Bank of New York Mellon (NYSE:BNY) Sets New 12-Month High – Here’s What Happened

Bank of New York Mellon Corporation (NYSE:BNY)’s share price hit a new 52-week high during mid-day trading on Friday . The company traded as high as $165.84 and last traded at $165.59, with a volume of 974165 shares trading hands. The stock had previously closed at $164.33.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Citigroup lifted their price objective on shares of Bank of New York Mellon from $167.00 to $172.00 and gave the stock a “neutral” rating in a research note on Monday, July 20th. Weiss Ratings lowered Bank of New York Mellon from a “buy (a)” rating to a “buy (a-)” rating in a research note on Thursday, August 13th. Wells Fargo & Company lifted their price target on Bank of New York Mellon from $152.00 to $162.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 16th. JPMorgan Chase & Co. increased their price objective on Bank of New York Mellon from $149.00 to $159.00 and gave the company an “overweight” rating in a report on Tuesday, August 4th. Finally, Keefe, Bruyette & Woods raised their price objective on Bank of New York Mellon from $166.00 to $177.00 and gave the stock an “outperform” rating in a research note on Thursday, July 16th. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $157.13.

Bank of New York Mellon Stock Up 0.4%

The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.76. The company has a market capitalization of $111.99 billion, a price-to-earnings ratio of 19.21, a P/E/G ratio of 1.22 and a beta of 1.05. The business’s 50-day moving average is $157.03 and its 200-day moving average is $139.31.

Bank of New York Mellon (NYSE:BNY) last announced its quarterly earnings results on Wednesday, July 15th. The bank reported $2.46 earnings per share for the quarter, topping the consensus estimate of $2.16 by $0.30. The company had revenue of $5.70 billion for the quarter, compared to the consensus estimate of $5.35 billion. Bank of New York Mellon had a return on equity of 16.00% and a net margin of 15.52%.The firm’s revenue for the quarter was up 13.3% compared to the same quarter last year. During the same period last year, the firm earned $1.93 EPS. As a group, equities analysts predict that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current year.

Insider Activity

In other news, VP Jose Minaya sold 3,520 shares of the firm’s stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $162.64, for a total transaction of $572,492.80. Following the sale, the vice president owned 180,344 shares of the company’s stock, valued at $29,331,148.16. This trade represents a 1.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Dermot Mcdonogh sold 31,800 shares of Bank of New York Mellon stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $155.26, for a total transaction of $4,937,268.00. The disclosure for this sale is available in the SEC filing. 0.17% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of BNY. Linscomb Wealth Inc. increased its stake in shares of Bank of New York Mellon by 2.5% in the 4th quarter. Linscomb Wealth Inc. now owns 3,240 shares of the bank’s stock valued at $376,000 after purchasing an additional 80 shares in the last quarter. Cornerstone Financial Management LLC boosted its position in Bank of New York Mellon by 11.4% during the second quarter. Cornerstone Financial Management LLC now owns 784 shares of the bank’s stock worth $113,000 after purchasing an additional 80 shares in the last quarter. Parkside Financial Bank & Trust grew its holdings in Bank of New York Mellon by 3.2% in the fourth quarter. Parkside Financial Bank & Trust now owns 2,805 shares of the bank’s stock valued at $326,000 after purchasing an additional 88 shares during the period. Essex Financial Services Inc. lifted its holdings in Bank of New York Mellon by 0.5% during the fourth quarter. Essex Financial Services Inc. now owns 17,584 shares of the bank’s stock valued at $2,041,000 after purchasing an additional 89 shares in the last quarter. Finally, Maia Wealth LLC grew its position in shares of Bank of New York Mellon by 3.0% in the fourth quarter. Maia Wealth LLC now owns 3,049 shares of the bank’s stock valued at $350,000 after purchasing an additional 90 shares during the period. Institutional investors and hedge funds own 85.31% of the company’s stock.

About Bank of New York Mellon

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.