Bank of New York Mellon (NYSE:BK) Reaches New 12-Month High - Here's Why

Shares of The Bank of New York Mellon Corporation (NYSE:BK - Get Free Report) hit a new 52-week high during trading on Wednesday . The stock traded as high as $91.46 and last traded at $91.13, with a volume of 771142 shares traded. The stock had previously closed at $89.77.

Wall Street Analyst Weigh In

BK has been the subject of several research analyst reports. Truist Financial lowered shares of Bank of New York Mellon from a "buy" rating to a "hold" rating and upped their price target for the stock from $87.00 to $97.00 in a research report on Wednesday, May 28th. Citigroup upped their price target on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the stock a "neutral" rating in a research report on Monday, March 24th. Morgan Stanley increased their price objective 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. Wall Street Zen lowered shares of Bank of New York Mellon from a "buy" rating to a "hold" rating in a research report on Wednesday, February 19th. Finally, Wells Fargo & Company increased their price objective 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. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat, Bank of New York Mellon presently has an average rating of "Moderate Buy" and an average price target of $91.85.

Bank of New York Mellon Trading Up 2.5%

The company's fifty day moving average price is $84.68 and its two-hundred day moving average price is $83.05. 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 cap of $65.85 billion, a P/E ratio of 14.99, a price-to-earnings-growth ratio of 1.03 and a beta of 1.08.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its quarterly 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 business had revenue of $4.79 billion for the quarter, compared to the consensus estimate of $4.76 billion. Bank of New York Mellon had a net margin of 11.78% and a return on equity of 12.96%. The firm's quarterly revenue was up 5.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.29 EPS. As a group, sell-side analysts predict 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 declared 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 of this dividend was Monday, April 21st. This represents a $1.88 annualized dividend and a yield of 2.04%. Bank of New York Mellon's dividend payout ratio (DPR) is 30.62%.

Insider Buying and Selling

In other Bank of New York Mellon news, VP Catherine Keating sold 65,473 shares of the company's stock in a transaction dated 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 transaction, the vice president now directly owns 87,542 shares in the company, valued at approximately $6,767,872.02. This represents a 42.79% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Kurtis R. Kurimsky sold 5,641 shares of the company's stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $77.50, for a total transaction of $437,177.50. Following the transaction, the insider now owns 21,679 shares in the company, valued at approximately $1,680,122.50. The trade was a 20.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 101,114 shares of company stock worth $7,869,795 in the last 90 days. 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 stock. Alpine Bank Wealth Management bought a new stake in Bank of New York Mellon during the 1st quarter worth approximately $25,000. Opal Wealth Advisors LLC bought a new stake in Bank of New York Mellon during the 1st quarter worth approximately $25,000. Parvin Asset Management LLC bought a new stake in Bank of New York Mellon during the 4th quarter worth approximately $25,000. Bellwether Advisors LLC bought a new stake in Bank of New York Mellon during the 4th quarter worth approximately $28,000. Finally, Orion Capital Management LLC bought a new stake in Bank of New York Mellon during the 1st quarter worth approximately $32,000. 85.31% of the stock is owned by institutional investors.

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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