Bank of New York Mellon (NYSE:BK) Reaches New 52-Week High – Here’s Why

by · The Cerbat Gem

The Bank of New York Mellon Corporation (NYSE:BK – Get Free Report) hit a new 52-week high on Wednesday . The company traded as high as $113.77 and last traded at $113.3760, with a volume of 1122396 shares trading hands. The stock had previously closed at $112.08.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on BK. Weiss Ratings reiterated a “buy (b)” rating on shares of Bank of New York Mellon in a research note on Monday. The Goldman Sachs Group boosted their price target on Bank of New York Mellon from $106.00 to $120.00 and gave the company a “buy” rating in a research report on Monday, October 6th. Morgan Stanley increased their price objective on Bank of New York Mellon from $101.00 to $116.00 and gave the stock an “overweight” rating in a research report on Monday, September 29th. Truist Financial lifted their target price on Bank of New York Mellon from $118.00 to $119.00 and gave the company a “hold” rating in a research note on Friday, October 17th. Finally, BMO Capital Markets started coverage on Bank of New York Mellon in a research note on Friday, October 3rd. They set an “outperform” rating and a $125.00 price target for the company. Ten equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $111.29.

Read Our Latest Stock Report on BK

Bank of New York Mellon Stock Performance

The stock has a 50 day moving average of $108.54 and a two-hundred day moving average of $101.44. The stock has a market capitalization of $79.55 billion, a PE ratio of 16.46, a P/E/G ratio of 1.03 and a beta of 1.12. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.70 and a quick ratio of 0.70.

Bank of New York Mellon (NYSE:BK – Get Free Report) last released its earnings results on Tuesday, March 26th. The bank reported $1.30 EPS for the quarter. Bank of New York Mellon had a return on equity of 14.03% and a net margin of 12.86%.The company had revenue of $4.38 billion during the quarter. Research analysts expect that The Bank of New York Mellon Corporation will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 7th. Investors of record on Monday, October 27th were issued a dividend of $0.53 per share. The ex-dividend date of this dividend was Monday, October 27th. This represents a $2.12 dividend on an annualized basis and a yield of 1.9%. Bank of New York Mellon’s payout ratio is currently 30.59%.

Institutional Investors Weigh In On Bank of New York Mellon

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Westside Investment Management Inc. boosted its position in Bank of New York Mellon by 78.9% during the second quarter. Westside Investment Management Inc. now owns 288 shares of the bank’s stock worth $26,000 after purchasing an additional 127 shares in the last quarter. Orion Capital Management LLC acquired a new position in shares of Bank of New York Mellon during the 1st quarter worth $32,000. Hoey Investments Inc. purchased a new stake in shares of Bank of New York Mellon in the 2nd quarter worth about $32,000. Valley Wealth Managers Inc. acquired a new stake in Bank of New York Mellon in the 3rd quarter valued at about $33,000. Finally, GFG Capital LLC acquired a new stake in Bank of New York Mellon in the 2nd quarter valued at about $36,000. 85.31% of the stock is currently owned by institutional investors and hedge funds.

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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