Bank of New York Mellon (NYSE:BNY) Reaches New 52-Week High – Time to Buy?

Bank of New York Mellon Corporation (NYSE:BNY)’s share price reached a new 52-week high during trading on Friday . The company traded as high as $145.02 and last traded at $144.52, with a volume of 486954 shares trading hands. The stock had previously closed at $142.09.

Analysts Set New Price Targets

BNY has been the subject of a number of research analyst reports. Citigroup initiated coverage on Bank of New York Mellon in a research note on Monday, February 23rd. They issued a “neutral” rating for the company. Evercore set a $136.00 price target on Bank of New York Mellon in a research note on Friday, April 17th. Wall Street Zen upgraded Bank of New York Mellon to a “hold” rating in a research note on Saturday, May 23rd. Morgan Stanley increased their price target on Bank of New York Mellon from $135.00 to $139.00 and gave the company an “equal weight” rating in a research note on Friday, April 17th. Finally, Royal Bank Of Canada raised their price objective on Bank of New York Mellon from $130.00 to $142.00 and gave the stock a “sector perform” rating in a research note on Friday, April 17th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, Bank of New York Mellon presently has a consensus rating of “Moderate Buy” and an average target price of $138.08.

Bank of New York Mellon Stock Performance

The company has a debt-to-equity ratio of 0.82, a current ratio of 0.75 and a quick ratio of 0.75. The firm has a fifty day moving average of $135.19 and a 200 day moving average of $123.80. The stock has a market capitalization of $98.66 billion, a price-to-earnings ratio of 17.81, a price-to-earnings-growth ratio of 1.05 and a beta of 1.07.

Bank of New York Mellon (NYSE:BNY) last issued its quarterly earnings data on Thursday, April 16th. The bank reported $2.25 EPS for the quarter, beating the consensus estimate of $1.94 by $0.31. Bank of New York Mellon had a return on equity of 15.29% and a net margin of 14.60%.The company had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same period last year, the company earned $1.58 earnings per share. Bank of New York Mellon’s quarterly revenue was up 12.9% compared to the same quarter last year. On average, sell-side analysts anticipate that Bank of New York Mellon Corporation will post 8.78 earnings per share for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 8th. Stockholders of record on Monday, April 27th were paid a $0.53 dividend. The ex-dividend date of this dividend was Monday, April 27th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.5%. Bank of New York Mellon’s payout ratio is currently 26.27%.

Insider Transactions at Bank of New York Mellon

In other news, VP Shannon Marie Hobbs sold 297 shares of Bank of New York Mellon stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $137.05, for a total value of $40,703.85. Following the sale, the vice president directly owned 15,206 shares of the company’s stock, valued at $2,083,982.30. The trade was a 1.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP J Kevin Mccarthy sold 30,000 shares of Bank of New York Mellon stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $136.50, for a total value of $4,095,000.00. Following the completion of the sale, the executive vice president directly owned 50,238 shares in the company, valued at $6,857,487. This represents a 37.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 48,091 shares of company stock valued at $6,568,423. Insiders own 0.17% of the company’s stock.

Hedge Funds Weigh In On Bank of New York Mellon

A number of institutional investors have recently added to or reduced their stakes in BNY. Revolve Wealth Partners LLC acquired a new position in Bank of New York Mellon during the fourth quarter worth $220,000. Sivia Capital Partners LLC boosted its stake in Bank of New York Mellon by 36.6% during the second quarter. Sivia Capital Partners LLC now owns 3,394 shares of the bank’s stock worth $309,000 after buying an additional 909 shares during the last quarter. Jump Financial LLC purchased a new stake in Bank of New York Mellon in the second quarter valued at $2,482,000. Treasurer of the State of North Carolina lifted its stake in shares of Bank of New York Mellon by 1.7% in the 2nd quarter. Treasurer of the State of North Carolina now owns 334,388 shares of the bank’s stock valued at $30,466,000 after purchasing an additional 5,445 shares during the last quarter. Finally, Osterweis Capital Management Inc. lifted its stake in shares of Bank of New York Mellon by 11,890.0% in the 2nd quarter. Osterweis Capital Management Inc. now owns 1,199 shares of the bank’s stock valued at $109,000 after purchasing an additional 1,189 shares during the last quarter. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Company Profile

BNY, formerly known as BNY Mellon, is a global financial services company headquartered in New York City. Formed in 2007 through the merger of the Bank of New York and Mellon Financial Corporation, BNY traces its roots back to 1784, making it one of the oldest banking institutions in the United States. It was also the first company listed on the New York Stock Exchange.

BNY operates at the center of the world’s capital markets, partnering with clients to help them operate more efficiently and accelerate growth.