Bank of New York Mellon (NYSE:BK) Reaches New 1-Year High After Better-Than-Expected Earnings

The Bank of New York Mellon Corporation (NYSE:BK - Get Free Report)'s share price reached a new 52-week high during trading on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $96.47 and last traded at $95.02, with a volume of 8705463 shares traded. The stock had previously closed at $95.25.

The bank reported $1.93 earnings per share for the quarter, topping analysts' consensus estimates of $1.73 by $0.20. 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 $4.77 billion for the quarter, compared to analyst estimates of $4.80 billion. During the same quarter in the prior year, the business posted $1.51 EPS. The firm's revenue was up 9.4% compared to the same quarter last year.

Bank of New York Mellon Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 7th. Stockholders of record on Friday, July 25th will be issued a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 2.23%. This is a boost from Bank of New York Mellon's previous quarterly dividend of $0.47. Bank of New York Mellon's dividend payout ratio is presently 30.62%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on BK shares. Citigroup upped their target price on 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. Morgan Stanley increased their target price on shares of Bank of New York Mellon from $94.00 to $95.00 and gave the stock an "overweight" rating in a report on Tuesday, June 3rd. Evercore ISI boosted their price target on Bank of New York Mellon from $88.00 to $90.00 and gave the company an "in-line" rating in a report on Wednesday, July 2nd. Finally, Truist Financial downgraded Bank of New York Mellon from a "buy" rating to a "hold" rating and upped their target price for the company from $87.00 to $97.00 in a report on Wednesday, May 28th. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat.com, Bank of New York Mellon presently has an average rating of "Moderate Buy" and an average target price of $92.08.

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 firm'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 trade represents a 35.25% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.14% of the company's stock.

Hedge Funds Weigh In On Bank of New York Mellon

Several institutional investors and hedge funds have recently modified their holdings of BK. Parvin Asset Management LLC purchased a new stake in Bank of New York Mellon during the 4th quarter valued at about $25,000. Opal Wealth Advisors LLC acquired a new position in Bank of New York Mellon in the first quarter valued at about $25,000. Alpine Bank Wealth Management purchased a new position in Bank of New York Mellon during the first quarter worth about $25,000. Bellwether Advisors LLC acquired a new stake in Bank of New York Mellon in the 4th quarter valued at approximately $28,000. Finally, REAP Financial Group LLC raised its holdings in shares of Bank of New York Mellon by 123.2% in the 4th quarter. REAP Financial Group LLC now owns 395 shares of the bank's stock valued at $30,000 after buying an additional 218 shares during the period. Institutional investors and hedge funds own 85.31% of the company's stock.

Bank of New York Mellon Stock Down 0.2%

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 company has a market capitalization of $67.98 billion, a PE ratio of 15.48, a PEG ratio of 1.03 and a beta of 1.07. The business has a fifty day moving average of $90.10 and a 200 day moving average of $84.85.

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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