Bank of New York Mellon (NYSE:BNY) Stock Price Breaks Above Fifty Day Moving Average – What’s Next?

Bank of New York Mellon Corporation (NYSE:BNY) passed above its fifty day moving average during trading on Wednesday. The stock has a fifty day moving average of $150.87 and traded as high as $153.84. Bank of New York Mellon shares last traded at $152.41, with a volume of 4,629,455 shares changing hands.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on BNY shares. Royal Bank Of Canada upped their target price on Bank of New York Mellon from $142.00 to $168.00 and gave the company a “sector perform” rating in a report on Thursday, July 16th. Keefe, Bruyette & Woods reissued an “outperform” rating on shares of Bank of New York Mellon in a report on Friday, October 16th. Truist Financial reduced their price objective on Bank of New York Mellon from $172.00 to $165.00 and set a “buy” rating for the company in a research report on Friday, October 16th. Erste Group Bank initiated coverage on Bank of New York Mellon in a research note on Wednesday, July 15th. They set a “buy” rating for the company. Finally, Bank of America increased their target price on Bank of New York Mellon from $165.00 to $175.00 and gave the stock a “buy” rating in a research report on Monday, July 20th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $165.04.

Bank of New York Mellon Price Performance

The company has a fifty day simple moving average of $150.87 and a 200-day simple moving average of $139.67. The company has a market cap of $102.56 billion, a P/E ratio of 16.84, a PEG ratio of 0.99 and a beta of 1.02. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.72.

Bank of New York Mellon (NYSE:BNY) last issued its quarterly earnings results on Thursday, October 15th. The bank reported $2.37 earnings per share for the quarter, topping analysts’ consensus estimates of $2.26 by $0.11. Bank of New York Mellon had a return on equity of 16.57% and a net margin of 16.32%. The firm had revenue of $5.68 billion for the quarter. Bank of New York Mellon’s quarterly revenue was up 11.7% on a year-over-year basis. On average, sell-side analysts predict that Bank of New York Mellon Corporation will post 9.39 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Robin Vince sold 9,380 shares of the business’s stock in a transaction that occurred on Tuesday, October 27th. The shares were sold at an average price of $147.82, for a total transaction of $1,386,551.60. Following the transaction, the chief executive officer directly owned 575,794 shares of the company’s stock, valued at approximately $85,113,869.08. The trade was a 1.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Jose Minaya sold 3,520 shares of the business’s stock in a transaction on Tuesday, October 27th. The shares were sold at an average price of $147.81, for a total transaction of $520,291.20. Following the transaction, the vice president owned 173,304 shares in the company, valued at approximately $25,616,064.24. This represents a 1.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 60,560 shares of company stock valued at $9,007,119 over the last three months. 0.17% of the stock is owned by insiders.

Institutional Trading of Bank of New York Mellon

Institutional investors have recently bought and sold shares of the company. Lido Advisors LLC lifted its holdings in shares of Bank of New York Mellon by 3.7% during the 3rd quarter. Lido Advisors LLC now owns 47,256 shares of the bank’s stock valued at $6,835,000 after buying an additional 1,671 shares during the last quarter. Kinsale Capital Group Inc. grew its stake in shares of Bank of New York Mellon by 19.9% in the 3rd quarter. Kinsale Capital Group Inc. now owns 107,983 shares of the bank’s stock valued at $15,618,000 after buying an additional 17,921 shares in the last quarter. 71 West Capital Partners increased its holdings in Bank of New York Mellon by 1.0% in the third quarter. 71 West Capital Partners now owns 6,863 shares of the bank’s stock worth $993,000 after buying an additional 67 shares during the last quarter. Pinion Investment Advisors LLC increased its holdings in Bank of New York Mellon by 2.3% in the third quarter. Pinion Investment Advisors LLC now owns 3,667 shares of the bank’s stock worth $530,000 after buying an additional 81 shares during the last quarter. Finally, AEGON ASSET MANAGEMENT UK Plc acquired a new position in Bank of New York Mellon in the third quarter worth approximately $14,941,000. Institutional investors and hedge funds 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.