Bank of New York Mellon (NYSE:BNY) Reaches New 12-Month High – Still a Buy?

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. Keefe, Bruyette & Woods upped their price objective on Bank of New York Mellon from $143.00 to $150.00 and gave the stock an “outperform” rating in a research note on Friday, April 17th. Citigroup began coverage on shares of Bank of New York Mellon in a research note on Monday, February 23rd. They issued a “neutral” rating for the company. Morgan Stanley upped their price target on shares of Bank of New York Mellon from $135.00 to $139.00 and gave the stock an “equal weight” rating in a research report on Friday, April 17th. JPMorgan Chase & Co. increased their price target on shares of 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, Evercore set a $136.00 price objective on shares of Bank of New York Mellon in a research report on Friday, April 17th. One 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 stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $138.08.

Bank of New York Mellon Price Performance

The business has a fifty day moving average of $129.09 and a two-hundred day moving average of $121.13. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.75 and a current ratio of 0.75. The firm has a market capitalization of $95.87 billion, a price-to-earnings ratio of 17.31, a price-to-earnings-growth ratio of 1.03 and a beta of 1.08.

Bank of New York Mellon (NYSE:BNY) last released its quarterly earnings data on Thursday, April 16th. The bank reported $2.25 EPS for the quarter, topping analysts’ consensus estimates of $1.94 by $0.31. The firm had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.14 billion. Bank of New York Mellon had a net margin of 14.60% and a return on equity of 15.29%. The company’s revenue for the quarter was up 12.9% compared to the same quarter last year. During the same period in the previous year, the business posted $1.58 earnings per share. As a group, research analysts predict 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 business also recently declared a quarterly dividend, which was paid on Friday, May 8th. Investors of record on Monday, April 27th were paid a $0.53 dividend. The ex-dividend date was Monday, April 27th. This represents a $2.12 dividend on an annualized basis and a yield of 1.5%. Bank of New York Mellon’s dividend payout ratio is 26.27%.

Insider Activity at Bank of New York Mellon

In other news, EVP Alejandro Perez sold 12,504 shares of Bank of New York Mellon stock in a transaction 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 sale, the executive vice president owned 62,613 shares of the company’s stock, valued at approximately $8,578,607.13. This trade represents a 16.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Shannon Marie Hobbs sold 297 shares of the business’s stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $137.05, for a total transaction of $40,703.85. Following the completion of the sale, the vice president directly owned 15,206 shares of the company’s stock, valued at approximately $2,083,982.30. The trade was a 1.92% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 48,091 shares of company stock valued at $6,568,423 in the last 90 days. Insiders own 0.17% of the company’s stock.

Hedge Funds Weigh In On Bank of New York Mellon

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BNY. Abound Financial LLC bought a new position in Bank of New York Mellon in the 4th quarter valued at approximately $25,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Bank of New York Mellon during the fourth quarter worth $27,000. MCF Advisors LLC increased its holdings in shares of Bank of New York Mellon by 74.8% during the fourth quarter. MCF Advisors LLC now owns 236 shares of the bank’s stock worth $27,000 after buying an additional 101 shares in the last quarter. Marquette Asset Management LLC lifted its stake in shares of 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 acquiring an additional 166 shares during the last quarter. Finally, Heritage Wealth Advisors acquired a new stake in shares of Bank of New York Mellon during the 4th quarter valued at $31,000. 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.