Bank of New York Mellon (NYSE:BNY) Sets New 1-Year High – Here’s Why

Shares of Bank of New York Mellon Corporation (NYSE:BNY) reached a new 52-week high on Monday . The stock traded as high as $165.05 and last traded at $164.95, with a volume of 61850 shares trading hands. The stock had previously closed at $163.24.

Wall Street Analysts Forecast Growth

A number of research firms have commented on BNY. Keefe, Bruyette & Woods lifted their price objective on shares of Bank of New York Mellon from $166.00 to $177.00 and gave the company an “outperform” rating in a research note on Thursday, July 16th. Wall Street Zen upgraded shares of Bank of New York Mellon to a “hold” rating in a research note on Saturday, May 23rd. Bank of America raised their price target on Bank of New York Mellon from $165.00 to $175.00 and gave the stock a “buy” rating in a report on Monday, July 20th. Zacks Research upgraded Bank of New York Mellon from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 22nd. Finally, Royal Bank Of Canada upped their price objective on Bank of New York Mellon from $142.00 to $168.00 and gave the company a “sector perform” rating in a research note on Thursday, July 16th. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $157.13.

Bank of New York Mellon Stock Performance

The company has a market capitalization of $111.61 billion, a PE ratio of 19.15, a price-to-earnings-growth ratio of 1.16 and a beta of 1.06. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.72 and a current ratio of 0.72. The stock’s fifty day simple moving average is $151.97 and its 200-day simple moving average is $135.28.

Bank of New York Mellon (NYSE:BNY) last released its quarterly earnings results on Wednesday, July 15th. The bank reported $2.46 earnings per share (EPS) 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 analysts’ expectations of $5.35 billion. Bank of New York Mellon had a net margin of 15.52% and a return on equity of 16.00%. 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 company 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 Buying and Selling at Bank of New York Mellon

In related news, CFO Dermot Mcdonogh sold 31,800 shares of the business’s stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $155.26, for a total value of $4,937,268.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.17% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Revolve Wealth Partners LLC purchased a new position in shares of Bank of New York Mellon in the 4th quarter worth about $220,000. Sivia Capital Partners LLC lifted its stake in shares of Bank of New York Mellon by 36.6% in the 2nd quarter. Sivia Capital Partners LLC now owns 3,394 shares of the bank’s stock valued at $309,000 after purchasing an additional 909 shares in the last quarter. Jump Financial LLC purchased a new stake in shares of Bank of New York Mellon during the 2nd quarter worth about $2,482,000. Treasurer of the State of North Carolina grew its holdings in shares of Bank of New York Mellon by 1.7% during the 2nd quarter. Treasurer of the State of North Carolina now owns 334,388 shares of the bank’s stock worth $30,466,000 after purchasing an additional 5,445 shares during the period. Finally, Osterweis Capital Management Inc. increased its position in Bank of New York Mellon by 11,890.0% during the 2nd quarter. Osterweis Capital Management Inc. now owns 1,199 shares of the bank’s stock worth $109,000 after purchasing an additional 1,189 shares in the last quarter. Institutional investors and hedge funds 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.