The Bank of New York Mellon Co. (NYSE:BK) Short Interest Update

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

Insider Activity at Bank of New York Mellon

In related news, VP Catherine Keating sold 4,498 shares of the business’s stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $54.81, for a total transaction of $246,535.38. Following the sale, the vice president now directly owns 123,490 shares in the company, valued at approximately $6,768,486.90. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.14% of the stock is currently owned by corporate insiders.

Institutional Trading of Bank of New York Mellon

Several hedge funds and other institutional investors have recently bought and sold shares of BK. Norges Bank bought a new stake in Bank of New York Mellon in the fourth quarter valued at approximately $813,701,000. Moneta Group Investment Advisors LLC increased its stake in shares of 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 valued at $278,343,000 after buying an additional 6,106,537 shares during the period. Vanguard Group Inc. lifted its stake in Bank of New York Mellon by 6.1% in 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 period. Barclays PLC lifted its stake in Bank of New York Mellon by 126.2% in 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 period. Finally, Arrowstreet Capital Limited Partnership bought a new stake in Bank of New York Mellon in the first quarter valued at $66,916,000. Institutional investors own 85.31% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Morgan Stanley raised Bank of New York Mellon from an “underweight” rating to an “equal weight” rating and boosted their price objective for the stock from $52.00 to $62.00 in a report on Tuesday, January 30th. Citigroup boosted their price target on shares of Bank of New York Mellon from $60.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, February 14th. UBS Group increased their target price on Bank of New York Mellon from $54.00 to $62.00 and gave the company a “buy” rating in a research note on Tuesday, January 9th. JPMorgan Chase & Co. raised Bank of New York Mellon from a “neutral” rating to an “overweight” rating and set a $54.50 price target for the company in a research note on Monday, December 18th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $58.00 price objective on shares of Bank of New York Mellon in a research report on Wednesday, March 27th. Six investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $56.72.

Bank of New York Mellon Stock Performance

NYSE:BK opened at $55.09 on Tuesday. The business has a 50 day moving average of $55.77 and a 200 day moving average of $51.00. The company has a market capitalization of $41.48 billion, a price-to-earnings ratio of 13.88, a PEG ratio of 1.18 and a beta of 1.12. Bank of New York Mellon has a 1-year low of $39.65 and a 1-year high of $58.28. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.72 and a quick ratio of 0.72.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Friday, January 12th. The bank reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.12 by $0.16. Bank of New York Mellon had a return on equity of 11.63% and a net margin of 10.01%. The firm had revenue of $4.31 billion during the quarter, compared to the consensus estimate of $4.30 billion. During the same quarter in the previous year, the company posted $1.30 earnings per share. The business’s revenue was up 10.0% on a year-over-year basis. On average, sell-side analysts predict that Bank of New York Mellon will post 5.33 earnings per share for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 9th. Shareholders of record on Friday, April 26th will be given a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 3.05%. Bank of New York Mellon’s payout ratio is currently 42.32%.

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.