 9.44%. The company had revenue of $4.85 billion for the quarter, compared to the consensus estimate of $4.66 billion. During the same period last year, the business posted $1.28 EPS. Bank of New York Mellon’s quarterly revenue was up 11.2% on a year-over-year basis. On average, equities analysts anticipate that The Bank of New York Mellon Co. will post 5.87 EPS for the current year.

Bank of New York Mellon Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 7th. Shareholders of record on Monday, January 27th will be paid a $0.47 dividend. The ex-dividend date of this dividend is Monday, January 27th. This represents a $1.88 annualized dividend and a yield of 2.28%. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 40.87%.

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.