Bank of New York Mellon (NYSE:BK) Hits New 1-Year High at $58.52

Shares of The Bank of New York Mellon Co. (NYSE:BK) hit a new 52-week high on Thursday . The stock traded as high as $58.52 and last traded at $58.47, with a volume of 1127222 shares changing hands. The stock had previously closed at $57.51.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Morgan Stanley raised their target price on Bank of New York Mellon from $62.00 to $63.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 18th. Jefferies Financial Group boosted their price objective on shares of Bank of New York Mellon from $67.00 to $68.00 and gave the company a “buy” rating in a report on Thursday, April 18th. Evercore ISI increased their target price on shares of Bank of New York Mellon from $57.00 to $61.00 and gave the stock an “in-line” rating in a research note on Thursday, April 4th. Citigroup lifted their price target on shares of Bank of New York Mellon from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, February 14th. Finally, Bank of America upped their price objective on shares of Bank of New York Mellon from $64.00 to $66.00 and gave the stock a “buy” rating in a report on Wednesday, April 17th. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $60.17.

Bank of New York Mellon Stock Performance

The company has a market capitalization of $43.93 billion, a price-to-earnings ratio of 14.23, a price-to-earnings-growth ratio of 1.23 and a beta of 1.11. The company has a current ratio of 0.71, a quick ratio of 0.72 and a debt-to-equity ratio of 0.90. The stock’s fifty day simple moving average is $56.28 and its 200-day simple moving average is $52.68.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings results on Tuesday, April 16th. The bank reported $1.29 earnings per share for the quarter, topping the consensus estimate of $1.19 by $0.10. Bank of New York Mellon had a return on equity of 11.80% and a net margin of 9.48%. The company had revenue of $4.53 billion for the quarter, compared to the consensus estimate of $4.39 billion. During the same quarter in the prior year, the business earned $1.13 EPS. Bank of New York Mellon’s revenue was up 3.8% on a year-over-year basis. Analysts predict that The Bank of New York Mellon Co. will post 5.43 EPS for the current year.

Bank of New York Mellon Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 9th. Shareholders of record on Friday, April 26th will be given a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.88%. The ex-dividend date is Thursday, April 25th. Bank of New York Mellon’s dividend payout ratio is presently 40.98%.

Insider Activity

In other Bank of New York Mellon news, insider Kurtis R. Kurimsky sold 6,215 shares of Bank of New York Mellon stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $57.93, for a total transaction of $360,034.95. Following the completion of the sale, the insider now directly owns 24,346 shares of the company’s stock, valued at approximately $1,410,363.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Kurtis R. Kurimsky sold 6,215 shares of Bank of New York Mellon stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $57.93, for a total transaction of $360,034.95. Following the sale, the insider now directly owns 24,346 shares in the company, valued at approximately $1,410,363.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Catherine Keating sold 54,070 shares of the company’s stock in a transaction on Thursday, April 18th. The shares were sold at an average price of $54.88, for a total transaction of $2,967,361.60. Following the completion of the transaction, the vice president now owns 78,350 shares of the company’s stock, valued at approximately $4,299,848. The disclosure for this sale can be found here. In the last three months, insiders have sold 115,928 shares of company stock worth $6,475,216. 0.14% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Wetzel Investment Advisors Inc. boosted its stake in shares of Bank of New York Mellon by 82.1% during the first quarter. Wetzel Investment Advisors Inc. now owns 510 shares of the bank’s stock worth $28,000 after buying an additional 230 shares during the period. Atlantic Edge Private Wealth Management LLC acquired a new stake in Bank of New York Mellon during the 4th quarter worth approximately $28,000. Able Wealth Management LLC purchased a new position in shares of Bank of New York Mellon in the 4th quarter valued at approximately $32,000. Kathleen S. Wright Associates Inc. purchased a new position in shares of Bank of New York Mellon in the 1st quarter valued at approximately $32,000. Finally, Hartford Financial Management Inc. increased its holdings in shares of Bank of New York Mellon by 41.4% in the fourth quarter. Hartford Financial Management Inc. now owns 625 shares of the bank’s stock valued at $33,000 after purchasing an additional 183 shares during the period. Institutional investors and hedge funds own 85.31% of the company’s stock.

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.