The Bank of New York Mellon Co. (NYSE:BK) Sees Significant Growth in Short Interest

The Bank of New York Mellon Co. (NYSE:BK) was the target of a significant growth in short interest during the month of August. As of August 31st, there was short interest totalling 11,480,000 shares, a growth of 21.7% from the August 15th total of 9,430,000 shares. Based on an average trading volume of 4,020,000 shares, the short-interest ratio is currently 2.9 days. Approximately 1.6% of the company’s shares are sold short.

Insider Activity

In other news, VP Hanneke Smits sold 15,000 shares of the stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $64.11, for a total value of $961,650.00. Following the completion of the sale, the vice president now owns 173,930 shares of the company’s stock, valued at $11,150,652.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.14% of the company’s stock.

Institutional Trading of Bank of New York Mellon

Several hedge funds have recently added to or reduced their stakes in the business. Atlantic Edge Private Wealth Management LLC acquired a new stake in Bank of New York Mellon during the fourth quarter worth about $28,000. Olistico Wealth LLC acquired a new stake in shares of Bank of New York Mellon during the 2nd quarter worth approximately $30,000. Able Wealth Management LLC bought a new stake in shares of Bank of New York Mellon during the fourth quarter valued at approximately $32,000. Kathleen S. Wright Associates Inc. acquired a new position in shares of Bank of New York Mellon in the first quarter valued at $32,000. Finally, Clearstead Trust LLC acquired a new position in shares of Bank of New York Mellon in the second quarter valued at $32,000. Institutional investors own 85.31% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Barclays boosted their target price on shares of Bank of New York Mellon from $68.00 to $75.00 and gave the company an “overweight” rating in a research note on Monday, July 15th. Morgan Stanley upped their target price on Bank of New York Mellon from $65.00 to $72.00 and gave the company an “equal weight” rating in a report on Tuesday, July 30th. Keefe, Bruyette & Woods restated an “outperform” rating and set a $75.00 price objective (up previously from $70.00) on shares of Bank of New York Mellon in a research report on Monday, July 15th. Deutsche Bank Aktiengesellschaft raised their target price on Bank of New York Mellon from $63.00 to $66.00 and gave the company a “hold” rating in a research note on Thursday, August 15th. Finally, Citigroup lowered shares of Bank of New York Mellon from a “buy” rating to a “neutral” rating and set a $65.00 price target for the company. in a research report on Monday, July 15th. Six analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $66.14.

Bank of New York Mellon Stock Down 0.1 %

Shares of BK stock traded down $0.08 on Tuesday, reaching $70.45. 1,545,749 shares of the company’s stock traded hands, compared to its average volume of 3,800,253. Bank of New York Mellon has a 12-month low of $39.66 and a 12-month high of $70.92. The company has a market capitalization of $52.68 billion, a P/E ratio of 16.39, a price-to-earnings-growth ratio of 1.17 and a beta of 1.08. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.70 and a current ratio of 0.70. The business’s 50 day moving average price is $65.21 and its two-hundred day moving average price is $60.27.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Friday, July 12th. The bank reported $1.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.43 by $0.08. The business had revenue of $4.60 billion during the quarter, compared to analyst estimates of $4.53 billion. Bank of New York Mellon had a return on equity of 11.87% and a net margin of 9.40%. The firm’s revenue was up 2.1% on a year-over-year basis. During the same period in the previous year, the company earned $1.38 EPS. On average, equities analysts forecast that Bank of New York Mellon will post 5.63 earnings per share for the current year.

Bank of New York Mellon Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 2nd. Stockholders of record on Monday, July 22nd were paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.67%. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend was Monday, July 22nd. Bank of New York Mellon’s payout ratio is presently 43.52%.

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.