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

The Bank of New York Mellon Corporation (NYSE:BK)’s stock price reached a new 52-week high on Monday . The company traded as high as $111.17 and last traded at $111.22, with a volume of 863179 shares changing hands. The stock had previously closed at $109.64.

Analysts Set New Price Targets

BK has been the topic of several analyst reports. Keefe, Bruyette & Woods increased their target price on Bank of New York Mellon from $120.00 to $124.00 and gave the stock an “outperform” rating in a report on Friday, October 17th. The Goldman Sachs Group raised their target price on shares of Bank of New York Mellon from $106.00 to $120.00 and gave the company a “buy” rating in a report on Monday, October 6th. Citigroup upped their price target on shares of Bank of New York Mellon from $92.00 to $105.00 and gave the stock a “neutral” rating in a report on Friday, September 5th. Morgan Stanley lifted their price objective on shares of Bank of New York Mellon from $101.00 to $116.00 and gave the company an “overweight” rating in a research note on Monday, September 29th. Finally, Barclays boosted their price objective on shares of Bank of New York Mellon from $104.00 to $120.00 and gave the company an “overweight” rating in a research report on Friday, October 17th. Ten research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Bank of New York Mellon has a consensus rating of “Moderate Buy” and an average price target of $111.29.

Bank of New York Mellon Trading Up 1.2%

The business’s fifty day moving average is $107.06 and its 200-day moving average is $98.13. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.72 and a current ratio of 0.70. The firm has a market cap of $77.36 billion, a P/E ratio of 16.01, a price-to-earnings-growth ratio of 0.98 and a beta of 1.13.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Tuesday, March 26th. The bank reported $1.30 earnings per share (EPS) for the quarter. Bank of New York Mellon had a net margin of 12.86% and a return on equity of 14.03%. The firm had revenue of $4.38 billion during the quarter. Analysts predict that The Bank of New York Mellon Corporation will post 6.96 EPS for the current year.

Bank of New York Mellon Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 7th. Shareholders of record on Monday, October 27th were issued a dividend of $0.53 per share. The ex-dividend date of this dividend was Monday, October 27th. This represents a $2.12 annualized dividend and a yield of 1.9%. Bank of New York Mellon’s payout ratio is presently 30.59%.

Hedge Funds Weigh In On Bank of New York Mellon

A number of hedge funds have recently made changes to their positions in BK. Westside Investment Management Inc. boosted its holdings in Bank of New York Mellon by 78.9% in the second quarter. Westside Investment Management Inc. now owns 288 shares of the bank’s stock valued at $26,000 after acquiring an additional 127 shares during the last quarter. Orion Capital Management LLC acquired a new position in shares of Bank of New York Mellon in the 1st quarter worth approximately $32,000. Hoey Investments Inc. bought a new stake in shares of Bank of New York Mellon in the 2nd quarter valued at $32,000. Valley Wealth Managers Inc. acquired a new stake in shares of Bank of New York Mellon during the third quarter worth $33,000. Finally, McClarren Financial Advisors Inc. bought a new position in Bank of New York Mellon during the first quarter worth $34,000. 85.31% of the stock is currently owned by institutional investors.

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.