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

The Bank of New York Mellon Co. (NYSE:BK - Get Free Report) reached a new 52-week high on Thursday . The company traded as high as $85.81 and last traded at $84.33, with a volume of 4288998 shares changing hands. The stock had previously closed at $84.93.

Analyst Ratings Changes

BK has been the topic of several analyst reports. Morgan Stanley upped their target price on shares of Bank of New York Mellon from $90.00 to $97.00 and gave the stock an "overweight" rating in a report on Thursday, January 16th. Wolfe Research lowered shares of Bank of New York Mellon from an "outperform" rating to a "peer perform" rating in a report on Friday, January 3rd. Evercore ISI boosted their target price on Bank of New York Mellon from $79.00 to $83.00 and gave the stock an "in-line" rating in a report on Thursday, January 16th. Citigroup raised their price target on Bank of New York Mellon from $75.00 to $82.00 and gave the company a "neutral" rating in a report on Monday, November 25th. Finally, Wells Fargo & Company boosted their price objective on Bank of New York Mellon from $82.00 to $86.00 and gave the stock an "equal weight" rating in a research note on Thursday, January 16th. Six investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $88.00.

Bank of New York Mellon Stock Performance

The company has a market capitalization of $61.62 billion, a price-to-earnings ratio of 14.59, a P/E/G ratio of 0.97 and a beta of 1.08. The stock's 50 day moving average price is $79.23 and its 200 day moving average price is $72.82. The company has a current ratio of 0.69, a quick ratio of 0.70 and a debt-to-equity ratio of 0.83.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share for the quarter, beating the consensus estimate of $1.54 by $0.18. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The business had revenue of $4.85 billion during the quarter, compared to analysts' expectations of $4.66 billion. During the same period last year, the business earned $1.28 earnings per share. The firm's revenue was up 11.2% on a year-over-year basis. Analysts expect that The Bank of New York Mellon Co. will post 6.86 earnings per share for the current year.

Bank of New York Mellon Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 7th. Investors of record on Monday, January 27th will be issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date is Monday, January 27th. Bank of New York Mellon's payout ratio is presently 32.36%.

Institutional Trading of Bank of New York Mellon

Hedge funds have recently modified their holdings of the stock. FMR LLC increased its position in Bank of New York Mellon by 78.6% during the 3rd quarter. FMR LLC now owns 19,338,722 shares of the bank's stock worth $1,389,680,000 after buying an additional 8,512,404 shares during the period. Wellington Management Group LLP increased its position in Bank of New York Mellon by 2,707.1% during the third quarter. Wellington Management Group LLP now owns 3,258,967 shares of the bank's stock worth $234,189,000 after acquiring an additional 3,142,869 shares during the period. Zacks Investment Management acquired a new stake in Bank of New York Mellon in the 3rd quarter worth about $62,589,000. State Street Corp boosted its holdings in Bank of New York Mellon by 2.0% in the 3rd quarter. State Street Corp now owns 33,313,594 shares of the bank's stock valued at $2,393,915,000 after purchasing an additional 659,096 shares during the period. Finally, National Bank of Canada FI grew its position in shares of Bank of New York Mellon by 248.3% during the 3rd quarter. National Bank of Canada FI now owns 858,831 shares of the bank's stock worth $61,715,000 after purchasing an additional 612,287 shares in the last quarter. Institutional investors and hedge funds own 85.31% of the company's stock.

Bank of New York Mellon Company Profile

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.