Bank of New York Mellon (NYSE:BK) Reaches New 12-Month Low - What's Next?

The Bank of New York Mellon Co. (NYSE:BK - Get Free Report) reached a new 52-week low during trading on Wednesday . The stock traded as low as $77.77 and last traded at $80.35, with a volume of 4852712 shares traded. The stock had previously closed at $80.04.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Wells Fargo & Company upped their price target on shares of Bank of New York Mellon from $86.00 to $96.00 and gave the stock an "equal weight" rating in a research report on Monday, March 3rd. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Bank of New York Mellon from $94.00 to $98.00 and gave the stock a "buy" rating in a research note on Thursday, January 16th. Morgan Stanley decreased their price target on Bank of New York Mellon from $99.00 to $98.00 and set an "overweight" rating on the stock in a report on Wednesday, April 2nd. Royal Bank of Canada reiterated a "sector perform" rating and set a $90.00 price target on shares of Bank of New York Mellon in a report on Monday, March 17th. Finally, Evercore ISI increased their target price on Bank of New York Mellon from $83.00 to $87.00 and gave the stock an "in-line" rating in a research note on Tuesday, April 1st. Six research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, Bank of New York Mellon has a consensus rating of "Moderate Buy" and an average target price of $91.31.

Bank of New York Mellon Stock 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 has a 50-day moving average price of $80.98 and a two-hundred day moving average price of $80.68. The firm has a market cap of $59.00 billion, a PE ratio of 14.14, a P/E/G ratio of 0.97 and a beta of 1.05.

Bank of New York Mellon (NYSE:BK - Get Free Report) last announced its earnings results on Friday, April 11th. The bank reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.50 by $0.08. The company had revenue of $4.79 billion for the quarter, compared to analysts' expectations of $4.76 billion. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The firm's quarterly revenue was up 5.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.29 EPS. Research analysts forecast that The Bank of New York Mellon Co. will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 2nd. Investors of record on Monday, April 21st were paid a dividend of $0.47 per share. The ex-dividend date of this dividend was Monday, April 21st. This represents a $1.88 annualized dividend and a yield of 2.29%. Bank of New York Mellon's dividend payout ratio is presently 30.62%.

Insider Activity at Bank of New York Mellon

In other news, VP Catherine Keating sold 65,473 shares of the firm's stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $77.31, for a total transaction of $5,061,717.63. Following the completion of the sale, the vice president now owns 87,542 shares in the company, valued at $6,767,872.02. This trade represents a 42.79 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Kurtis R. Kurimsky sold 5,641 shares of Bank of New York Mellon stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $77.50, for a total transaction of $437,177.50. Following the sale, the insider now directly owns 21,679 shares in the company, valued at approximately $1,680,122.50. The trade was a 20.65 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 101,114 shares of company stock valued at $7,869,795. 0.14% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Bank of New York Mellon

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BK. FMR LLC grew its holdings in shares of Bank of New York Mellon by 19.3% during the 4th quarter. FMR LLC now owns 23,071,584 shares of the bank's stock worth $1,772,590,000 after purchasing an additional 3,732,862 shares during the period. Norges Bank purchased a new position in Bank of New York Mellon during the fourth quarter worth about $1,150,462,000. Ameriprise Financial Inc. increased its position in shares of Bank of New York Mellon by 0.3% during the fourth quarter. Ameriprise Financial Inc. now owns 11,821,988 shares of the bank's stock valued at $908,281,000 after acquiring an additional 35,413 shares during the last quarter. Northern Trust Corp raised its stake in shares of Bank of New York Mellon by 19.1% in the 4th quarter. Northern Trust Corp now owns 9,533,615 shares of the bank's stock valued at $732,468,000 after acquiring an additional 1,526,686 shares during the period. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in shares of Bank of New York Mellon by 17.0% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,751,219 shares of the bank's stock worth $595,526,000 after acquiring an additional 1,125,493 shares during the last quarter. 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.