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

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

Bank of New York Mellon Trading Down 2.1%

Shares of Bank of New York Mellon stock opened at $121.34 on Tuesday. The company has a 50-day moving average of $115.28 and a two-hundred day moving average of $107.95. Bank of New York Mellon has a 12-month low of $70.46 and a 12-month high of $125.89. The company has a current ratio of 0.71, a quick ratio of 0.70 and a debt-to-equity ratio of 0.81. The stock has a market cap 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.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Friday, October 31st. The bank reported $1.91 EPS for the quarter. Bank of New York Mellon had a return on equity of 14.37% and a net margin of 13.62%.The business had revenue of $5.07 billion for the quarter. On average, research analysts anticipate that Bank of New York Mellon will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Dividend Announcement

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

Institutional Investors Weigh In On Bank of New York Mellon

Several institutional investors and hedge funds have recently made changes to their positions in the business. Westside Investment Management Inc. raised its position in Bank of New York Mellon by 78.9% during the second quarter. Westside Investment Management Inc. now owns 288 shares of the bank’s stock worth $26,000 after acquiring an additional 127 shares during the last quarter. Marquette Asset Management LLC increased its stake in shares of Bank of New York Mellon by 174.7% during the 4th quarter. Marquette Asset Management LLC now owns 261 shares of the bank’s stock worth $30,000 after purchasing an additional 166 shares in the last quarter. Hoey Investments Inc. acquired a new position in shares of Bank of New York Mellon during the 2nd quarter worth approximately $32,000. Valley Wealth Managers Inc. purchased a new stake in Bank of New York Mellon in the 3rd quarter valued at approximately $33,000. Finally, GFG Capital LLC acquired a new stake in Bank of New York Mellon during the 2nd quarter valued at $36,000. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on BK shares. TD Cowen increased their price target on Bank of New York Mellon from $133.00 to $145.00 and gave the stock a “buy” rating in a report on Wednesday, January 7th. Morgan Stanley raised their target price on shares of Bank of New York Mellon from $124.00 to $132.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 14th. Truist Financial upgraded shares of Bank of New York Mellon from a “hold” rating to a “buy” rating and boosted their price target for the stock from $119.00 to $134.00 in a research note on Wednesday, January 7th. Wells Fargo & Company increased their price target on shares of Bank of New York Mellon from $119.00 to $122.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 14th. Finally, Weiss Ratings reaffirmed a “buy (b+)” rating on shares of Bank of New York Mellon in a report on Monday, December 29th. Nine analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, Bank of New York Mellon presently has a consensus rating of “Moderate Buy” and an average price target 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.