Bank of New York Mellon (NYSE:BNY) Hits New 12-Month High on Analyst Upgrade

Shares of Bank of New York Mellon Corporation (NYSE:BNY) hit a new 52-week high during mid-day trading on Monday after JPMorgan Chase & Co. raised their price target on the stock from $140.00 to $149.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Bank of New York Mellon traded as high as $149.25 and last traded at $148.79, with a volume of 117313 shares changing hands. The stock had previously closed at $146.62.

Other research analysts also recently issued research reports about the company. Wells Fargo & Company increased their price target on Bank of New York Mellon from $137.00 to $152.00 and gave the company an “equal weight” rating in a research note on Wednesday, June 24th. Royal Bank Of Canada increased their target price on Bank of New York Mellon from $130.00 to $142.00 and gave the company a “sector perform” rating in a research note on Friday, April 17th. Wall Street Zen upgraded Bank of New York Mellon to a “hold” rating in a report on Saturday, May 23rd. Citigroup boosted their target price on Bank of New York Mellon from $136.00 to $167.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 23rd. Finally, Morgan Stanley increased their price target 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 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 issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $143.46.

Insiders Place Their Bets

In related news, EVP J Kevin Mccarthy sold 30,000 shares of the business’s 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 completion of the transaction, the executive vice president directly owned 50,238 shares in the company, valued at approximately $6,857,487. The trade was a 37.39% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Alejandro Perez sold 12,504 shares of the stock in a transaction that occurred 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 of the company’s stock, valued at approximately $8,578,607.13. The trade was a 16.65% 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 worth $6,568,423. Company insiders own 0.17% of the company’s stock.

Institutional Investors Weigh In On Bank of New York Mellon

Institutional investors have recently added to or reduced their stakes in the stock. Abound Financial LLC bought a new position 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 position in Bank of New York Mellon during the 4th quarter worth approximately $27,000. MCF Advisors LLC grew its stake in shares of Bank of New York Mellon by 74.8% during the 4th quarter. MCF Advisors LLC now owns 236 shares of the bank’s stock worth $27,000 after acquiring an additional 101 shares in the last quarter. Marquette Asset Management LLC raised its holdings in shares of Bank of New York Mellon by 174.7% in the fourth quarter. Marquette Asset Management LLC now owns 261 shares of the bank’s stock valued at $30,000 after purchasing an additional 166 shares during the last quarter. Finally, Heritage Wealth Advisors bought a new stake in shares of Bank of New York Mellon in the fourth quarter worth $31,000. 85.31% of the stock is owned by institutional investors.

Bank of New York Mellon Price Performance

The firm has a market cap of $102.61 billion, a price-to-earnings ratio of 18.53, a PEG ratio of 1.06 and a beta of 1.07. The company’s fifty day moving average is $139.71 and its 200 day moving average is $127.17. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.82.

Bank of New York Mellon (NYSE:BNY) last issued its quarterly earnings results on Thursday, April 16th. The bank reported $2.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.94 by $0.31. Bank of New York Mellon had a net margin of 14.60% and a return on equity of 15.29%. The firm had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same period in the previous year, the business earned $1.58 EPS. The company’s revenue was up 12.9% compared to the same quarter last year. On average, equities research analysts predict that Bank of New York Mellon Corporation will post 8.85 EPS for the current year.

Bank of New York Mellon Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 8th. Investors of record on Monday, April 27th were paid a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 1.4%. The ex-dividend date was Monday, April 27th. Bank of New York Mellon’s dividend payout ratio (DPR) is 26.27%.

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.