Bank of New York Mellon (NYSE:BK) Reaches New 52-Week High - Time to Buy?

The Bank of New York Mellon Corporation (NYSE:BK - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $93.80 and last traded at $93.62, with a volume of 1070548 shares traded. The stock had previously closed at $93.05.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on BK shares. Citigroup lifted their price objective 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. Truist Financial downgraded shares of Bank of New York Mellon from a "buy" rating to a "hold" rating and lifted their price objective for the stock from $87.00 to $97.00 in a research report on Wednesday, May 28th. Royal Bank Of Canada reaffirmed a "sector perform" rating and issued a $90.00 price objective on shares of Bank of New York Mellon in a research report on Monday, March 17th. Evercore ISI boosted their target price on shares of 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, July 2nd. Finally, Morgan Stanley raised 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 report on Tuesday, June 3rd. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $92.08.

Bank of New York Mellon Stock Up 0.0%

The company has a market cap of $67.04 billion, a price-to-earnings ratio of 15.26, a PEG ratio of 1.00 and a beta of 1.07. 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 business has a fifty day moving average of $89.60 and a two-hundred day moving average of $84.57.

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

Bank of New York Mellon Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 2nd. Shareholders of record on Monday, April 21st were issued a $0.47 dividend. The ex-dividend date was Monday, April 21st. This represents a $1.88 annualized dividend and a yield of 2.01%. Bank of New York Mellon's dividend payout ratio (DPR) is presently 30.62%.

Insider Buying and Selling

In other Bank of New York Mellon news, VP Catherine Keating sold 65,473 shares of the firm's stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $77.31, for a total transaction of $5,061,717.63. Following the transaction, the vice president owned 87,542 shares of the company's stock, valued at approximately $6,767,872.02. This trade represents a 42.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Kurtis R. Kurimsky sold 5,641 shares of the stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $77.50, for a total transaction of $437,177.50. Following the sale, the insider owned 21,679 shares of the company's stock, valued at $1,680,122.50. This trade represents a 20.65% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 101,114 shares of company stock worth $7,869,795 in the last three months. 0.14% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Bank of New York Mellon

Several hedge funds have recently bought and sold shares of BK. Revolve Wealth Partners LLC acquired a new position in Bank of New York Mellon in the 4th quarter valued at $220,000. Proficio Capital Partners LLC bought a new position in shares of Bank of New York Mellon during the fourth quarter worth about $11,575,000. Independent Advisor Alliance lifted its holdings in Bank of New York Mellon by 106.2% in the fourth quarter. Independent Advisor Alliance now owns 11,487 shares of the bank's stock worth $883,000 after acquiring an additional 5,915 shares during the last quarter. HighTower Advisors LLC lifted its holdings in Bank of New York Mellon by 24.7% in the fourth quarter. HighTower Advisors LLC now owns 406,927 shares of the bank's stock worth $31,264,000 after acquiring an additional 80,555 shares during the last quarter. Finally, Sequoia Financial Advisors LLC lifted its holdings in Bank of New York Mellon by 2.9% in the fourth quarter. Sequoia Financial Advisors LLC now owns 52,087 shares of the bank's stock worth $4,002,000 after acquiring an additional 1,474 shares during the last quarter. 85.31% of the stock is owned by hedge funds and other institutional investors.

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.