The Bank of New York Mellon Co. (NYSE:BK - Get Free Report) was the recipient of a large drop in short interest in the month of April. As of April 15th, there was short interest totalling 6,660,000 shares, a drop of 5.8% from the March 31st total of 7,070,000 shares. Approximately 0.9% of the shares of the stock are short sold. Based on an average daily volume of 3,770,000 shares, the short-interest ratio is presently 1.8 days.
Bank of New York Mellon Trading Down 1.5 %
NYSE BK traded down $0.84 on Tuesday, hitting $56.49. The company's stock had a trading volume of 3,340,895 shares, compared to its average volume of 3,930,343. The firm has a market cap of $42.53 billion, a P/E ratio of 13.99, a PEG ratio of 1.23 and a beta of 1.12. Bank of New York Mellon has a 52-week low of $39.65 and a 52-week high of $58.28. The company's 50-day simple moving average is $56.05 and its 200 day simple moving average is $52.02. The company has a current ratio of 0.71, a quick ratio of 0.72 and a debt-to-equity ratio of 0.90.
Bank of New York Mellon (NYSE:BK - Get Free Report) last announced its quarterly earnings data on Tuesday, April 16th. The bank reported $1.29 EPS for the quarter, beating the consensus estimate of $1.19 by $0.10. The business had revenue of $4.53 billion during the quarter, compared to analyst estimates of $4.39 billion. Bank of New York Mellon had a return on equity of 11.80% and a net margin of 9.48%. The company's revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter last year, the firm posted $1.13 earnings per share. Research analysts predict that Bank of New York Mellon will post 5.43 EPS for the current fiscal year.
Bank of New York Mellon Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 9th. Stockholders of record on Friday, April 26th will be issued a dividend of $0.42 per share. The ex-dividend date of this dividend is Thursday, April 25th. This represents a $1.68 annualized dividend and a dividend yield of 2.97%. Bank of New York Mellon's payout ratio is 40.98%.
Wall Street Analysts Forecast Growth
A number of equities analysts recently weighed in on BK shares. Citigroup raised their price objective on Bank of New York Mellon from $60.00 to $65.00 and gave the company a "buy" rating in a report on Wednesday, February 14th. Royal Bank of Canada restated a "sector perform" rating and issued a $58.00 price objective on shares of Bank of New York Mellon in a report on Wednesday, March 27th. Morgan Stanley increased their target price on shares of Bank of New York Mellon from $62.00 to $63.00 and gave the company an "equal weight" rating in a report on Thursday, April 18th. Evercore ISI upped their price target on shares of Bank of New York Mellon from $57.00 to $61.00 and gave the company an "in-line" rating in a research report on Thursday, April 4th. Finally, Bank of America lifted their price objective on Bank of New York Mellon from $64.00 to $66.00 and gave the stock a "buy" rating in a report on Wednesday, April 17th. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Bank of New York Mellon has a consensus rating of "Moderate Buy" and a consensus price target of $60.17.
View Our Latest Report on Bank of New York Mellon
Insider Buying and Selling at Bank of New York Mellon
In related news, VP Catherine Keating sold 4,498 shares of the stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $54.81, for a total value of $246,535.38. Following the sale, the vice president now owns 123,490 shares in the company, valued at $6,768,486.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, EVP J Kevin Mccarthy sold 40,000 shares of the stock in a transaction on Friday, April 19th. The shares were sold at an average price of $56.15, for a total value of $2,246,000.00. Following the transaction, the executive vice president now owns 100,404 shares of the company's stock, valued at approximately $5,637,684.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Catherine Keating sold 4,498 shares of Bank of New York Mellon stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $54.81, for a total transaction of $246,535.38. Following the sale, the vice president now directly owns 123,490 shares of the company's stock, valued at $6,768,486.90. The disclosure for this sale can be found here. Insiders sold a total of 98,568 shares of company stock valued at $5,459,897 in the last three months. Company insiders own 0.14% of the company's stock.
Institutional Trading of Bank of New York Mellon
A number of hedge funds have recently made changes to their positions in BK. Norges Bank bought a new position in shares of Bank of New York Mellon in the fourth quarter worth approximately $813,701,000. Vanguard Group Inc. boosted its stake in Bank of New York Mellon by 6.1% during the 4th quarter. Vanguard Group Inc. now owns 74,501,451 shares of the bank's stock valued at $3,877,801,000 after purchasing an additional 4,293,751 shares during the last quarter. KBC Group NV increased its holdings in shares of Bank of New York Mellon by 217.0% in the 4th quarter. KBC Group NV now owns 1,528,492 shares of the bank's stock worth $79,558,000 after purchasing an additional 1,046,298 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of Bank of New York Mellon by 142.3% during the third quarter. Massachusetts Financial Services Co. MA now owns 1,620,749 shares of the bank's stock valued at $69,125,000 after purchasing an additional 951,730 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Bank of New York Mellon by 153.5% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,554,532 shares of the bank's stock valued at $80,913,000 after purchasing an additional 941,193 shares in the last quarter. 85.31% of the stock is owned by institutional investors.
About Bank of New York Mellon
(
Get Free Report)
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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