Bank of New York Mellon (NYSE:BK) Hits New 52-Week High – Time to Buy?

The Bank of New York Mellon Corporation (NYSE:BK) reached a new 52-week high on Monday . The company traded as high as $126.45 and last traded at $125.9010, with a volume of 530115 shares traded. The stock had previously closed at $124.32.

Analyst Upgrades and Downgrades

A number of research analysts have commented on BK shares. Royal Bank Of Canada boosted their target price on Bank of New York Mellon from $124.00 to $130.00 and gave the company a “sector perform” rating in a research note on Wednesday, January 14th. Barclays raised their price objective on shares of Bank of New York Mellon from $120.00 to $143.00 and gave the company an “overweight” rating in a research report on Monday, January 5th. Wells Fargo & Company boosted their target price on shares of Bank of New York Mellon from $119.00 to $122.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 14th. TD Cowen increased their price target on shares of Bank of New York Mellon from $133.00 to $145.00 and gave the stock a “buy” rating in a research note on Wednesday, January 7th. Finally, Truist Financial upgraded Bank of New York Mellon from a “hold” rating to a “buy” rating and raised their target price for the company from $119.00 to $134.00 in a report on Wednesday, January 7th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $131.92.

Bank of New York Mellon Price Performance

The company has a market cap of $84.85 billion, a price-to-earnings ratio of 16.42, a price-to-earnings-growth ratio of 1.18 and a beta of 1.10. The company has a current ratio of 0.71, a quick ratio of 0.70 and a debt-to-equity ratio of 0.81. The company has a fifty day moving average price of $118.90 and a two-hundred day moving average price of $110.75.

Bank of New York Mellon (NYSE:BK) last issued 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 14.37% and a net margin of 13.62%. As a group, equities research analysts anticipate that The Bank of New York Mellon Corporation will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, February 5th. Investors of record on Friday, January 23rd were paid a $0.53 dividend. The ex-dividend date of this dividend was Friday, January 23rd. This represents a $2.12 annualized dividend and a yield of 1.7%. Bank of New York Mellon’s payout ratio is currently 28.61%.

Institutional Investors Weigh In On Bank of New York Mellon

Several large investors have recently made changes to their positions in the company. Revolve Wealth Partners LLC acquired a new stake in shares of Bank of New York Mellon during the fourth quarter worth approximately $220,000. Sivia Capital Partners LLC grew its position in Bank of New York Mellon by 36.6% during the 2nd quarter. Sivia Capital Partners LLC now owns 3,394 shares of the bank’s stock worth $309,000 after acquiring an additional 909 shares during the last quarter. Ignite Planners LLC acquired a new stake in Bank of New York Mellon during the 2nd quarter valued at $240,000. Blair William & Co. IL raised its position in Bank of New York Mellon by 52.4% in the 2nd quarter. Blair William & Co. IL now owns 36,449 shares of the bank’s stock valued at $3,321,000 after purchasing an additional 12,537 shares during the last quarter. Finally, Blue Trust Inc. raised its position in Bank of New York Mellon by 9.8% in the 2nd quarter. Blue Trust Inc. now owns 4,848 shares of the bank’s stock valued at $442,000 after purchasing an additional 434 shares during the last quarter. Institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Company Profile

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.