Bank of New York Mellon (NYSE:BK) Sets New 52-Week High - Here's Why

The Bank of New York Mellon Corporation (NYSE:BK - Get Free Report) hit a new 52-week high during 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.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Evercore ISI raised their price target on 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. Morgan Stanley raised their price target on 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. Truist Financial cut Bank of New York Mellon from a "buy" rating to a "hold" rating and raised their price target for the stock from $87.00 to $97.00 in a research report on Wednesday, May 28th. Royal Bank Of Canada restated a "sector perform" rating and issued a $90.00 price target on shares of Bank of New York Mellon in a research report on Monday, March 17th. Finally, Citigroup raised their price target on 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. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $92.08.

Bank of New York Mellon Stock Performance

The company has a debt-to-equity ratio of 0.81, a current ratio of 0.69 and a quick ratio of 0.69. The stock has a 50-day simple moving average of $89.60 and a 200-day simple moving average of $84.66. The stock has a market cap of $67.04 billion, a P/E ratio of 15.26, a PEG ratio of 1.00 and a beta of 1.07.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its earnings results on Friday, April 11th. The bank reported $1.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.50 by $0.08. Bank of New York Mellon had a return on equity of 12.96% and a net margin of 11.78%. The firm had revenue of $4.79 billion for the quarter, compared to analysts' expectations of $4.76 billion. During the same quarter in the previous year, the business posted $1.29 earnings per share. The business's revenue for the quarter was up 5.9% on a year-over-year basis. Research analysts forecast that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current year.

Bank of New York Mellon Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 2nd. Stockholders of record on Monday, April 21st were paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.01%. The ex-dividend date was Monday, April 21st. Bank of New York Mellon's payout ratio is 30.62%.

Insider Activity

In other news, insider Kurtis R. Kurimsky sold 5,641 shares of Bank of New York Mellon 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 directly owned 21,679 shares of the company's stock, valued at approximately $1,680,122.50. This trade represents a 20.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP J Kevin Mccarthy sold 30,000 shares of Bank of New York Mellon stock in a transaction dated Tuesday, April 29th. The shares were sold at an average price of $79.03, for a total value of $2,370,900.00. Following the sale, the executive vice president directly owned 55,115 shares in the company, valued at $4,355,738.45. The trade was a 35.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 101,114 shares of company stock valued at $7,869,795. 0.14% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Bank of New York Mellon

Hedge funds and other institutional investors have recently made changes to their positions in the stock. TrueMark Investments LLC acquired a new position in shares of Bank of New York Mellon in the first quarter worth approximately $4,282,000. O Shaughnessy Asset Management LLC lifted its stake in shares of Bank of New York Mellon by 11.7% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 786,496 shares of the bank's stock worth $60,426,000 after acquiring an additional 82,671 shares during the period. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Bank of New York Mellon by 29.1% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 223,438 shares of the bank's stock worth $18,740,000 after acquiring an additional 50,368 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in shares of Bank of New York Mellon by 121.8% in the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 183,602 shares of the bank's stock worth $15,399,000 after acquiring an additional 100,810 shares during the period. Finally, Natixis Advisors LLC lifted its stake in shares of Bank of New York Mellon by 6.5% in the fourth quarter. Natixis Advisors LLC now owns 285,965 shares of the bank's stock worth $21,971,000 after acquiring an additional 17,457 shares during the period. 85.31% of the stock is owned by institutional investors and hedge funds.

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.