Bank of New York Mellon (NYSE:BNY) Hits New 12-Month High – Still a Buy?

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

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Barclays upped their price objective on Bank of New York Mellon from $143.00 to $149.00 and gave the company an “overweight” rating in a research note on Friday, April 17th. JPMorgan Chase & Co. upped their price objective on Bank of New York Mellon from $130.50 to $140.00 and gave the company an “overweight” rating in a research note on Monday, May 11th. Weiss Ratings upgraded Bank of New York Mellon from a “buy (a-)” rating to a “buy (a)” rating in a research note on Monday, May 4th. Keefe, Bruyette & Woods upped their price objective on Bank of New York Mellon from $143.00 to $150.00 and gave the company an “outperform” rating in a research note on Friday, April 17th. Finally, Evercore set a $136.00 price objective on Bank of New York Mellon in a research note on Friday, April 17th. One research 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 stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $138.08.

Bank of New York Mellon Stock Up 1.1%

The firm has a market capitalization of $98.56 billion, a price-to-earnings ratio of 17.79, a P/E/G ratio of 1.02 and a beta of 1.07. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.82. The firm has a fifty day moving average price of $134.74 and a 200 day moving average price of $123.66.

Bank of New York Mellon (NYSE:BNY) last announced its earnings results on Thursday, April 16th. The bank reported $2.25 EPS for the quarter, topping the consensus estimate of $1.94 by $0.31. The business had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.14 billion. Bank of New York Mellon had a return on equity of 15.29% and a net margin of 14.60%.Bank of New York Mellon’s revenue was up 12.9% compared to the same quarter last year. During the same period in the previous year, the business earned $1.58 EPS. Sell-side analysts anticipate that Bank of New York Mellon Corporation will post 8.78 EPS for the current fiscal year.

Bank of New York Mellon Announces Dividend

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

Insiders Place Their Bets

In other news, EVP Alejandro Perez sold 12,504 shares of the business’s stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $137.01, for a total value of $1,713,173.04. Following the transaction, the executive vice president directly owned 62,613 shares of the company’s stock, valued at $8,578,607.13. The trade was a 16.65% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP J Kevin Mccarthy sold 30,000 shares of the business’s 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 transaction, the executive vice president directly owned 50,238 shares in the company, valued at $6,857,487. The trade was a 37.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 48,091 shares of company stock valued at $6,568,423 over the last quarter. 0.17% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of BNY. Abound Financial LLC bought a new position in Bank of New York Mellon in the 4th quarter valued at $25,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Bank of New York Mellon in the 4th quarter valued at $27,000. MCF Advisors LLC lifted its stake in shares of Bank of New York Mellon by 74.8% in the 4th quarter. MCF Advisors LLC now owns 236 shares of the bank’s stock valued at $27,000 after purchasing an additional 101 shares during the period. Marquette Asset Management LLC lifted its stake in shares of Bank of New York Mellon by 174.7% in the 4th quarter. Marquette Asset Management LLC now owns 261 shares of the bank’s stock valued at $30,000 after purchasing an additional 166 shares during the period. Finally, Heritage Wealth Advisors acquired a new position in shares of Bank of New York Mellon in the 4th quarter valued at $31,000. 85.31% of the stock is currently owned by institutional investors.

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.