The Bank of New York Mellon Corporation (NYSE:BK) Sees Significant Drop in Short Interest

The Bank of New York Mellon Corporation (NYSE:BK) was the target of a significant drop in short interest in January. As of January 15th, there was short interest totaling 7,019,921 shares, a drop of 20.1% from the December 31st total of 8,780,925 shares. Based on an average trading volume of 4,240,034 shares, the short-interest ratio is presently 1.7 days. Currently, 1.0% of the company’s stock are short sold. Currently, 1.0% of the company’s stock are short sold. Based on an average trading volume of 4,240,034 shares, the short-interest ratio is presently 1.7 days.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Wells Fargo & Company raised their price objective on shares of Bank of New York Mellon from $119.00 to $122.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 14th. The Goldman Sachs Group increased their target price on Bank of New York Mellon from $106.00 to $120.00 and gave the company a “buy” rating in a research note on Monday, October 6th. Truist Financial raised shares of Bank of New York Mellon from a “hold” rating to a “buy” rating and increased their price target for the company from $119.00 to $134.00 in a report on Wednesday, January 7th. Royal Bank Of Canada raised their price objective on Bank of New York Mellon from $124.00 to $130.00 and gave the stock a “sector perform” rating in a research report on Wednesday, January 14th. Finally, Weiss Ratings upgraded shares of Bank of New York Mellon from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, Bank of New York Mellon currently has an average rating of “Moderate Buy” and a consensus price target of $131.92.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of BK. Vanguard Group Inc. raised its holdings in Bank of New York Mellon by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 71,319,884 shares of the bank’s stock worth $8,279,525,000 after purchasing an additional 647,847 shares during the period. Geode Capital Management LLC raised its position in Bank of New York Mellon by 4.3% in the 2nd quarter. Geode Capital Management LLC now owns 18,898,373 shares of the bank’s stock valued at $1,717,074,000 after buying an additional 785,478 shares during the last quarter. Artisan Partners Limited Partnership lifted its position in shares of Bank of New York Mellon by 0.9% in the second quarter. Artisan Partners Limited Partnership now owns 15,803,214 shares of the bank’s stock worth $1,439,831,000 after purchasing an additional 139,544 shares in the last quarter. Ameriprise Financial Inc. lifted 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 buying an additional 2,034,781 shares in the last quarter. Finally, Norges Bank bought a new stake in Bank of New York Mellon during the second quarter worth about $1,081,847,000. Institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Price Performance

NYSE:BK traded down $1.65 during mid-day trading on Friday, reaching $119.84. 3,059,274 shares of the company were exchanged, compared to its average volume of 3,793,089. The company has a quick ratio of 0.70, a current ratio of 0.71 and a debt-to-equity ratio of 0.81. The stock has a market cap of $83.57 billion, a PE ratio of 16.17, a PEG ratio of 1.13 and a beta of 1.11. The company has a fifty day moving average of $117.20 and a 200 day moving average of $109.48. Bank of New York Mellon has a 12 month low of $70.46 and a 12 month high of $125.89.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings data on Friday, October 31st. The bank reported $1.91 earnings per share (EPS) for the quarter. The firm had revenue of $5.07 billion for the quarter. Bank of New York Mellon had a return on equity of 14.37% and a net margin of 13.62%. On average, research analysts anticipate that Bank of New York Mellon will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, February 5th. Shareholders of record on Friday, January 23rd will be paid a $0.53 dividend. The ex-dividend date of this dividend is Friday, January 23rd. This represents a $2.12 dividend on an annualized basis and a yield of 1.8%. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 28.61%.

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.