The Bank of New York Mellon Co. (NYSE:BK – Get Rating) was the target of a significant drop in short interest in the month of May. As of May 15th, there was short interest totalling 6,650,000 shares, a drop of 23.3% from the April 30th total of 8,670,000 shares. Approximately 0.8% of the company’s stock are sold short. Based on an average daily volume of 5,920,000 shares, the days-to-cover ratio is presently 1.1 days.
Several institutional investors and hedge funds have recently made changes to their positions in the company. American Century Companies Inc. raised its position in Bank of New York Mellon by 8.3% during the first quarter. American Century Companies Inc. now owns 14,454,703 shares of the bank’s stock valued at $717,387,000 after purchasing an additional 1,110,848 shares in the last quarter. Invesco Ltd. boosted its position in shares of Bank of New York Mellon by 1.8% during the 3rd quarter. Invesco Ltd. now owns 10,807,102 shares of the bank’s stock worth $560,240,000 after purchasing an additional 193,129 shares in the last quarter. Norges Bank bought a new stake in shares of Bank of New York Mellon during the fourth quarter worth about $555,083,000. LSV Asset Management grew its position in Bank of New York Mellon by 3.5% in the 1st quarter. LSV Asset Management now owns 7,607,994 shares of the bank’s stock worth $377,585,000 after purchasing an additional 259,773 shares in the last quarter. Finally, Victory Capital Management Inc. raised its stake in shares of Bank of New York Mellon by 6.9% during the 1st quarter. Victory Capital Management Inc. now owns 7,474,905 shares of the bank’s stock worth $367,610,000 after purchasing an additional 479,927 shares during the period. 83.69% of the stock is owned by institutional investors.
BK has been the subject of several research analyst reports. The Goldman Sachs Group decreased their price objective on shares of Bank of New York Mellon from $60.00 to $51.50 and set a “neutral” rating for the company in a research note on Tuesday, April 19th. Morgan Stanley lowered their target price on shares of Bank of New York Mellon from $58.00 to $55.00 and set an “equal weight” rating on the stock in a research report on Tuesday, April 19th. Wolfe Research lowered shares of Bank of New York Mellon from an “outperform” rating to a “peer perform” rating and set a $55.00 price objective on the stock. in a research report on Thursday, March 31st. Royal Bank of Canada dropped their price target on Bank of New York Mellon from $60.00 to $56.00 and set a “sector perform” rating for the company in a research report on Tuesday, April 19th. Finally, JPMorgan Chase & Co. lowered shares of Bank of New York Mellon from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $59.00 to $51.50 in a research report on Wednesday, April 27th. Eleven analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Bank of New York Mellon currently has an average rating of “Hold” and a consensus price target of $57.21.
Bank of New York Mellon (NYSE:BK – Get Rating) last released its quarterly earnings data on Monday, April 18th. The bank reported $0.86 EPS for the quarter, meeting analysts’ consensus estimates of $0.86. Bank of New York Mellon had a net margin of 22.31% and a return on equity of 9.33%. The business had revenue of $3.93 billion during the quarter, compared to analysts’ expectations of $3.94 billion. During the same quarter in the prior year, the company earned $0.97 EPS. The firm’s quarterly revenue was up .1% on a year-over-year basis. Sell-side analysts predict that Bank of New York Mellon will post 4.41 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, May 11th. Investors of record on Thursday, April 28th were issued a dividend of $0.34 per share. The ex-dividend date was Wednesday, April 27th. This represents a $1.36 annualized dividend and a yield of 2.93%. Bank of New York Mellon’s payout ratio is presently 33.66%.
Bank of New York Mellon Company Profile (Get Rating)
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, prime brokerage, and data analytics.
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