Bank of New York Mellon Co. (NYSE:BK) sees significant drop in short-term interest
Bank of New York Mellon Co. (NYSE:BK – Get Rating) benefited from a significant drop in short interest during the month of May. As of May 15, there was short interest totaling 6,650,000 shares, down 23.3% from the April 30 total of 8,670,000 shares. Based on an average daily volume of 5,920,000 shares, the day-to-cover ratio is currently 1.1 days. Approximately 0.8% of the company’s shares are sold short.
BK has been the subject of several research analyst reports. Morgan Stanley cut its price target on Bank of New York Mellon shares from $58.00 to $55.00 and set an “equal weight” rating for the company in a Tuesday, April 19 research report. Wolfe Research upgraded Bank of New York Mellon from an “outperform” rating to a “peer perform” rating and set a price target of $55.00 for the stock. in a report on Thursday, March 31. Goldman Sachs Group cut its price target on Bank of New York Mellon from $60.00 to $51.50 and set a “neutral” rating on the stock in a Tuesday, April 19 research report. Royal Bank of Canada cut its price target on Bank of New York Mellon from $60.00 to $56.00 and set an “industry performance” rating on the stock in a Tuesday 19 research note. april. Finally, Deutsche Bank Aktiengesellschaft downgraded Bank of New York Mellon shares from a “buy” rating to a “hold” rating and reduced its price target for the company from $54.00 to $45.00 in a report from Thursday, May 19. Eleven investment analysts gave the stock a hold rating and four gave the company a buy rating. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $57.21.
A number of hedge funds have recently bought and sold shares of BK. Walleye Capital LLC bought a new position in Bank of New York Mellon during Q1 worth approximately $1,157,000. Verity Asset Management Inc. raised its position in shares of Bank of New York Mellon by 32.1% during the first quarter. Verity Asset Management Inc. now owns 7,205 shares of the bank worth $358,000 after purchasing an additional 1,750 shares during the period. Neuberger Berman Group LLC increased its position in shares of Bank of New York Mellon by 0.6% during the first quarter. Neuberger Berman Group LLC now owns 45,900 shares of the bank valued at $2,278,000 after acquiring 288 additional shares in the last quarter. Toroso Investments LLC increased its holdings of Bank of New York Mellon shares by 9.6% in the first quarter. Toroso Investments LLC now owns 9,206 shares of the bank worth $457,000 after acquiring 808 additional shares during the period. Finally, Stack Financial Management Inc raised its position in Bank of New York Mellon shares by 0.6% during the 1st quarter. Stack Financial Management Inc now owns 632,488 shares of the bank valued at $31,390,000 after buying an additional 4,054 shares last quarter. 83.69% of the shares are held by institutional investors.
NYSE:BK opened at $46.48 on Monday. The stock has a fifty-day simple moving average of $46.44 and a 200-day simple moving average of $53.66. Bank of New York Mellon has a 12-month low of $41.76 and a 12-month high of $64.63. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt ratio of 0.69. The company has a market cap of $37.55 billion, a price-to-earnings ratio of 11.50, a growth price-to-earnings ratio of 1.76, and a beta of 1.15.
Bank of New York Mellon (NYSE:BK – Get Rating) last released its quarterly results on Monday, April 18. The bank reported EPS of $0.86 for the quarter, reaching the consensus estimate of $0.86. The company posted revenue of $3.93 billion in the quarter, versus a consensus estimate of $3.94 billion. Bank of New York Mellon posted a net margin of 22.31% and a return on equity of 9.33%. The company’s quarterly revenue increased by 0.1% compared to the same quarter last year. In the same quarter a year earlier, the company posted earnings per share of $0.97. As a group, equity research analysts expect Bank of New York Mellon to post EPS of 4.41 for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, May 11. Shareholders of record on Thursday, April 28 received a dividend of $0.34. This represents a dividend of $1.36 on an annualized basis and a dividend yield of 2.93%. The ex-dividend date was Wednesday, April 27. Bank of New York Mellon’s dividend payout ratio is currently 33.66%.
About Bank of New York Mellon (Get a rating)
The Bank of New York Mellon Corporation offers a range of financial products and services in the United States and abroad. The Company operates through the Securities Services, Market and Wealth Services, Investment and Wealth Management and Other segments. The Securities Services segment offers custodial, trust and custodial, accounting, exchange-traded funds, middle-office solutions, transfer agency, services for private equity and real estate funds, Forex, Securities Lending, Liquidity/Lending, Prime Brokerage and Data Analytics.
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