Bank of New York Mellon (NYSE:BK) Sets New 1-Year High - Here's What Happened

Key Points

• Bank of New York Mellon has reached a new 52-week high of $109.38 during trading, reflecting strong market performance with a trading volume of over 1.1 million shares.
• Analysts have increased their price targets for Bank of New York Mellon, with the consensus rating now being a "Moderate Buy" and a price target of $96.62.
• The company has increased its quarterly dividend to $0.53, resulting in an annualized yield of 1.9% for shareholders.

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 company traded as high as $109.38 and last traded at $109.24, with a volume of 1129124 shares changing hands. The stock had previously closed at $108.71.

Wall Street Analysts Forecast Growth

BK has been the subject of a number of analyst reports. Citigroup lifted 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. Evercore ISI lifted their price objective on shares of 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. Keefe, Bruyette & Woods boosted their price target on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the stock an "outperform" rating in a report on Wednesday, July 16th. Truist Financial boosted their price target on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the stock a "hold" rating in a report on Thursday, August 14th. Finally, Wells Fargo & Company boosted their price target on shares of 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. Eight research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $96.62.

Bank of New York Mellon Trading Up 0.7%

The firm has a market cap of $77.20 billion, a P/E ratio of 16.71, a price-to-earnings-growth ratio of 1.03 and a beta of 1.14. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.86. The firm's 50-day simple moving average is $102.54 and its 200 day simple moving average is $91.25.

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, topping 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 business had revenue of $4.77 billion for the quarter, compared to analyst estimates of $4.80 billion. During the same quarter in the previous year, the firm posted $1.51 earnings per share. The company's revenue for the quarter was up 9.4% on a year-over-year basis. As a group, analysts expect 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 firm also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were given a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 1.9%. This is an increase from Bank of New York Mellon's previous quarterly dividend of $0.47. The ex-dividend date of this dividend was Friday, July 25th. Bank of New York Mellon's payout ratio is presently 32.37%.

Insider Activity

In other news, EVP J Kevin Mccarthy sold 20,000 shares of the business's stock in a transaction that occurred on 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 sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.14% of the stock is currently owned by company insiders.

Institutional Trading of Bank of New York Mellon

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in Bank of New York Mellon by 0.7% during 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 increased its holdings in Bank of New York Mellon by 4.3% during 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 increased its holdings in Bank of New York Mellon by 0.9% during 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. increased its holdings in Bank of New York Mellon by 1.9% during 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 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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