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

The Bank of New York Mellon Corporation (NYSE:BK - Get Free Report) hit a new 52-week high during trading on Friday . The company traded as high as $92.85 and last traded at $91.93, with a volume of 2408224 shares changing hands. The stock had previously closed at $92.09.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on BK. Morgan Stanley boosted their price target on shares of Bank of New York Mellon from $94.00 to $95.00 and gave the stock an "overweight" rating in a research report on Tuesday, June 3rd. Citigroup raised their target price on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the stock a "neutral" rating in a research note on Monday, March 24th. Royal Bank Of Canada restated a "sector perform" rating and issued a $90.00 price target on shares of Bank of New York Mellon in a research report on Monday, March 17th. Evercore ISI lifted their price objective on Bank of New York Mellon from $88.00 to $90.00 and gave the stock an "in-line" rating in a research report on Wednesday. Finally, Truist Financial lowered Bank of New York Mellon from a "buy" rating to a "hold" rating and boosted their price objective for the stock from $87.00 to $97.00 in a research note on Wednesday, May 28th. 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 MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $92.08.

Bank of New York Mellon Trading Down 0.2%

The business has a fifty day moving average price of $88.06 and a two-hundred day moving average price of $83.92. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 0.81. The firm has a market capitalization of $65.77 billion, a PE ratio of 14.97, a PEG ratio of 1.03 and a beta of 1.07.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its earnings results on Friday, April 11th. The bank reported $1.58 EPS for the quarter, beating analysts' consensus estimates of $1.50 by $0.08. Bank of New York Mellon had a net margin of 11.78% and a return on equity of 12.96%. The company had revenue of $4.79 billion for the quarter, compared to analysts' expectations of $4.76 billion. During the same quarter in the prior year, the company posted $1.29 earnings per share. Bank of New York Mellon's revenue for the quarter was up 5.9% compared to the same quarter last year. Analysts expect that The Bank of New York Mellon Corporation will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 2nd. Investors of record on Monday, April 21st were given a dividend of $0.47 per share. The ex-dividend date was Monday, April 21st. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.05%. Bank of New York Mellon's payout ratio is currently 30.62%.

Insider Activity at Bank of New York Mellon

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 30,000 shares of the company's stock in a transaction on Tuesday, April 29th. The stock was sold at an average price of $79.03, for a total transaction of $2,370,900.00. Following the transaction, the executive vice president directly owned 55,115 shares in the company, valued at $4,355,738.45. This represents a 35.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Catherine Keating sold 65,473 shares of Bank of New York Mellon stock in a transaction on Monday, April 14th. The shares were sold at an average price of $77.31, for a total value of $5,061,717.63. Following the completion of the sale, the vice president directly owned 87,542 shares of the company's stock, valued at $6,767,872.02. The trade was a 42.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 101,114 shares of company stock worth $7,869,795. Insiders own 0.14% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in BK. Sax Wealth Advisors LLC grew its stake in Bank of New York Mellon by 2.3% during the 1st quarter. Sax Wealth Advisors LLC now owns 5,278 shares of the bank's stock worth $443,000 after purchasing an additional 117 shares in the last quarter. Capital Analysts LLC boosted its stake in shares of Bank of New York Mellon by 3.7% in the 4th quarter. Capital Analysts LLC now owns 3,317 shares of the bank's stock valued at $255,000 after buying an additional 119 shares during the period. Hemington Wealth Management grew its position in shares of Bank of New York Mellon by 8.0% during the first quarter. Hemington Wealth Management now owns 1,628 shares of the bank's stock worth $136,000 after buying an additional 121 shares in the last quarter. Y.D. More Investments Ltd increased its stake in shares of Bank of New York Mellon by 13.8% during the first quarter. Y.D. More Investments Ltd now owns 1,030 shares of the bank's stock worth $86,000 after buying an additional 125 shares during the period. Finally, Resources Management Corp CT ADV raised its holdings in Bank of New York Mellon by 5.9% in the first quarter. Resources Management Corp CT ADV now owns 2,260 shares of the bank's stock valued at $190,000 after acquiring an additional 125 shares in the last quarter. Hedge funds and other institutional investors own 85.31% of the company's stock.

Bank of New York Mellon Company Profile

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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