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

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

Analyst Ratings Changes

Several brokerages have recently commented on BNY. Truist Financial increased their target price on Bank of New York Mellon from $140.00 to $148.00 and gave the stock a “buy” rating in a report on Friday, April 17th. Evercore set a $136.00 price target on Bank of New York Mellon in a research note on Friday, April 17th. Weiss Ratings raised Bank of New York Mellon from a “buy (a-)” rating to a “buy (a)” rating in a research note on Monday, May 4th. Barclays upped their price target on Bank of New York Mellon from $143.00 to $149.00 and gave the company an “overweight” rating in a research note on Friday, April 17th. Finally, Citigroup started coverage on Bank of New York Mellon in a research note on Monday, February 23rd. They set a “neutral” rating on the stock. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $138.08.

Bank of New York Mellon Stock Up 1.0%

The firm has a 50 day moving average price of $136.48 and a 200-day moving average price of $124.62. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.75 and a quick ratio of 0.75. The firm has a market cap of $100.10 billion, a price-to-earnings ratio of 18.07, a price-to-earnings-growth ratio of 1.05 and a beta of 1.07.

Bank of New York Mellon (NYSE:BNY) last released its earnings results on Thursday, April 16th. The bank reported $2.25 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $5.14 billion. During the same quarter in the prior year, the firm posted $1.58 earnings per share. The company’s quarterly revenue was up 12.9% on a year-over-year basis. As a group, equities analysts predict 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 business also recently announced a quarterly dividend, which was paid on Friday, May 8th. Shareholders of record on Monday, April 27th were paid a $0.53 dividend. The ex-dividend date of this dividend was Monday, April 27th. This represents a $2.12 annualized dividend and a yield of 1.5%. Bank of New York Mellon’s dividend payout ratio is presently 26.27%.

Insider Buying and Selling

In other news, VP Shannon Marie Hobbs sold 297 shares of the firm’s stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $137.05, for a total transaction of $40,703.85. Following the sale, the vice president owned 15,206 shares of the company’s stock, valued at $2,083,982.30. This trade represents a 1.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP J Kevin Mccarthy sold 30,000 shares of the firm’s stock in a transaction dated 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 sale, the executive vice president directly owned 50,238 shares in the company, valued at approximately $6,857,487. This represents a 37.39% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 48,091 shares of company stock worth $6,568,423. Corporate insiders own 0.17% of the company’s stock.

Institutional Investors Weigh In On Bank of New York Mellon

A number of hedge funds have recently modified their holdings of BNY. Abound Financial LLC acquired a new stake in shares of Bank of New York Mellon during the fourth quarter worth about $25,000. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in Bank of New York Mellon in the 4th quarter valued at approximately $27,000. MCF Advisors LLC raised its position in Bank of New York Mellon by 74.8% in the 4th quarter. MCF Advisors LLC now owns 236 shares of the bank’s stock valued at $27,000 after buying an additional 101 shares during the last quarter. Marquette Asset Management LLC raised its position in Bank of New York Mellon by 174.7% in the 4th quarter. Marquette Asset Management LLC now owns 261 shares of the bank’s stock valued at $30,000 after buying an additional 166 shares during the last quarter. Finally, Heritage Wealth Advisors acquired a new stake in Bank of New York Mellon in the 4th quarter valued at approximately $31,000. Institutional investors and hedge funds 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.