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

The Bank of New York Mellon Co. (NYSE:BK) hit a new 52-week high during trading on Friday . The stock traded as high as $87.77 and last traded at $87.62, with a volume of 110091 shares. The stock had previously closed at $86.88.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. StockNews.com cut shares of Bank of New York Mellon from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Barclays upped their price target on shares of Bank of New York Mellon from $102.00 to $104.00 and gave the stock an “overweight” rating in a research note on Thursday, January 16th. Morgan Stanley boosted their target price on Bank of New York Mellon from $90.00 to $97.00 and gave the stock an “overweight” rating in a research report on Thursday, January 16th. UBS Group upped their price target on shares of Bank of New York Mellon from $88.00 to $94.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. Finally, Keefe, Bruyette & Woods upped 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 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 company currently has an average rating of “Moderate Buy” and an average target price of $88.00.

Bank of New York Mellon Stock Up 0.9 %

The company has a current ratio of 0.69, a quick ratio of 0.70 and a debt-to-equity ratio of 0.83. The firm has a market capitalization of $63.73 billion, a P/E ratio of 15.09, a P/E/G ratio of 0.98 and a beta of 1.08. The company has a 50 day simple moving average of $81.08 and a two-hundred day simple moving average of $75.26.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share for the quarter, topping the consensus estimate of $1.54 by $0.18. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The business had revenue of $4.85 billion during the quarter, compared to the consensus estimate of $4.66 billion. During the same period in the prior year, the company posted $1.28 EPS. The firm’s revenue for the quarter was up 11.2% compared to the same quarter last year. On average, equities analysts predict that The Bank of New York Mellon Co. will post 6.89 EPS for the current fiscal year.

Bank of New York Mellon Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 7th. Shareholders of record on Monday, January 27th were paid a $0.47 dividend. The ex-dividend date of this dividend was Monday, January 27th. This represents a $1.88 annualized dividend and a yield of 2.14%. Bank of New York Mellon’s payout ratio is 32.36%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of BK. SeaCrest Wealth Management LLC boosted its position in shares of Bank of New York Mellon by 4.0% during the 3rd quarter. SeaCrest Wealth Management LLC now owns 6,830 shares of the bank’s stock valued at $491,000 after acquiring an additional 260 shares during the last quarter. Vontobel Holding Ltd. boosted its position in shares of Bank of New York Mellon by 11.4% during the 3rd quarter. Vontobel Holding Ltd. now owns 63,884 shares of the bank’s stock valued at $4,591,000 after acquiring an additional 6,544 shares during the last quarter. Hengehold Capital Management LLC bought a new position in shares of Bank of New York Mellon during the 3rd quarter valued at approximately $211,000. Mezzasalma Advisors LLC boosted its position in shares of Bank of New York Mellon by 4.2% during the 3rd quarter. Mezzasalma Advisors LLC now owns 4,480 shares of the bank’s stock valued at $322,000 after acquiring an additional 181 shares during the last quarter. Finally, One Wealth Advisors LLC boosted its position in shares of Bank of New York Mellon by 20.6% during the 3rd quarter. One Wealth Advisors LLC now owns 5,202 shares of the bank’s stock valued at $374,000 after acquiring an additional 889 shares during the last quarter. 85.31% of the stock is currently owned by institutional investors.

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.