Bank of New York Mellon (NYSE:BNY) Sets New 12-Month High After Analyst Upgrade

Bank of New York Mellon Corporation (NYSE:BNY) shares hit a new 52-week high during mid-day trading on Wednesday after Citigroup raised their price target on the stock from $136.00 to $167.00. Citigroup currently has a neutral rating on the stock. Bank of New York Mellon traded as high as $148.50 and last traded at $147.43, with a volume of 4709899 shares traded. The stock had previously closed at $146.44.

A number of other analysts have also commented on the stock. Keefe, Bruyette & Woods boosted their price target on shares of 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. Wall Street Zen upgraded shares of Bank of New York Mellon to a “hold” rating in a report on Saturday, May 23rd. Weiss Ratings upgraded shares of Bank of New York Mellon from a “buy (a-)” rating to a “buy (a)” rating in a report on Monday, May 4th. Evercore set a $136.00 target price on shares of Bank of New York Mellon in a research report on Friday, April 17th. Finally, Royal Bank Of Canada upped their target price on shares of Bank of New York Mellon from $130.00 to $142.00 and gave the stock a “sector perform” rating in a report on Friday, April 17th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $140.46.

Insider Buying and Selling

In other Bank of New York Mellon news, EVP Alejandro Perez sold 12,504 shares of Bank of New York Mellon stock in a transaction on Friday, April 17th. The shares were sold at an average price of $137.01, for a total transaction 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 transaction 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 company’s stock in a transaction on Friday, April 17th. The stock was sold at an average price of $136.50, for a total transaction of $4,095,000.00. Following the completion of the sale, the executive vice president owned 50,238 shares of the company’s stock, valued at approximately $6,857,487. The trade was a 37.39% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 48,091 shares of company stock valued at $6,568,423. 0.17% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Todd Asset Management LLC boosted its position in 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 period. CIBC Asset Management Inc increased its holdings in shares of Bank of New York Mellon by 53.8% in the fourth quarter. CIBC Asset Management Inc now owns 182,002 shares of the bank’s stock worth $21,129,000 after buying an additional 63,627 shares during the period. Cullen Investment Group LTD. lifted its stake in shares of Bank of New York Mellon by 1,691.4% in the 4th quarter. Cullen Investment Group LTD. now owns 38,730 shares of the bank’s stock valued at $4,610,000 after acquiring an additional 36,568 shares during the last quarter. CIBC Bancorp USA Inc. purchased a new stake in Bank of New York Mellon during the 3rd quarter valued at about $10,641,000. Finally, Empirical Asset Management LLC purchased a new stake in Bank of New York Mellon during the 3rd quarter valued at about $2,301,000. 85.31% of the stock is owned by institutional investors.

Bank of New York Mellon Trading Up 0.7%

The firm has a 50-day moving average of $137.93 and a 200-day moving average of $125.55. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.75 and a current ratio of 0.75. The firm has a market capitalization of $101.19 billion, a P/E ratio of 18.27, a price-to-earnings-growth ratio of 1.07 and a beta of 1.07.

Bank of New York Mellon (NYSE:BNY) last announced its quarterly earnings results on Thursday, April 16th. The bank reported $2.25 EPS for the quarter, topping analysts’ consensus estimates of $1.94 by $0.31. Bank of New York Mellon had a return on equity of 15.29% and a net margin of 14.60%.The business had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.14 billion. During the same period in the previous year, the firm earned $1.58 EPS. The business’s quarterly revenue was up 12.9% on a year-over-year basis. On average, equities research 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 company also recently announced a quarterly dividend, which was paid on Friday, May 8th. Investors of record on Monday, April 27th were paid a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 1.4%. The ex-dividend date of this dividend was Monday, April 27th. Bank of New York Mellon’s payout ratio is presently 26.27%.

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.