Bank of New York Mellon (NYSE:BNY) Hits New 52-Week High - Still a Buy?

Key Points

• Bank of New York Mellon hit a new 52-week high, trading as high as $155.09, reflecting strong recent momentum in the stock.
• Recent analyst sentiment has been mixed but generally positive: several firms raised price targets, and the stock currently carries a Moderate Buy consensus with an average target price of $143.46.
• The company’s latest earnings topped expectations, with EPS of $2.25 versus $1.94 expected and revenue of $5.41 billion, while it also pays a quarterly dividend of $0.53 for a 1.4% yield.

Bank of New York Mellon Corporation (NYSE:BNY - Get Free Report) reached a new 52-week high on Tuesday . The stock traded as high as $155.09 and last traded at $154.23, with a volume of 513583 shares traded. The stock had previously closed at $151.27.

Wall Street Analyst Weigh In

Several analysts have commented on the company. Barclays lifted their price target on Bank of New York Mellon from $143.00 to $149.00 and gave the company an "overweight" rating in a report on Friday, April 17th. Wells Fargo & Company increased their price objective on shares of Bank of New York Mellon from $137.00 to $152.00 and gave the stock an "equal weight" rating in a report on Wednesday, June 24th. Wall Street Zen upgraded shares of Bank of New York Mellon to a "hold" rating in a report on Saturday, May 23rd. JPMorgan Chase & Co. upped their price target on shares of 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, Weiss Ratings raised shares of Bank of New York Mellon from a "buy (a-)" rating to a "buy (a)" rating in a research note on Monday, May 4th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $143.46.

Bank of New York Mellon Stock Performance

The stock has a 50-day simple moving average of $141.78 and a 200-day simple moving average of $128.68. 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 stock has a market cap of $105.24 billion, a PE ratio of 19.00, a P/E/G ratio of 1.12 and a beta of 1.07.

Bank of New York Mellon (NYSE:BNY - Get Free Report) 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 company had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.14 billion. Bank of New York Mellon had a return on equity of 15.29% and a net margin of 14.60%.The company's quarterly revenue was up 12.9% compared to the same quarter last year. During the same period last year, the business posted $1.58 EPS. Equities analysts predict that Bank of New York Mellon Corporation will post 8.94 earnings per share for the current fiscal year.

Bank of New York Mellon Dividend Announcement

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

Insider Buying and Selling at Bank of New York Mellon

In other news, EVP Alejandro Perez sold 12,504 shares of the stock in a transaction on Friday, April 17th. The shares were sold at an average price of $137.01, for a total value 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 $8,578,607.13. This represents a 16.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Shannon Marie Hobbs sold 297 shares of the firm's stock in a transaction on 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 transaction, the vice president directly owned 15,206 shares in the company, valued at approximately $2,083,982.30. This represents a 1.92% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 48,091 shares of company stock valued at $6,568,423. 0.17% of the stock is currently owned by corporate insiders.

Institutional Trading of Bank of New York Mellon

A number of institutional investors have recently added to or reduced their stakes in BNY. Abound Financial LLC purchased a new stake in shares of Bank of New York Mellon in the fourth quarter worth about $25,000. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Bank of New York Mellon in the 4th quarter worth approximately $27,000. MCF Advisors LLC grew its position in Bank of New York Mellon by 74.8% in 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 in the last quarter. Marquette Asset Management LLC grew its position in 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 acquiring an additional 166 shares in the last quarter. Finally, Heritage Wealth Advisors purchased a new stake in shares of Bank of New York Mellon during the fourth quarter valued at approximately $31,000. 85.31% of the stock is owned by hedge funds and other institutional investors.

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.

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