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

The Bank of New York Mellon Co. (NYSE:BK) was the target of a large increase in short interest in the month of November. As of November 15th, there was short interest totalling 9,400,000 shares, an increase of 16.9% from the October 31st total of 8,040,000 shares. Currently, 1.3% of the shares of the company are short sold. Based on an average trading volume of 3,910,000 shares, the short-interest ratio is currently 2.4 days.

Bank of New York Mellon Price Performance

Bank of New York Mellon stock traded down $0.26 during midday trading on Tuesday, hitting $80.85. 2,797,747 shares of the company’s stock were exchanged, compared to its average volume of 3,828,601. Bank of New York Mellon has a 52-week low of $47.48 and a 52-week high of $82.72. The stock has a 50-day moving average price of $76.07 and a two-hundred day moving average price of $67.59. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.70 and a current ratio of 0.70. The company has a market cap of $58.78 billion, a P/E ratio of 17.63, a PEG ratio of 0.93 and a beta of 1.07.

Bank of New York Mellon (NYSE:BK) last posted its earnings results on Friday, October 11th. The bank reported $1.52 EPS for the quarter, topping the consensus estimate of $1.41 by $0.11. Bank of New York Mellon had a return on equity of 12.06% and a net margin of 9.44%. The business had revenue of $4.65 billion during the quarter, compared to analysts’ expectations of $4.52 billion. On average, equities research analysts forecast that Bank of New York Mellon will post 5.84 earnings per share for the current year.

Bank of New York Mellon Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Monday, October 21st were given a dividend of $0.47 per share. The ex-dividend date was Monday, October 21st. This represents a $1.88 annualized dividend and a dividend yield of 2.33%. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 40.87%.

Analysts Set New Price Targets

A number of brokerages have weighed in on BK. The Goldman Sachs Group lifted their target price on Bank of New York Mellon from $74.00 to $80.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Barclays boosted their price objective on Bank of New York Mellon from $75.00 to $86.00 and gave the stock an “overweight” rating in a research report on Monday, October 14th. UBS Group boosted their price objective on Bank of New York Mellon from $73.00 to $82.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. Morgan Stanley boosted their target price on Bank of New York Mellon from $72.00 to $78.00 and gave the company an “equal weight” rating in a research note on Monday, September 30th. Finally, StockNews.com upgraded Bank of New York Mellon from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. Five investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, Bank of New York Mellon currently has a consensus rating of “Moderate Buy” and a consensus target price of $79.77.

Insider Activity at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 25,000 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $76.31, for a total value of $1,907,750.00. Following the sale, the executive vice president now directly owns 75,404 shares of the company’s stock, valued at $5,754,079.24. This trade represents a 24.90 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, VP Hanneke Smits sold 16,475 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $76.47, for a total value of $1,259,843.25. Following the completion of the sale, the vice president now directly owns 157,455 shares in the company, valued at $12,040,583.85. This trade represents a 9.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.14% of the stock is owned by company insiders.

Hedge Funds Weigh In On Bank of New York Mellon

Institutional investors have recently modified their holdings of the company. McClarren Financial Advisors Inc. increased its position in shares of Bank of New York Mellon by 586.4% during the 3rd quarter. McClarren Financial Advisors Inc. now owns 405 shares of the bank’s stock valued at $29,000 after purchasing an additional 346 shares during the last quarter. Olistico Wealth LLC bought a new position in shares of Bank of New York Mellon during the 2nd quarter valued at about $30,000. Clearstead Trust LLC bought a new position in shares of Bank of New York Mellon during the 2nd quarter valued at about $32,000. Fortitude Family Office LLC increased its position in shares of Bank of New York Mellon by 130.6% during the 3rd quarter. Fortitude Family Office LLC now owns 611 shares of the bank’s stock valued at $44,000 after purchasing an additional 346 shares during the last quarter. Finally, Ashton Thomas Securities LLC bought a new position in shares of Bank of New York Mellon during the 3rd quarter valued at about $46,000. 85.31% of the stock is currently owned by institutional investors.

About Bank of New York Mellon

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.