Bank of New York Mellon (NYSE:BNY) Hits New 1-Year High – Should You Buy?

Bank of New York Mellon Corporation (NYSE:BNY)’s share price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $146.74 and last traded at $145.84, with a volume of 3000932 shares trading hands. The stock had previously closed at $144.45.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on BNY. 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. Wall Street Zen raised Bank of New York Mellon to a “hold” rating in a research report on Saturday, May 23rd. 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. JPMorgan Chase & Co. raised their price target 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. Finally, Citigroup initiated coverage on Bank of New York Mellon in a research note on Monday, February 23rd. They issued a “neutral” rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, Bank of New York Mellon currently has a consensus rating of “Moderate Buy” and a consensus price target of $138.08.

Bank of New York Mellon Stock Performance

The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.82. The stock has a 50 day simple moving average of $136.48 and a two-hundred day simple moving average of $124.62. The stock has a market capitalization of $100.10 billion, a P/E ratio of 18.07, a P/E/G ratio of 1.05 and a beta of 1.07.

Bank of New York Mellon (NYSE:BNY) last posted its quarterly earnings results on Thursday, April 16th. The bank reported $2.25 earnings per share for the quarter, beating 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 firm had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.14 billion. During the same period last year, the company earned $1.58 earnings per share. The business’s revenue was up 12.9% compared to the same quarter last year. On average, 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 Dividend Announcement

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

Insiders Place Their Bets

In other news, EVP Alejandro Perez sold 12,504 shares of Bank of New York Mellon stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $137.01, for a total transaction of $1,713,173.04. Following the completion of the transaction, the executive vice president directly owned 62,613 shares in the company, valued at approximately $8,578,607.13. The trade was a 16.65% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP J Kevin Mccarthy sold 30,000 shares of Bank of New York Mellon 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 transaction, the executive vice president owned 50,238 shares of the company’s stock, valued at $6,857,487. This represents a 37.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 48,091 shares of company stock valued at $6,568,423. 0.17% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Todd Asset Management LLC grew its holdings in Bank of New York Mellon by 37.5% in the 4th 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 in the last quarter. CIBC Asset Management Inc lifted its position in shares of Bank of New York Mellon by 53.8% during the 4th quarter. CIBC Asset Management Inc now owns 182,002 shares of the bank’s stock valued at $21,129,000 after acquiring an additional 63,627 shares during the period. First National Bank of Omaha bought a new stake in shares of Bank of New York Mellon during the 3rd quarter valued at $3,044,000. Cullen Investment Group LTD. lifted its position in shares of Bank of New York Mellon by 1,691.4% during 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 period. Finally, CIBC Bancorp USA Inc. bought a new stake in shares of Bank of New York Mellon during the 3rd quarter valued at $10,641,000. 85.31% of the stock is owned by institutional investors and hedge funds.

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.