Bank of New York Mellon (NYSE:BK) Reaches New 12-Month High - Still a Buy?

Key Points

• The Bank of New York Mellon recently reached a new 52-week high at $107.01, reflecting positive trading activity and a current stock price of $106.54.
• Analyst opinions are generally positive, with eight analysts rating the stock as a Buy and a consensus rating of "Moderate Buy," while several firms have increased their price targets for the stock.
• The company has increased its quarterly dividend to $0.53 per share, marking a rise from the previous dividend of $0.47, indicating solid financial health and shareholder return commitment.

The Bank of New York Mellon Corporation (NYSE:BK - Get Free Report) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $107.01 and last traded at $106.54, with a volume of 76306 shares trading hands. The stock had previously closed at $106.48.

Analyst Upgrades and Downgrades

Several research firms recently commented on BK. Truist Financial boosted their price objective on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the stock a "hold" rating in a research note on Thursday, August 14th. Morgan Stanley upped their target price on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 16th. Keefe, Bruyette & Woods upped their target price on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 16th. Wells Fargo & Company upped their target price on shares of Bank of New York Mellon from $96.00 to $100.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 16th. Finally, Citigroup boosted their price objective on shares of Bank of New York Mellon from $92.00 to $105.00 and gave the company a "neutral" rating in a report on Friday, September 5th. Eight analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $96.62.

Bank of New York Mellon Trading Up 0.1%

The business's 50-day moving average is $101.15 and its two-hundred day moving average is $90.54. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.72 and a current ratio of 0.72. The stock has a market capitalization of $75.17 billion, a PE ratio of 16.28, a price-to-earnings-growth ratio of 1.00 and a beta of 1.14.

Bank of New York Mellon (NYSE:BK - Get Free Report) last announced its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, beating the consensus estimate of $1.73 by $0.21. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. The firm had revenue of $4.77 billion during 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 business's revenue for the quarter was up 9.4% compared to the same quarter last year. As a group, equities research analysts anticipate that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current year.

Bank of New York Mellon Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Friday, July 25th were issued a $0.53 dividend. This is a positive change from Bank of New York Mellon's previous quarterly dividend of $0.47. The ex-dividend date was Friday, July 25th. This represents a $2.12 dividend on an annualized basis and a yield of 2.0%. Bank of New York Mellon's payout ratio is currently 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 company's stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $98.45, for a total value of $1,969,000.00. Following the transaction, the executive vice president directly owned 35,115 shares in the company, valued at approximately $3,457,071.75. This represents a 36.29% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.14% of the company's stock.

Institutional Trading of Bank of New York Mellon

Institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. boosted its holdings in Bank of New York Mellon by 0.7% in the 2nd quarter. Vanguard Group Inc. now owns 71,092,148 shares of the bank's stock worth $6,477,206,000 after acquiring an additional 517,081 shares during the period. Geode Capital Management LLC boosted its holdings in Bank of New York Mellon by 4.3% in the 2nd quarter. Geode Capital Management LLC now owns 18,898,373 shares of the bank's stock worth $1,717,074,000 after acquiring an additional 785,478 shares during the period. Artisan Partners Limited Partnership boosted its holdings in Bank of New York Mellon by 0.9% in the 2nd quarter. Artisan Partners Limited Partnership now owns 15,803,214 shares of the bank's stock worth $1,439,831,000 after acquiring an additional 139,544 shares during the period. Ameriprise Financial Inc. boosted its holdings in Bank of New York Mellon by 1.9% in the 1st quarter. Ameriprise Financial Inc. now owns 12,043,601 shares of the bank's stock worth $1,010,093,000 after acquiring an additional 221,613 shares during the period. Finally, Norges Bank purchased a new position in Bank of New York Mellon in the 2nd quarter worth approximately $1,081,847,000. 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.

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