Bank of New York Mellon (NYSE:BK) Reaches New 12-Month High Following Earnings Beat

The Bank of New York Mellon Corporation (NYSE:BK)’s share price reached a new 52-week high during mid-day trading on Wednesday following a better than expected earnings announcement. The company traded as high as $96.47 and last traded at $95.02, with a volume of 8705463 shares traded. The stock had previously closed at $95.25.

The bank reported $1.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.73 by $0.21. Bank of New York Mellon had a return on equity of 13.57% and a net margin of 12.27%. The firm had revenue of $4.77 billion during the quarter, compared to the consensus estimate of $4.80 billion. The company’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same quarter last year, the company posted $1.51 EPS.

Bank of New York Mellon Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 7th. Stockholders of record on Friday, July 25th will be issued a $0.53 dividend. This is a positive change from Bank of New York Mellon’s previous quarterly dividend of $0.47. The ex-dividend date of this dividend is Friday, July 25th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.22%. Bank of New York Mellon’s dividend payout ratio is presently 30.62%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Keefe, Bruyette & Woods upped their target price on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the stock an “outperform” rating in a research report on Wednesday. Evercore ISI lifted their price target on Bank of New York Mellon from $88.00 to $90.00 and gave the stock an “in-line” rating in a research note on Wednesday, July 2nd. Citigroup increased their price objective on Bank of New York Mellon from $82.00 to $85.00 and gave the company a “neutral” rating in a research report on Monday, March 24th. Truist Financial boosted their target price on Bank of New York Mellon from $97.00 to $100.00 and gave the stock a “hold” rating in a research report on Wednesday. Finally, Morgan Stanley increased their price target on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the company an “overweight” rating in a research report on Wednesday. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $94.38.

Insider Buying and Selling at Bank of New York Mellon

In other news, EVP J Kevin Mccarthy sold 30,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 29th. The shares were sold at an average price of $79.03, for a total value of $2,370,900.00. Following the transaction, the executive vice president owned 55,115 shares in the company, valued at approximately $4,355,738.45. This trade represents a 35.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.14% of the company’s stock.

Institutional Investors Weigh In On Bank of New York Mellon

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Alpine Bank Wealth Management purchased a new position in shares of Bank of New York Mellon in the first quarter valued at about $25,000. Opal Wealth Advisors LLC bought a new stake in shares of Bank of New York Mellon in the first quarter worth about $25,000. Parvin Asset Management LLC purchased a new position in Bank of New York Mellon during the 4th quarter valued at about $25,000. Hoey Investments Inc. bought a new position in Bank of New York Mellon during the 2nd quarter valued at approximately $32,000. Finally, Bellwether Advisors LLC purchased a new stake in Bank of New York Mellon in the 4th quarter worth approximately $28,000. 85.31% of the stock is currently owned by institutional investors.

Bank of New York Mellon Trading Up 0.3%

The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.69 and a current ratio of 0.69. The stock has a market capitalization of $68.27 billion, a P/E ratio of 14.57, a price-to-earnings-growth ratio of 1.03 and a beta of 1.07. The stock has a 50-day moving average price of $90.33 and a two-hundred day moving average price of $84.93.

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.