Bank of New York Mellon (NYSE:BK) Hits New 52-Week High - Still a Buy?

Key Points

• Bank of New York Mellon (NYSE:BK) reached a new 52-week high of $103.41 during trading, closing at $102.31 with a trading volume of 234,017 shares.
• Multiple analysts have adjusted their target prices upwards, with the highest now set at $113.00, while the consensus rating remains a "Moderate Buy."
• The bank reported $1.94 EPS for the last quarter, exceeding expectations and showing a 9.4% increase in revenue compared to the same quarter last year.

The Bank of New York Mellon Corporation (NYSE:BK - Get Free Report) hit a new 52-week high during trading on Thursday . The company traded as high as $103.41 and last traded at $102.31, with a volume of 234017 shares trading hands. The stock had previously closed at $102.29.

Wall Street Analyst Weigh In

BK has been the subject of a number of recent research reports. Keefe, Bruyette & Woods upped their target price on Bank of New York Mellon from $105.00 to $113.00 and gave the company an "outperform" rating in a research note on Wednesday, July 16th. Evercore ISI increased their target price on Bank of New York Mellon from $88.00 to $90.00 and gave the stock an "in-line" rating in a report on Wednesday, July 2nd. Truist Financial increased their target price on Bank of New York Mellon from $97.00 to $100.00 and gave the stock a "hold" rating in a report on Wednesday, July 16th. Morgan Stanley increased their target price on Bank of New York Mellon from $95.00 to $101.00 and gave the stock an "overweight" rating in a report on Wednesday, July 16th. Finally, Wells Fargo & Company increased their target price on Bank of New York Mellon from $96.00 to $100.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 16th. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $94.38.

Bank of New York Mellon Stock Performance

The company has a quick ratio of 0.69, a current ratio of 0.72 and a debt-to-equity ratio of 0.86. The stock has a market cap of $71.94 billion, a P/E ratio of 15.58, a PEG ratio of 0.97 and a beta of 1.12. The stock has a fifty day simple moving average of $93.86 and a 200-day simple moving average of $87.23.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.73 by $0.21. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%. The firm had revenue of $4.77 billion for the quarter, compared to analysts' expectations of $4.80 billion. During the same quarter last year, the business earned $1.51 earnings per share. The company's revenue was up 9.4% compared to the same quarter last year. Equities analysts expect that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 7th. Investors of record on Friday, July 25th will be given a $0.53 dividend. The ex-dividend date of this dividend is Friday, July 25th. This represents a $2.12 dividend on an annualized basis and a yield of 2.1%. This is a boost from Bank of New York Mellon's previous quarterly dividend of $0.47. Bank of New York Mellon's payout ratio is 32.37%.

Insider Transactions at Bank of New York Mellon

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of the business's stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $98.45, for a total transaction of $1,969,000.00. Following the transaction, the executive vice president owned 35,115 shares of the company's stock, valued at $3,457,071.75. The trade was a 36.29% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.14% of the company's stock.

Institutional Trading of Bank of New York Mellon

Institutional investors and hedge funds have recently modified their holdings of the business. TrueMark Investments LLC bought a new position in shares of Bank of New York Mellon in the first quarter valued at approximately $4,282,000. Wealth Enhancement Advisory Services LLC grew its position in shares of Bank of New York Mellon by 29.1% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 223,438 shares of the bank's stock valued at $18,740,000 after purchasing an additional 50,368 shares in the last quarter. Formidable Asset Management LLC purchased a new position in Bank of New York Mellon during the first quarter worth about $247,000. Sumitomo Mitsui DS Asset Management Company Ltd grew its position in Bank of New York Mellon by 121.8% during the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 183,602 shares of the bank's stock worth $15,399,000 after buying an additional 100,810 shares in the last quarter. Finally, Benson Investment Management Company Inc. purchased a new position in Bank of New York Mellon during the first quarter worth about $5,259,000. 85.31% of the stock is currently 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.

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