Bank of New York Mellon (NYSE:BNY) Reaches New 1-Year High – Still a Buy?

Bank of New York Mellon Corporation (NYSE:BNY) shares reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $140.91 and last traded at $140.80, with a volume of 180789 shares changing hands. The stock had previously closed at $139.15.

Analysts Set New Price Targets

Several research firms have issued reports on BNY. Evercore set a $136.00 price target on Bank of New York Mellon in a research note on Friday, April 17th. Citigroup assumed coverage on Bank of New York Mellon in a research report on Monday, February 23rd. They issued a “neutral” rating on the stock. Royal Bank Of Canada lifted their target price on Bank of New York Mellon from $130.00 to $142.00 and gave the company a “sector perform” rating in a research report on Friday, April 17th. Barclays lifted their target price on Bank of New York Mellon from $143.00 to $149.00 and gave the company an “overweight” rating in a research report on Friday, April 17th. Finally, Truist Financial lifted their target price on Bank of New York Mellon from $140.00 to $148.00 and gave the company a “buy” rating in a research report on Friday, April 17th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $138.08.

Bank of New York Mellon Trading Up 0.9%

The business has a 50-day simple moving average of $128.10 and a two-hundred day simple moving average of $120.68. The stock has a market cap of $96.64 billion, a price-to-earnings ratio of 17.40, a P/E/G ratio of 1.02 and a beta of 1.08. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.75 and a quick ratio of 0.75.

Bank of New York Mellon (NYSE:BNY) last announced its quarterly earnings results on Thursday, April 16th. The bank reported $2.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.94 by $0.31. The firm 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%.The business’s revenue was up 12.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.58 earnings per share. Equities analysts forecast 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 declared a quarterly dividend, which was paid on Friday, May 8th. Shareholders of record on Monday, April 27th were given a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date of this dividend was Monday, April 27th. Bank of New York Mellon’s payout ratio is 26.27%.

Insiders Place Their Bets

In other news, insider Kurtis R. Kurimsky sold 5,290 shares of the business’s stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $136.02, for a total transaction of $719,545.80. Following the completion of the sale, the insider owned 17,259 shares in the company, valued at $2,347,569.18. The trade was a 23.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Shannon Marie Hobbs sold 297 shares of the business’s stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $137.05, for a total value of $40,703.85. Following the sale, the vice president owned 15,206 shares of the company’s stock, valued at approximately $2,083,982.30. This represents a 1.92% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 48,091 shares of company stock worth $6,568,423 in the last three months. 0.17% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Bank of New York Mellon

A number of institutional investors have recently made changes to their positions in the company. Linscomb Wealth Inc. boosted its holdings in shares of Bank of New York Mellon by 2.5% during the fourth quarter. Linscomb Wealth Inc. now owns 3,240 shares of the bank’s stock worth $376,000 after acquiring an additional 80 shares during the period. Ransom Advisory Ltd boosted its holdings in shares of Bank of New York Mellon by 1.3% during the fourth quarter. Ransom Advisory Ltd now owns 6,777 shares of the bank’s stock worth $787,000 after acquiring an additional 85 shares during the period. Mather Group LLC. boosted its stake in shares of Bank of New York Mellon by 0.9% in the fourth quarter. Mather Group LLC. now owns 9,232 shares of the bank’s stock valued at $1,072,000 after buying an additional 86 shares during the period. Parkside Financial Bank & Trust boosted its stake in shares of Bank of New York Mellon by 3.2% in the fourth quarter. Parkside Financial Bank & Trust now owns 2,805 shares of the bank’s stock valued at $326,000 after buying an additional 88 shares during the period. Finally, Essex Financial Services Inc. boosted its stake in shares of Bank of New York Mellon by 0.5% in the fourth quarter. Essex Financial Services Inc. now owns 17,584 shares of the bank’s stock valued at $2,041,000 after buying an additional 89 shares during the period. Institutional investors 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.