Bank of New York Mellon (NYSE:BK) Sets New 52-Week High – Should You Buy?

The Bank of New York Mellon Co. (NYSE:BK) shares hit a new 52-week high during trading on Wednesday . The company traded as high as $80.29 and last traded at $79.96, with a volume of 60119 shares traded. The stock had previously closed at $76.01.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on BK. JPMorgan Chase & Co. lifted their price target on shares of Bank of New York Mellon from $69.00 to $77.00 and gave the company an “overweight” rating in a report on Monday, October 7th. UBS Group lifted their target price on shares of Bank of New York Mellon from $73.00 to $82.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. Citigroup increased their price target on Bank of New York Mellon from $65.00 to $70.00 and gave the stock a “neutral” rating in a research note on Thursday, September 19th. The Goldman Sachs Group upped their price objective on Bank of New York Mellon from $74.00 to $80.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. Finally, Keefe, Bruyette & Woods restated an “outperform” rating and issued a $75.00 price target (up from $70.00) on shares of Bank of New York Mellon in a research note on Monday, July 15th. Five research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $76.69.

Bank of New York Mellon Stock Performance

The stock has a market capitalization of $57.90 billion, a P/E ratio of 16.52, a P/E/G ratio of 0.88 and a beta of 1.07. The business’s fifty day moving average price is $72.34 and its two-hundred day moving average price is $64.85. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.70 and a current ratio of 0.70.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings data on Friday, October 11th. The bank reported $1.52 earnings per share for the quarter, beating analysts’ consensus estimates of $1.41 by $0.11. Bank of New York Mellon had a net margin of 9.44% and a return on equity of 12.06%. The business had revenue of $4.65 billion for the quarter, compared to analysts’ expectations of $4.52 billion. As a group, sell-side analysts forecast that The Bank of New York Mellon Co. will post 5.78 earnings per share for the current year.

Bank of New York Mellon Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Monday, October 21st were given a dividend of $0.47 per share. The ex-dividend date was Monday, October 21st. This represents a $1.88 annualized dividend and a dividend yield of 2.40%. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 40.87%.

Insider Activity

In other news, VP Hanneke Smits sold 16,475 shares of Bank of New York Mellon stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $76.47, for a total transaction of $1,259,843.25. Following the completion of the sale, the vice president now owns 157,455 shares of the company’s stock, valued at approximately $12,040,583.85. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, EVP J Kevin Mccarthy sold 25,000 shares of the firm’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $76.31, for a total value of $1,907,750.00. Following the completion of the sale, the executive vice president now owns 75,404 shares of the company’s stock, valued at $5,754,079.24. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Hanneke Smits sold 16,475 shares of the stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $76.47, for a total value of $1,259,843.25. Following the completion of the sale, the vice president now owns 157,455 shares of the company’s stock, valued at approximately $12,040,583.85. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.14% of the company’s stock.

Hedge Funds Weigh In On Bank of New York Mellon

Several hedge funds have recently modified their holdings of the stock. Stanley Laman Group Ltd. raised its holdings in shares of Bank of New York Mellon by 2.2% in the third quarter. Stanley Laman Group Ltd. now owns 6,198 shares of the bank’s stock worth $445,000 after buying an additional 135 shares during the last quarter. Avidian Wealth Enterprises LLC increased its holdings in shares of Bank of New York Mellon by 2.0% in the third quarter. Avidian Wealth Enterprises LLC now owns 7,024 shares of the bank’s stock valued at $505,000 after purchasing an additional 137 shares during the period. Frank Rimerman Advisors LLC raised its stake in shares of Bank of New York Mellon by 1.1% in the third quarter. Frank Rimerman Advisors LLC now owns 12,908 shares of the bank’s stock worth $928,000 after purchasing an additional 142 shares during the last quarter. Sigma Planning Corp lifted its holdings in shares of Bank of New York Mellon by 2.7% during the third quarter. Sigma Planning Corp now owns 5,470 shares of the bank’s stock worth $393,000 after purchasing an additional 143 shares during the period. Finally, Grove Bank & Trust boosted its position in Bank of New York Mellon by 28.8% in the third quarter. Grove Bank & Trust now owns 644 shares of the bank’s stock valued at $46,000 after buying an additional 144 shares during the last quarter. Institutional investors and hedge funds 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.