Bank of New York Mellon (NYSE:BK) Reaches New 1-Year Low at $42.12
Shares of Bank of New York Mellon Corp (NYSE:BK) hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $42.12 and last traded at $42.15, with a volume of 185919 shares traded. The stock had previously closed at $43.67.
A number of equities research analysts recently issued reports on the company. Keefe, Bruyette & Woods upgraded Bank of New York Mellon from an “underperform” rating to a “market perform” rating and increased their price objective for the stock from $46.00 to $47.00 in a research report on Thursday, July 18th. JPMorgan Chase & Co. lowered their price objective on Bank of New York Mellon from $50.00 to $49.00 and set an “underweight” rating on the stock in a research report on Tuesday, July 9th. Zacks Investment Research upgraded Bank of New York Mellon from a “sell” rating to a “hold” rating in a research report on Monday, May 20th. ValuEngine downgraded Bank of New York Mellon from a “hold” rating to a “sell” rating in a research report on Wednesday, May 15th. Finally, UBS Group lowered their price objective on Bank of New York Mellon from $49.00 to $45.00 and set a “neutral” rating on the stock in a research report on Wednesday, June 26th. Four investment analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $49.64.
The business’s 50-day moving average price is $45.00. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.71 and a current ratio of 0.71. The stock has a market cap of $43.18 billion, a price-to-earnings ratio of 10.02, a PEG ratio of 1.41 and a beta of 1.07.
The company also recently declared a quarterly dividend, which was paid on Friday, August 9th. Shareholders of record on Monday, July 29th were given a dividend of $0.31 per share. This is an increase from Bank of New York Mellon’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend was Friday, July 26th. This represents a $1.24 dividend on an annualized basis and a yield of 2.94%. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 29.45%.
Bank of New York Mellon declared that its board has approved a stock buyback program on Thursday, June 27th that authorizes the company to repurchase $3.94 billion in outstanding shares. This repurchase authorization authorizes the bank to buy up to 9.5% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.
In related news, Vice Chairman William M. Daley acquired 11,350 shares of the firm’s stock in a transaction dated Thursday, July 18th. The shares were purchased at an average price of $44.93 per share, for a total transaction of $509,955.50. Following the completion of the acquisition, the insider now owns 5,700 shares in the company, valued at $256,101. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, Vice Chairman Thomas P. Gibbons sold 318,556 shares of Bank of New York Mellon stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $46.72, for a total value of $14,882,936.32. Following the completion of the transaction, the insider now owns 539,052 shares in the company, valued at approximately $25,184,509.44. The disclosure for this sale can be found here. 1.71% of the stock is currently owned by insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Geode Capital Management LLC raised its holdings in Bank of New York Mellon by 6.5% during the 4th quarter. Geode Capital Management LLC now owns 10,721,814 shares of the bank’s stock worth $503,675,000 after buying an additional 655,356 shares during the period. Northstar Group Inc. raised its holdings in Bank of New York Mellon by 2.4% during the 1st quarter. Northstar Group Inc. now owns 20,173 shares of the bank’s stock worth $1,018,000 after buying an additional 465 shares during the period. Lincoln Capital LLC raised its holdings in Bank of New York Mellon by 2.1% during the 1st quarter. Lincoln Capital LLC now owns 110,748 shares of the bank’s stock worth $5,585,000 after buying an additional 2,261 shares during the period. Meeder Asset Management Inc. raised its holdings in Bank of New York Mellon by 27.7% during the 1st quarter. Meeder Asset Management Inc. now owns 5,760 shares of the bank’s stock worth $290,000 after buying an additional 1,250 shares during the period. Finally, Prime Capital Investment Advisors LLC acquired a new stake in Bank of New York Mellon during the 1st quarter worth about $42,000. Hedge funds and other institutional investors own 83.95% of the company’s stock.
About Bank of New York Mellon (NYSE:BK)
The Bank of New York Mellon Corporation provides a range of financial products and services to institutions, corporations, and high net worth individuals in the United States and internationally. The company operates through two segments, Investment Management and Investment Services. It offers investment management, custody, foreign exchange, fund broker-dealer, collateral and liquidity, clearing, corporate trust, global payment, trade finance, and cash management services, as well as securities finance and depositary receipts.
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