Short Interest in The Bank of New York Mellon Co. (NYSE:BK) Drops By 6.9%

The Bank of New York Mellon Co. (NYSE:BK) saw a large drop in short interest in the month of March. As of March 31st, there was short interest totalling 7,070,000 shares, a drop of 6.9% from the March 15th total of 7,590,000 shares. Currently, 0.9% of the company’s stock are short sold. Based on an average daily volume of 3,960,000 shares, the days-to-cover ratio is presently 1.8 days.

Bank of New York Mellon Price Performance

NYSE BK opened at $54.47 on Thursday. The company has a market capitalization of $41.01 billion, a PE ratio of 13.72, a price-to-earnings-growth ratio of 1.18 and a beta of 1.12. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.72 and a current ratio of 0.72. The business’s fifty day moving average is $55.73 and its 200 day moving average is $51.10. Bank of New York Mellon has a fifty-two week low of $39.65 and a fifty-two week high of $58.28.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Tuesday, April 16th. The bank reported $1.29 EPS for the quarter, beating the consensus estimate of $1.19 by $0.10. Bank of New York Mellon had a return on equity of 11.63% and a net margin of 10.01%. The business had revenue of $4.53 billion for the quarter, compared to the consensus estimate of $4.39 billion. During the same period in the previous year, the business earned $1.13 earnings per share. The business’s revenue was up 3.8% on a year-over-year basis. Sell-side analysts predict that Bank of New York Mellon will post 5.33 earnings per share for the current year.

Bank of New York Mellon Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 9th. Stockholders of record on Friday, April 26th will be issued a $0.42 dividend. The ex-dividend date is Thursday, April 25th. This represents a $1.68 annualized dividend and a dividend yield of 3.08%. Bank of New York Mellon’s dividend payout ratio (DPR) is 42.32%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Evercore ISI raised their price objective on Bank of New York Mellon from $57.00 to $61.00 and gave the company an “in-line” rating in a research report on Thursday, April 4th. Citigroup lifted their target price on Bank of New York Mellon from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, February 14th. Royal Bank of Canada reissued a “sector perform” rating and issued a $58.00 target price on shares of Bank of New York Mellon in a report on Wednesday, March 27th. Morgan Stanley raised Bank of New York Mellon from an “underweight” rating to an “equal weight” rating and lifted their target price for the stock from $52.00 to $62.00 in a report on Tuesday, January 30th. Finally, Bank of America lifted their target price on Bank of New York Mellon from $64.00 to $66.00 and gave the stock a “buy” rating in a report on Wednesday. Six investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Bank of New York Mellon has a consensus rating of “Hold” and an average price target of $58.17.

Insider Activity

In other news, VP Catherine Keating sold 4,498 shares of the firm’s stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $54.81, for a total value of $246,535.38. Following the completion of the transaction, the vice president now owns 123,490 shares in the company, valued at approximately $6,768,486.90. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.14% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Bank of New York Mellon

Several large investors have recently made changes to their positions in BK. Norges Bank bought a new stake in Bank of New York Mellon during the fourth quarter worth approximately $813,701,000. Moneta Group Investment Advisors LLC increased its stake in Bank of New York Mellon by 74,433.7% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 6,114,741 shares of the bank’s stock worth $278,343,000 after acquiring an additional 6,106,537 shares during the last quarter. Vanguard Group Inc. increased its stake in Bank of New York Mellon by 6.1% during the fourth quarter. Vanguard Group Inc. now owns 74,501,451 shares of the bank’s stock worth $3,877,801,000 after acquiring an additional 4,293,751 shares during the last quarter. Barclays PLC increased its stake in Bank of New York Mellon by 126.2% during the second quarter. Barclays PLC now owns 2,885,446 shares of the bank’s stock worth $128,462,000 after acquiring an additional 1,609,730 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership bought a new stake in Bank of New York Mellon during the first quarter worth approximately $66,916,000. 85.31% of the stock is 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.