The Bank of New York Mellon Corporation (NYSE:BK) Sees Significant Decrease in Short Interest

The Bank of New York Mellon Corporation (NYSE:BK) was the recipient of a large decline in short interest in December. As of December 31st, there was short interest totaling 8,780,925 shares, a decline of 16.9% from the December 15th total of 10,564,988 shares. Currently, 1.3% of the shares of the stock are short sold. Based on an average daily volume of 3,324,183 shares, the short-interest ratio is currently 2.6 days. Based on an average daily volume of 3,324,183 shares, the short-interest ratio is currently 2.6 days. Currently, 1.3% of the shares of the stock are short sold.

Bank of New York Mellon Trading Down 2.1%

BK stock opened at $121.34 on Monday. The company has a market capitalization of $84.62 billion, a PE ratio of 16.38, a price-to-earnings-growth ratio of 1.13 and a beta of 1.11. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.70 and a current ratio of 0.71. Bank of New York Mellon has a one year low of $70.46 and a one year high of $125.89. The company’s 50 day moving average price is $115.07 and its two-hundred day moving average price is $107.74.

Bank of New York Mellon (NYSE:BK) last released its earnings results on Friday, October 31st. The bank reported $1.91 EPS for the quarter. The company had revenue of $5.07 billion for the quarter. Bank of New York Mellon had a net margin of 13.62% and a return on equity of 14.37%. As a group, analysts predict that Bank of New York Mellon will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, February 5th. Stockholders of record on Friday, January 23rd will be paid a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend is Friday, January 23rd. Bank of New York Mellon’s payout ratio is 28.61%.

Hedge Funds Weigh In On Bank of New York Mellon

A number of large investors have recently bought and sold shares of the stock. Norges Bank bought a new position in shares of Bank of New York Mellon in the second quarter worth approximately $1,081,847,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Bank of New York Mellon by 639.5% during the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,076,729 shares of the bank’s stock valued at $771,080,000 after buying an additional 6,119,749 shares during the period. Ameriprise Financial Inc. grew its holdings in Bank of New York Mellon by 18.0% in the 3rd quarter. Ameriprise Financial Inc. now owns 13,345,266 shares of the bank’s stock worth $1,454,116,000 after acquiring an additional 2,034,781 shares during the last quarter. Qube Research & Technologies Ltd purchased a new position in shares of Bank of New York Mellon in the second quarter valued at about $135,728,000. Finally, AQR Capital Management LLC raised its stake in shares of Bank of New York Mellon by 29.1% during the third quarter. AQR Capital Management LLC now owns 4,023,663 shares of the bank’s stock valued at $438,418,000 after acquiring an additional 906,218 shares during the last quarter. 85.31% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

BK has been the subject of several research analyst reports. Truist Financial raised Bank of New York Mellon from a “hold” rating to a “buy” rating and lifted their price objective for the company from $119.00 to $134.00 in a research note on Wednesday, January 7th. Wells Fargo & Company lifted their price target on Bank of New York Mellon from $119.00 to $122.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 14th. Royal Bank Of Canada upped their price objective on shares of Bank of New York Mellon from $124.00 to $130.00 and gave the stock a “sector perform” rating in a research report on Wednesday, January 14th. The Goldman Sachs Group lifted their target price on shares of Bank of New York Mellon from $106.00 to $120.00 and gave the company a “buy” rating in a research report on Monday, October 6th. Finally, Evercore ISI boosted their price target on shares of Bank of New York Mellon from $91.00 to $110.00 and gave the stock an “in-line” rating in a research note on Tuesday, September 30th. Nine equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $129.00.

About Bank of New York Mellon

Bank of New York Mellon Corporation (BNY Mellon) is a global financial services company headquartered in New York City that provides a wide range of asset servicing, custody, and related financial infrastructure solutions to institutional clients. Its core businesses include custody and asset servicing, clearing and collateral management, treasury services, securities lending, corporate trust services, and depositary receipt administration. The company also offers investment management and advisory services through its asset management arm and provides technology-enabled solutions for trade processing, foreign exchange, and liquidity management.

BNY Mellon serves a broad client base that includes asset managers, pension funds, corporations, banks, broker-dealers and sovereign entities.