Bank of New York Mellon (NYSE:BK) Sets New 12-Month High After Analyst Upgrade

The Bank of New York Mellon Co. (NYSE:BK - Get Free Report) hit a new 52-week high during mid-day trading on Monday after Wells Fargo & Company raised their price target on the stock from $86.00 to $96.00. Wells Fargo & Company currently has an equal weight rating on the stock. Bank of New York Mellon traded as high as $90.34 and last traded at $89.70, with a volume of 211634 shares. The stock had previously closed at $88.95.

BK has been the subject of several other research reports. Barclays boosted their price objective on Bank of New York Mellon from $102.00 to $104.00 and gave the company an "overweight" rating in a report on Thursday, January 16th. Citigroup upped their price objective on shares of Bank of New York Mellon from $75.00 to $82.00 and gave the stock a "neutral" rating in a report on Monday, November 25th. StockNews.com lowered shares of Bank of New York Mellon from a "buy" rating to a "hold" rating in a research note on Wednesday, February 19th. Evercore ISI boosted their target price on shares of Bank of New York Mellon from $79.00 to $83.00 and gave the stock an "in-line" rating in a research report on Thursday, January 16th. Finally, Keefe, Bruyette & Woods raised their price target on shares of Bank of New York Mellon from $87.00 to $96.00 and gave the company an "outperform" rating in a research report on Tuesday, December 3rd. Six research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $88.71.

Institutional Trading of Bank of New York Mellon

Several hedge funds have recently made changes to their positions in BK. Norges Bank purchased a new stake in Bank of New York Mellon in the 4th quarter worth about $1,150,462,000. FMR LLC boosted its position in Bank of New York Mellon by 78.6% during the third quarter. FMR LLC now owns 19,338,722 shares of the bank's stock worth $1,389,680,000 after purchasing an additional 8,512,404 shares during the period. Wellington Management Group LLP increased its stake in shares of Bank of New York Mellon by 2,707.1% in the third quarter. Wellington Management Group LLP now owns 3,258,967 shares of the bank's stock worth $234,189,000 after purchasing an additional 3,142,869 shares in the last quarter. Northern Trust Corp raised its position in shares of Bank of New York Mellon by 19.1% in the fourth quarter. Northern Trust Corp now owns 9,533,615 shares of the bank's stock valued at $732,468,000 after purchasing an additional 1,526,686 shares during the period. Finally, Raymond James Financial Inc. purchased a new stake in shares of Bank of New York Mellon during the 4th quarter valued at approximately $90,955,000. 85.31% of the stock is currently owned by institutional investors.

Bank of New York Mellon Stock Down 0.7 %

The company has a market capitalization of $64.22 billion, a PE ratio of 15.20, a PEG ratio of 0.97 and a beta of 1.08. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.70 and a current ratio of 0.69. The stock's 50 day moving average is $83.24 and its 200 day moving average is $77.46.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.18. The firm had revenue of $4.85 billion for the quarter, compared to the consensus estimate of $4.66 billion. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The business's quarterly revenue was up 11.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.28 earnings per share. On average, sell-side analysts anticipate that The Bank of New York Mellon Co. will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, February 7th. Shareholders of record on Monday, January 27th were issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 2.13%. The ex-dividend date of this dividend was Monday, January 27th. Bank of New York Mellon's payout ratio is presently 32.36%.

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.