Bank of New York Mellon (NYSE:BK) Sets New 12-Month High - Time to Buy?

Shares of The Bank of New York Mellon Corporation (NYSE:BK - Get Free Report) reached 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 trading hands. The stock had previously closed at $93.05.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Royal Bank Of Canada reiterated a "sector perform" rating and set a $90.00 price target on shares of Bank of New York Mellon in a research note on Monday, March 17th. Truist Financial downgraded Bank of New York Mellon from a "buy" rating to a "hold" rating and boosted their target price for the stock from $87.00 to $97.00 in a research note on Wednesday, May 28th. Citigroup boosted their target price on Bank of New York Mellon from $82.00 to $85.00 and gave the stock a "neutral" rating in a research note on Monday, March 24th. Evercore ISI boosted their target price on Bank of New York Mellon from $88.00 to $90.00 and gave the stock an "in-line" rating in a research note on Wednesday, July 2nd. Finally, Morgan Stanley boosted their target price on Bank of New York Mellon from $94.00 to $95.00 and gave the stock an "overweight" rating in a research note on Tuesday, June 3rd. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $92.08.

Bank of New York Mellon Trading Up 0.6%

The stock has a market cap of $66.98 billion, a PE ratio of 15.25, a P/E/G ratio of 1.04 and a beta of 1.07. The firm has a 50-day simple moving average of $89.37 and a 200-day simple moving average of $84.46. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 0.81.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its quarterly earnings results 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 firm had revenue of $4.79 billion for the quarter, compared to analysts' expectations 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 business's quarterly revenue was up 5.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.29 earnings per share. Equities 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 issued a $0.47 dividend. The ex-dividend date was Monday, April 21st. This represents a $1.88 annualized dividend and a dividend yield of 2.01%. Bank of New York Mellon's payout ratio is currently 30.62%.

Insider Activity at Bank of New York Mellon

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 30,000 shares of the firm's stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $79.03, for a total transaction of $2,370,900.00. Following the sale, the executive vice president owned 55,115 shares in the company, valued at $4,355,738.45. This trade represents a 35.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Catherine Keating sold 65,473 shares of the firm's stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $77.31, for a total value of $5,061,717.63. Following the sale, the vice president owned 87,542 shares in the company, valued at $6,767,872.02. The trade was a 42.79% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 101,114 shares of company stock valued at $7,869,795 over the last 90 days. 0.14% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Revolve Wealth Partners LLC purchased a new position in Bank of New York Mellon during the 4th quarter valued at about $220,000. Proficio Capital Partners LLC purchased a new position in Bank of New York Mellon during the 4th quarter valued at about $11,575,000. Daiwa Securities Group Inc. increased its holdings in Bank of New York Mellon by 26.6% during the 4th quarter. Daiwa Securities Group Inc. now owns 122,006 shares of the bank's stock valued at $9,374,000 after purchasing an additional 25,610 shares during the period. Independent Advisor Alliance increased its holdings in Bank of New York Mellon by 106.2% during the 4th quarter. Independent Advisor Alliance now owns 11,487 shares of the bank's stock valued at $883,000 after purchasing an additional 5,915 shares during the period. Finally, Wealthfront Advisers LLC increased its holdings in Bank of New York Mellon by 401.1% during the 4th quarter. Wealthfront Advisers LLC now owns 277,558 shares of the bank's stock valued at $21,325,000 after purchasing an additional 222,169 shares during the period. Hedge funds and other 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.