Bank of New York Mellon (NYSE:BNY) Earns Buy Rating from Analysts at Erste Group Bank

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

Several other research firms also recently issued reports on BNY. Keefe, Bruyette & Woods boosted their price objective on Bank of New York Mellon from $143.00 to $150.00 and gave the stock an “outperform” rating in a report on Friday, April 17th. Wells Fargo & Company boosted their price target on shares of Bank of New York Mellon from $137.00 to $152.00 and gave the company an “equal weight” rating in a report on Wednesday, June 24th. Royal Bank Of Canada boosted their target price on shares of 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. Truist Financial lifted their price target on Bank of New York Mellon from $140.00 to $148.00 and gave the company a “buy” rating in a report on Friday, April 17th. Finally, Barclays increased their price objective on Bank of New York Mellon from $143.00 to $149.00 and gave the stock an “overweight” rating in a research note on Friday, April 17th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $143.46.

Bank of New York Mellon Price Performance

Shares of BNY traded up $5.19 during trading hours on Wednesday, hitting $159.69. 1,626,415 shares of the company were exchanged, compared to its average volume of 3,810,100. The company has a market capitalization of $109.61 billion, a PE ratio of 19.79, a PEG ratio of 1.11 and a beta of 1.07. 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 fifty day simple moving average of $142.23 and a 200-day simple moving average of $128.94. Bank of New York Mellon has a one year low of $93.37 and a one year high of $159.99.

Bank of New York Mellon (NYSE:BNY) last announced its earnings results on Wednesday, July 15th. The bank reported $2.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.16 by $0.30. Bank of New York Mellon had a return on equity of 15.29% and a net margin of 14.60%.The company had revenue of $5.70 billion for the quarter, compared to analyst estimates of $5.35 billion. During the same period in the previous year, the firm earned $1.93 earnings per share. Bank of New York Mellon’s revenue for the quarter was up 13.3% compared to the same quarter last year. As a group, sell-side analysts predict that Bank of New York Mellon will post 8.94 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Kurtis R. Kurimsky sold 5,290 shares of the firm’s stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $136.02, for a total value of $719,545.80. Following the transaction, the insider directly owned 17,259 shares of the company’s stock, valued at approximately $2,347,569.18. This trade represents a 23.46% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, 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 sale, the executive vice president owned 50,238 shares of the company’s stock, valued at approximately $6,857,487. This trade represents a 37.39% 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 valued at $6,568,423 in the last three months. 0.17% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Bank of New York Mellon

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Abound Financial LLC acquired a new position in Bank of New York Mellon in the 4th quarter valued at $25,000. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Bank of New York Mellon during the fourth quarter valued at about $27,000. MCF Advisors LLC boosted its holdings in Bank of New York Mellon by 74.8% during the fourth quarter. MCF Advisors LLC now owns 236 shares of the bank’s stock valued at $27,000 after acquiring an additional 101 shares during the period. Marquette Asset Management LLC grew its position 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 acquired a new stake in shares of Bank of New York Mellon in the fourth quarter valued at about $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.