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

The Bank of New York Mellon Co. (NYSE:BK)’s share price 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 changing hands. The stock had previously closed at $70.81.

Analysts Set New Price Targets

BK has been the subject of a number of recent research reports. Barclays upped their price objective on shares of Bank of New York Mellon from $68.00 to $75.00 and gave the stock an “overweight” rating in a report on Monday, July 15th. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $75.00 target price (up previously from $70.00) on shares of Bank of New York Mellon in a research report on Monday, July 15th. Evercore ISI boosted their target price on shares of 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. Citigroup lowered shares of Bank of New York Mellon from a “buy” rating to a “neutral” rating and set a $65.00 target price for the company. in a research report on Monday, July 15th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on shares of Bank of New York Mellon from $63.00 to $66.00 and gave the stock a “hold” rating in a research report on Thursday, August 15th. Six research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $66.14.

Bank of New York Mellon Price Performance

The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.85. The stock has a market cap of $53.27 billion, a price-to-earnings ratio of 16.39, a price-to-earnings-growth ratio of 1.17 and a beta of 1.08. The company’s 50-day moving average is $65.42 and its 200-day moving average is $60.38.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Friday, July 12th. The bank reported $1.51 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $4.60 billion during the quarter, compared to analyst estimates of $4.53 billion. During the same quarter in the prior year, the business posted $1.38 earnings per share. The company’s quarterly revenue was up 2.1% compared to the same quarter last year. Equities research analysts expect that The Bank of New York Mellon Co. will post 5.63 earnings per share for the current fiscal year.

Bank of New York Mellon Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 2nd. Shareholders of record on Monday, July 22nd were paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 2.64%. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.42. The ex-dividend date was Monday, July 22nd. Bank of New York Mellon’s dividend payout ratio is currently 43.52%.

Insiders Place Their Bets

In other Bank of New York Mellon news, VP Hanneke Smits sold 15,000 shares of the company’s stock in a transaction dated 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 directly owns 173,930 shares of the company’s stock, valued at $11,150,652.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.14% of the company’s stock.

Institutional Trading of Bank of New York Mellon

Several hedge funds have recently modified their holdings of the stock. Commerzbank Aktiengesellschaft FI grew its stake in shares of Bank of New York Mellon by 4.5% during the second quarter. Commerzbank Aktiengesellschaft FI now owns 3,847 shares of the bank’s stock valued at $231,000 after purchasing an additional 165 shares during the last quarter. Lake Street Advisors Group LLC raised its holdings in Bank of New York Mellon by 3.8% during the 2nd quarter. Lake Street Advisors Group LLC now owns 4,698 shares of the bank’s stock worth $281,000 after buying an additional 171 shares during the period. Greenleaf Trust boosted its stake in Bank of New York Mellon by 0.7% in the 1st quarter. Greenleaf Trust now owns 28,349 shares of the bank’s stock worth $1,633,000 after purchasing an additional 187 shares during the period. 1858 Wealth Management LLC increased its holdings in Bank of New York Mellon by 4.0% during the 2nd quarter. 1858 Wealth Management LLC now owns 4,866 shares of the bank’s stock worth $291,000 after purchasing an additional 188 shares in the last quarter. Finally, Semmax Financial Advisors Inc. raised its stake in shares of Bank of New York Mellon by 1.9% in the 1st quarter. Semmax Financial Advisors Inc. now owns 10,214 shares of the bank’s stock valued at $591,000 after purchasing an additional 189 shares during the period. 85.31% of the stock is owned by 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.