Bank of New York Mellon (NYSE:BNY) Reaches New 1-Year High – Here’s What Happened

Bank of New York Mellon Corporation (NYSE:BNY)’s stock price reached a new 52-week high on Friday . The stock 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.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Barclays raised their price objective on Bank of New York Mellon from $149.00 to $178.00 and gave the stock an “overweight” rating in a research report on Thursday, July 16th. JPMorgan Chase & Co. upped their target price 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. Zacks Research raised shares of Bank of New York Mellon from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 22nd. Royal Bank Of Canada raised their price target on shares of Bank of New York Mellon from $142.00 to $168.00 and gave the stock a “sector perform” rating in a report on Thursday, July 16th. Finally, Wells Fargo & Company boosted their price objective on shares of 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. Two 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. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target 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 business has a 50-day simple moving average of $157.46 and a 200-day simple moving average of $139.49. The stock has a market cap of $111.99 billion, a P/E ratio of 19.21, a PEG ratio of 1.24 and a beta of 1.05.

Bank of New York Mellon (NYSE:BNY) last released its quarterly earnings results on Wednesday, July 15th. The bank reported $2.46 EPS for the quarter, beating analysts’ consensus estimates of $2.16 by $0.30. The company had revenue of $5.70 billion for the quarter, compared to analyst estimates 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 company’s quarterly revenue was up 13.3% compared to the same quarter last year. During the same quarter last year, the firm posted $1.93 earnings per share. Analysts expect that Bank of New York Mellon Corporation will post 9.26 EPS for the current year.

Insider Buying and Selling at Bank of New York Mellon

In other Bank of New York Mellon news, VP Jose Minaya sold 3,520 shares of the company’s stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $162.64, for a total transaction of $572,492.80. Following the completion of the sale, the vice president directly owned 180,344 shares in the company, valued at $29,331,148.16. This represents a 1.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Dermot Mcdonogh sold 31,800 shares of the firm’s stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $155.26, for a total value of $4,937,268.00. The SEC filing for this sale provides additional information. Company insiders own 0.17% of the company’s stock.

Institutional Trading of Bank of New York Mellon

Several hedge funds have recently added to or reduced their stakes in the business. Focus Partners Advisor Solutions LLC bought a new stake in Bank of New York Mellon in the 2nd quarter valued at $1,128,000. Northwestern Mutual Wealth Management Co. bought a new position in shares of Bank of New York Mellon during the 2nd quarter worth about $13,234,000. CIBC Asset Management Inc raised its position in shares of Bank of New York Mellon by 53.8% during the fourth quarter. CIBC Asset Management Inc now owns 182,002 shares of the bank’s stock valued at $21,129,000 after buying an additional 63,627 shares during the last quarter. Todd Asset Management LLC raised its position in shares of Bank of New York Mellon by 37.5% during the fourth quarter. Todd Asset Management LLC now owns 370,998 shares of the bank’s stock valued at $43,069,000 after buying an additional 101,142 shares during the last quarter. Finally, Bellars Harris Wealth Management LLC bought a new stake in shares of Bank of New York Mellon in the second quarter valued at about $10,324,000. Institutional investors 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.