Erste Group Bank Initiates Coverage on Bank of New York Mellon (NYSE:BNY)

Erste Group Bank began coverage on shares of Bank of New York Mellon (NYSE:BNY) in a note issued to investors on Wednesday. The firm set a “buy” rating on the bank’s stock.

BNY has been the subject of a number of other reports. Evercore set a $136.00 price target on shares of Bank of New York Mellon in a report on Friday, April 17th. Wall Street Zen raised shares of Bank of New York Mellon to a “hold” rating in a research report on Saturday, May 23rd. Morgan Stanley increased their target price on shares of Bank of New York Mellon from $135.00 to $139.00 and gave the company an “equal weight” rating in a research note on Friday, April 17th. JPMorgan Chase & Co. raised their price objective on Bank of New York Mellon from $140.00 to $149.00 and gave the stock an “overweight” rating in a research report on Monday, July 6th. Finally, Royal Bank Of Canada lifted their price objective on 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 equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $143.46.

Bank of New York Mellon Stock Performance

Shares of BNY stock traded up $5.19 during trading hours on Wednesday, reaching $159.69. 1,626,415 shares of the company’s stock were exchanged, compared to its average volume of 3,810,100. Bank of New York Mellon has a fifty-two week low of $93.37 and a fifty-two week high of $159.99. 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 market capitalization of $109.61 billion, a P/E ratio of 19.79, a P/E/G ratio of 1.11 and a beta of 1.07. The business has a fifty day moving average price of $142.23 and a 200-day moving average price of $128.94.

Bank of New York Mellon (NYSE:BNY) last announced its quarterly earnings data on Wednesday, July 15th. The bank reported $2.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.16 by $0.30. Bank of New York Mellon had a net margin of 14.60% and a return on equity of 15.29%. The business had revenue of $5.70 billion for the quarter, compared to the consensus estimate of $5.35 billion. During the same quarter last year, the company posted $1.93 earnings per share. Bank of New York Mellon’s quarterly revenue was up 13.3% on a year-over-year basis. Analysts predict that Bank of New York Mellon will post 8.94 EPS for the current fiscal year.

Insider Buying and Selling

In other Bank of New York Mellon news, EVP Alejandro Perez sold 12,504 shares of the company’s stock in a transaction on Friday, April 17th. The stock was sold at an average price of $137.01, for a total value of $1,713,173.04. Following the sale, the executive vice president directly owned 62,613 shares in the company, valued at $8,578,607.13. This represents a 16.65% 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 stock in a transaction 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 transaction, the vice president owned 15,206 shares of the company’s stock, valued at $2,083,982.30. This represents a 1.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 48,091 shares of company stock worth $6,568,423 over the last 90 days. Corporate insiders own 0.17% of the company’s stock.

Institutional Investors Weigh In On Bank of New York Mellon

Institutional investors and hedge funds have recently made changes to their positions in the company. Todd Asset Management LLC lifted its position in shares of Bank of New York Mellon by 37.5% in 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 last quarter. CIBC Asset Management Inc boosted its stake 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 worth $21,129,000 after acquiring an additional 63,627 shares during the period. Cullen Investment Group LTD. increased its holdings 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 worth $4,610,000 after acquiring an additional 36,568 shares during the last quarter. CIBC Bancorp USA Inc. bought a new stake in Bank of New York Mellon in the 3rd quarter valued at $10,641,000. Finally, Prospera Financial Services Inc raised its stake in Bank of New York Mellon by 106.5% in the 4th quarter. Prospera Financial Services Inc now owns 19,126 shares of the bank’s stock valued at $2,220,000 after acquiring an additional 9,865 shares during the period. 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.