Bank of New York Mellon (NYSE:BK) Hits New 1-Year High After Analyst Upgrade

The Bank of New York Mellon Corporation (NYSE:BK) reached a new 52-week high during trading on Monday after Barclays raised their price target on the stock from $120.00 to $143.00. Barclays currently has an overweight rating on the stock. Bank of New York Mellon traded as high as $121.20 and last traded at $121.1260, with a volume of 541915 shares changing hands. The stock had previously closed at $117.04.

A number of other analysts also recently weighed in on the stock. Wells Fargo & Company increased their price target on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the company an “equal weight” rating in a research report on Friday, October 17th. TD Cowen lifted their price objective on Bank of New York Mellon from $130.00 to $133.00 and gave the company a “buy” rating in a report on Monday, October 20th. BMO Capital Markets started coverage on shares of Bank of New York Mellon in a research note on Friday, October 3rd. They issued an “outperform” rating and a $125.00 target price for the company. Evercore ISI lifted their target price on Bank of New York Mellon from $91.00 to $110.00 and gave the company an “in-line” rating in a research report on Tuesday, September 30th. Finally, Morgan Stanley boosted their price target on shares of Bank of New York Mellon from $118.00 to $124.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 17th. Ten analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, Bank of New York Mellon currently has a consensus rating of “Moderate Buy” and an average target price of $113.50.

Institutional Trading of Bank of New York Mellon

Several institutional investors have recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Bank of New York Mellon in the second quarter valued at approximately $1,081,847,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Bank of New York Mellon by 639.5% during the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,076,729 shares of the bank’s stock worth $771,080,000 after acquiring an additional 6,119,749 shares in the last quarter. Ameriprise Financial Inc. increased its position in Bank of New York Mellon by 18.0% during the 3rd quarter. Ameriprise Financial Inc. now owns 13,345,266 shares of the bank’s stock worth $1,454,116,000 after purchasing an additional 2,034,781 shares in the last quarter. Qube Research & Technologies Ltd bought a new position in shares of Bank of New York Mellon in the 2nd quarter valued at $135,728,000. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of Bank of New York Mellon by 26.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 5,053,744 shares of the bank’s stock valued at $423,858,000 after acquiring an additional 1,052,145 shares in the last quarter. 85.31% of the stock is currently owned by institutional investors.

Bank of New York Mellon Price Performance

The firm has a market cap of $84.63 billion, a P/E ratio of 17.51, a price-to-earnings-growth ratio of 0.96 and a beta of 1.11. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.83. The business has a 50-day moving average of $112.41 and a two-hundred day moving average of $105.58.

Bank of New York Mellon (NYSE:BK) last posted its earnings results on Friday, October 31st. The bank reported $1.91 EPS for the quarter. The firm had revenue of $5.07 billion during the quarter. Bank of New York Mellon had a return on equity of 14.03% and a net margin of 12.86%. On average, sell-side analysts anticipate that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 7th. Shareholders of record on Monday, October 27th were given a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 1.7%. The ex-dividend date was Monday, October 27th. Bank of New York Mellon’s dividend payout ratio is 30.59%.

About Bank of New York Mellon

Bank of New York Mellon Corporation (BNY Mellon) is a global financial services company headquartered in New York City that provides a wide range of asset servicing, custody, and related financial infrastructure solutions to institutional clients. Its core businesses include custody and asset servicing, clearing and collateral management, treasury services, securities lending, corporate trust services, and depositary receipt administration. The company also offers investment management and advisory services through its asset management arm and provides technology-enabled solutions for trade processing, foreign exchange, and liquidity management.

BNY Mellon serves a broad client base that includes asset managers, pension funds, corporations, banks, broker-dealers and sovereign entities.