Bank of New York Mellon (NYSE:BK) Hits New 52-Week High – What’s Next?

The Bank of New York Mellon Co. (NYSE:BK) shares hit a new 52-week high on Thursday . The company traded as high as $85.81 and last traded at $84.33, with a volume of 4288998 shares trading hands. The stock had previously closed at $84.93.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on BK shares. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $79.00 target price on shares of Bank of New York Mellon in a research note on Monday, October 14th. 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 research report on Monday, October 7th. StockNews.com cut shares of Bank of New York Mellon from a “buy” rating to a “hold” rating in a research report on Thursday, January 16th. UBS Group lifted their price target on shares of Bank of New York Mellon from $88.00 to $94.00 and gave the company a “buy” rating in a research report on Tuesday. Finally, Evercore ISI lifted their price target on shares of Bank of New York Mellon from $79.00 to $83.00 and gave the company an “in-line” rating in a research report on Thursday, January 16th. Six equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $88.00.

Bank of New York Mellon Price Performance

The company has a quick ratio of 0.70, a current ratio of 0.69 and a debt-to-equity ratio of 0.83. The firm’s fifty day moving average price is $79.38 and its two-hundred day moving average price is $72.91. The stock has a market capitalization of $62.39 billion, a PE ratio of 14.77, a PEG ratio of 0.96 and a beta of 1.08.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings data on Wednesday, January 15th. The bank reported $1.72 earnings per share for the quarter, beating the consensus estimate of $1.54 by $0.18. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The firm had revenue of $4.85 billion during the quarter, compared to analysts’ expectations of $4.66 billion. During the same period in the previous year, the company earned $1.28 earnings per share. The firm’s quarterly revenue was up 11.2% on a year-over-year basis. On average, equities analysts predict that The Bank of New York Mellon Co. will post 6.86 earnings per share for the current year.

Bank of New York Mellon Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 7th. Stockholders of record on Monday, January 27th will be issued a dividend of $0.47 per share. The ex-dividend date is Monday, January 27th. This represents a $1.88 annualized dividend and a dividend yield of 2.19%. Bank of New York Mellon’s payout ratio is 32.36%.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in BK. FMR LLC grew its position in Bank of New York Mellon by 78.6% during the third quarter. FMR LLC now owns 19,338,722 shares of the bank’s stock valued at $1,389,680,000 after buying an additional 8,512,404 shares during the period. Wellington Management Group LLP grew its position in Bank of New York Mellon by 2,707.1% during the third quarter. Wellington Management Group LLP now owns 3,258,967 shares of the bank’s stock valued at $234,189,000 after buying an additional 3,142,869 shares during the period. Zacks Investment Management bought a new stake in Bank of New York Mellon during the third quarter valued at approximately $62,589,000. State Street Corp grew its position in Bank of New York Mellon by 2.0% during the third quarter. State Street Corp now owns 33,313,594 shares of the bank’s stock valued at $2,393,915,000 after buying an additional 659,096 shares during the period. Finally, National Bank of Canada FI grew its position in Bank of New York Mellon by 248.3% during the third quarter. National Bank of Canada FI now owns 858,831 shares of the bank’s stock valued at $61,715,000 after buying an additional 612,287 shares during the period. 85.31% of the stock is owned by hedge funds and other 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.