The Bank of New York Mellon Corporation (NYSE:BK) Short Interest Up 27.0% in January

The Bank of New York Mellon Corporation (NYSE:BK) was the recipient of a large increase in short interest during the month of January. As of January 30th, there was short interest totaling 8,913,188 shares, an increase of 27.0% from the January 15th total of 7,019,921 shares. Currently, 1.3% of the shares of the company are sold short. Based on an average daily trading volume, of 3,652,105 shares, the days-to-cover ratio is currently 2.4 days. Based on an average daily trading volume, of 3,652,105 shares, the days-to-cover ratio is currently 2.4 days. Currently, 1.3% of the shares of the company are sold short.

Institutional Trading of Bank of New York Mellon

Several hedge funds and other institutional investors have recently modified their holdings of BK. Revolve Wealth Partners LLC purchased a new stake in shares of Bank of New York Mellon in the fourth quarter worth approximately $220,000. Sivia Capital Partners LLC boosted its stake in shares of Bank of New York Mellon by 36.6% during the 2nd quarter. Sivia Capital Partners LLC now owns 3,394 shares of the bank’s stock valued at $309,000 after buying an additional 909 shares during the period. Ignite Planners LLC acquired a new stake in shares of Bank of New York Mellon during the 2nd quarter valued at $240,000. Harbour Investments Inc. increased its stake in shares of Bank of New York Mellon by 8.9% in the second quarter. Harbour Investments Inc. now owns 1,771 shares of the bank’s stock worth $161,000 after acquiring an additional 144 shares during the last quarter. Finally, Mutual Advisors LLC raised its holdings in shares of Bank of New York Mellon by 15.5% during the second quarter. Mutual Advisors LLC now owns 5,658 shares of the bank’s stock worth $571,000 after acquiring an additional 758 shares in the last quarter. Institutional investors and hedge funds own 85.31% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on BK shares. Royal Bank Of Canada upped their target price 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. TD Cowen raised their target price on Bank of New York Mellon from $133.00 to $145.00 and gave the company a “buy” rating in a research report on Wednesday, January 7th. Citigroup increased their price target on Bank of New York Mellon from $120.00 to $136.00 and gave the stock a “neutral” 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 lifted their price objective for the company from $119.00 to $134.00 in a research note on Wednesday, January 7th. Finally, Keefe, Bruyette & Woods increased their target price on shares of Bank of New York Mellon from $132.00 to $143.00 and gave the company an “outperform” rating in a research report on Wednesday, January 14th. Eight equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $131.92.

Bank of New York Mellon Price Performance

Shares of NYSE BK traded up $2.76 during midday trading on Monday, reaching $117.67. The company’s stock had a trading volume of 3,676,366 shares, compared to its average volume of 3,722,581. Bank of New York Mellon has a one year low of $70.46 and a one year high of $128.76. The company has a market cap of $82.05 billion, a price-to-earnings ratio of 15.88, a price-to-earnings-growth ratio of 1.10 and a beta of 1.10. The company has a 50 day moving average price of $119.16 and a 200 day moving average price of $111.10. The company has a current ratio of 0.71, a quick ratio of 0.70 and a debt-to-equity ratio of 0.81.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Friday, October 31st. The bank reported $1.91 earnings per share (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 company had revenue of $5.07 billion for the quarter. On average, equities research analysts expect that Bank of New York Mellon will post 6.96 EPS for the current year.

Bank of New York Mellon Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, February 5th. Investors of record on Friday, January 23rd were given a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 1.8%. The ex-dividend date was Friday, January 23rd. Bank of New York Mellon’s dividend payout ratio is 28.61%.

Bank of New York Mellon Company Profile

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.