Short Interest in The Bank of New York Mellon Co. (NYSE:BK) Decreases By 6.9%

The Bank of New York Mellon Co. (NYSE:BK) was the target of a significant drop in short interest in March. As of March 31st, there was short interest totalling 7,070,000 shares, a drop of 6.9% from the March 15th total of 7,590,000 shares. Approximately 0.9% of the company’s stock are short sold. Based on an average daily trading volume, of 3,960,000 shares, the days-to-cover ratio is currently 1.8 days.

Wall Street Analyst Weigh In

Several brokerages have issued reports on BK. Citigroup raised their price target on Bank of New York Mellon from $60.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, February 14th. UBS Group raised their price target on Bank of New York Mellon from $54.00 to $62.00 and gave the company a “buy” rating in a report on Tuesday, January 9th. Evercore ISI lifted their target price on Bank of New York Mellon from $57.00 to $61.00 and gave the stock an “in-line” rating in a report on Thursday, April 4th. Royal Bank of Canada reissued a “sector perform” rating and set a $58.00 target price on shares of Bank of New York Mellon in a report on Wednesday, March 27th. Finally, Morgan Stanley raised Bank of New York Mellon from an “underweight” rating to an “equal weight” rating and lifted their target price for the stock from $52.00 to $62.00 in a report on Tuesday, January 30th. Six equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $56.72.

Bank of New York Mellon Price Performance

BK stock traded down $1.09 during midday trading on Wednesday, reaching $54.00. The company had a trading volume of 8,232,834 shares, compared to its average volume of 3,131,460. The company has a market capitalization of $40.65 billion, a price-to-earnings ratio of 13.60, a price-to-earnings-growth ratio of 1.18 and a beta of 1.12. The stock has a 50 day moving average price of $55.75 and a 200-day moving average price of $51.08. Bank of New York Mellon has a 1-year low of $39.65 and a 1-year high of $58.28. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.72 and a quick ratio of 0.72.

Bank of New York Mellon (NYSE:BK) last released its earnings results on Tuesday, April 16th. The bank reported $1.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.19 by $0.10. Bank of New York Mellon had a return on equity of 11.63% and a net margin of 10.01%. The firm had revenue of $4.53 billion for the quarter, compared to analysts’ expectations of $4.39 billion. During the same quarter in the previous year, the business posted $1.13 earnings per share. The business’s revenue for the quarter was up 3.8% on a year-over-year basis. Equities research analysts expect that Bank of New York Mellon will post 5.33 earnings per share for the current year.

Bank of New York Mellon Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 9th. Shareholders of record on Friday, April 26th will be given a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 3.11%. The ex-dividend date of this dividend is Thursday, April 25th. Bank of New York Mellon’s dividend payout ratio is presently 42.32%.

Insider Activity at Bank of New York Mellon

In related news, VP Catherine Keating sold 4,498 shares of the firm’s stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $54.81, for a total value of $246,535.38. Following the completion of the transaction, the vice president now directly owns 123,490 shares of the company’s stock, valued at $6,768,486.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.14% of the stock is owned by company insiders.

Institutional Trading of Bank of New York Mellon

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Kathmere Capital Management LLC grew its holdings in shares of Bank of New York Mellon by 9.4% during the first quarter. Kathmere Capital Management LLC now owns 7,047 shares of the bank’s stock worth $406,000 after purchasing an additional 606 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in Bank of New York Mellon by 8.7% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 54,013 shares of the bank’s stock valued at $3,112,000 after buying an additional 4,304 shares during the period. Cardinal Capital Management lifted its stake in Bank of New York Mellon by 7.8% in the first quarter. Cardinal Capital Management now owns 140,012 shares of the bank’s stock valued at $8,067,000 after buying an additional 10,126 shares during the period. Sound Income Strategies LLC lifted its stake in Bank of New York Mellon by 11.0% in the first quarter. Sound Income Strategies LLC now owns 48,415 shares of the bank’s stock valued at $2,790,000 after buying an additional 4,787 shares during the period. Finally, Gateway Investment Advisers LLC lifted its stake in Bank of New York Mellon by 7.5% in the first quarter. Gateway Investment Advisers LLC now owns 21,688 shares of the bank’s stock valued at $1,250,000 after buying an additional 1,518 shares during the period. 85.31% of the stock is currently owned by institutional investors.

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.