Bank of New York Mellon Corporation (NYSE:BNY) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Bank of New York Mellon Corporation (NYSE:BNY) has earned an average recommendation of “Moderate Buy” from the seventeen ratings firms that are presently covering the firm, Marketbeat reports. Five analysts have rated the stock with a hold recommendation, ten have issued a buy recommendation and two have given a strong buy recommendation to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $157.1333.

Several research analysts recently weighed in on the company. Wells Fargo & Company lifted their price target on Bank of New York Mellon from $152.00 to $162.00 and gave the company an “equal weight” rating in a research report on Thursday, July 16th. Zacks Research raised shares of Bank of New York Mellon from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 22nd. Wall Street Zen raised shares of Bank of New York Mellon to a “hold” rating in a report on Saturday, May 23rd. Evercore set a $136.00 target price on shares of Bank of New York Mellon in a research note on Friday, April 17th. Finally, Keefe, Bruyette & Woods increased their price target on shares of Bank of New York Mellon from $166.00 to $177.00 and gave the stock an “outperform” rating in a report on Thursday, July 16th.

Bank of New York Mellon Stock Performance

NYSE BNY opened at $157.26 on Friday. The stock has a 50-day simple moving average of $148.96 and a two-hundred day simple moving average of $133.03. The firm has a market capitalization of $106.70 billion, a P/E ratio of 18.31, a PEG ratio of 1.11 and a beta of 1.06. Bank of New York Mellon has a fifty-two week low of $99.67 and a fifty-two week high of $163.77. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.75 and a current ratio of 0.72.

Bank of New York Mellon (NYSE:BNY) last issued its earnings results on Wednesday, July 15th. The bank reported $2.46 EPS for the quarter, topping analysts’ consensus estimates of $2.16 by $0.30. The firm 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 company’s revenue was up 13.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.93 earnings per share. On average, equities analysts forecast that Bank of New York Mellon will post 9.24 earnings per share for the current year.

Insider Activity

In other news, CFO Dermot Mcdonogh sold 31,800 shares of the stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $155.26, for a total transaction of $4,937,268.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.17% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Bank of New York Mellon

Large investors have recently bought and sold shares of the business. Whittier Trust Co. of Nevada Inc. grew its stake in Bank of New York Mellon by 9.4% in the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 12,045 shares of the bank’s stock valued at $1,489,000 after acquiring an additional 1,031 shares during the period. Janney Montgomery Scott LLC raised its position in Bank of New York Mellon by 7.3% during the first quarter. Janney Montgomery Scott LLC now owns 148,115 shares of the bank’s stock worth $17,571,000 after acquiring an additional 10,107 shares during the period. Rockefeller Capital Management L.P. lifted its holdings in Bank of New York Mellon by 17.9% during the fourth quarter. Rockefeller Capital Management L.P. now owns 141,899 shares of the bank’s stock valued at $16,473,000 after purchasing an additional 21,506 shares in the last quarter. World Investment Advisors lifted its holdings in Bank of New York Mellon by 14.4% during the fourth quarter. World Investment Advisors now owns 72,285 shares of the bank’s stock valued at $8,391,000 after purchasing an additional 9,105 shares in the last quarter. Finally, Advisortrust Partners LLC acquired a new stake in shares of Bank of New York Mellon in the fourth quarter valued at about $207,000. 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.