Brief interest rate update from Bank of New York Mellon Co. (NYSE:BK).

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The Bank of New York Mellon Co. (NYSE:BKreceived rating) was the target of a sharp rise in short-term interest rates in July. As of July 31, short interest totaled 8,290,000 shares, a 14.3% increase from the July 15 total of 7,250,000 shares. Approximately 1.0% of the company’s stock is sold short. Based on an average daily volume of 4,020,000 shares, the short interest ratio is currently 2.1 days.

insider activity

In other news, CEO Thomas P. Gibbons sold 105,062 shares of the company’s stock in a transaction that took place on Monday, August 8th. The stock sold at an average price of $43.24 for a total value of $4,542,880.88. Upon completion of the sale, the Chief Executive Officer now directly owns 221,018 shares of the Company, valued at approximately $9,556,818.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.08% of the company’s shares.

Bank of New York Mellon institutional trading

Institutional investors have recently changed their positions in the company. Brown Brothers Harriman & Co. increased its stake in Bank of New York Mellon shares by 97.1% in the first quarter. Brown Brothers Harriman & Co. now owns 609 shares of the bank, valued at $30,000, after buying another 300 shares last quarter. The Bank of New Hampshire acquired a new position in Bank of New York Mellon stock worth about $31,000 during the first quarter. Dividend Assets Capital LLC acquired a new position in Bank of New York Mellon stock valued at approximately $32,000 during the first quarter. Bromfield Sneider Wealth Advisors purchased a new position in Bank of New York Mellon stock worth about $33,000 during the first quarter. Finally, Comprehensive Financial Consultants Institutional Inc. acquired a new position in Bank of New York Mellon stock valued at approximately $38,000 during the fourth quarter. Institutional investors and hedge funds own 83.69% of the company’s shares.

Analyst upgrades and downgrades

Several brokers have recently looked into BK. JPMorgan Chase & Co. lowered its price target on the Bank of New York Mellon to $46.50 from $51.50 in a report Monday, July 11. Goldman Sachs Group lowered its target price on Bank of New York Mellon to $45.00 from $51.50, giving the stock a “neutral” rating in a report Wednesday, June 29. Citigroup lowered its target price on the Bank of New York Mellon to $46.00 from $50.00 in a report Tuesday, July 12. UBS Group lowered its target price on Bank of New York Mellon to $52.00 from $56.00 in a report on Monday, July 11. Finally, in a report on Friday, June 24, Piper Sandler lowered his target price on Bank of New York Mellon to $48.00 from $54.00 and gave the stock a neutral rating. Eleven research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target of $50.73.

Bank of New York’s Mellon stock down 0.4%

shares of NYSE BK opened at $44.71 on Tuesday. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.78. The stock has a market cap of $36.13 billion, a P/E of 11.35, a price-to-earnings-to-growth ratio of 1.74 and a beta of 1.12. The Bank of New York Mellon has a 12-month low of $39.78 and a 12-month high of $64.63. The stock’s 50-day simple moving average is $42.77 and its 200-day simple moving average is $47.54.

Bank of New York Mellon (NYSE:BKreceived rating) last released its quarterly earnings data on Friday, July 15. The bank reported earnings per share of $1.03 for the quarter, missing analyst consensus estimates of $1.12 ($0.09). The company had revenue of $4.25 billion in the quarter, compared to analyst estimates of $4.17 billion. Bank of New York Mellon had a return on equity of 9.49% and a net margin of 20.61%. The company’s revenue for the quarter increased 7.4% compared to the same quarter last year. In the same period last year, the company earned $1.13 per share. As a group, analysts expect Bank of New York Mellon to post 4.3 EPS for the current fiscal year.

Bank of New York Mellon increases dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 5th. Stockholders of record on Monday, July 25 received a dividend of $0.37. This is an increase from Bank of New York Mellon’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend was Friday July 22nd. That equates to a dividend of $1.48 on an annualized basis and a dividend yield of 3.31%. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 37.56%.

Bank of New York Mellon Company Profile

(received rating)

Bank of New York Mellon Corporation offers a variety 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 provides custody, trustee and custodian, accounting, exchange traded funds, middle office solutions, transfer agency, private equity and real estate fund services, foreign exchange, securities lending, liquidity/borrowing services, prime brokerage and data analytics.

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