Bank of New York Mellon (NYSE:BNY) Reaches New 1-Year High - Still a Buy?

Key Points

• Bank of New York Mellon hit a new 52-week high, trading as high as $140.91 as investors pushed the stock above its previous close of $139.15.
• Recent analyst activity has been mostly positive, with several firms raising price targets and ratings; the stock now carries a Moderate Buy consensus and an average target price of $138.08.
• The company posted strong first-quarter results, with EPS of $2.25 beating estimates and revenue rising 12.9% year over year, while it also paid a quarterly dividend of $0.53 per share.

Shares of Bank of New York Mellon Corporation (NYSE:BNY - Get Free Report) 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 Analyst Weigh In

BNY has been the subject of a number of recent analyst reports. Barclays raised 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. Morgan Stanley raised their price target on Bank of New York Mellon from $135.00 to $139.00 and gave the company an "equal weight" rating in a report on Friday, April 17th. Weiss Ratings raised Bank of New York Mellon from a "buy (a-)" rating to a "buy (a)" rating in a report on Monday, May 4th. Keefe, Bruyette & Woods raised their price target on Bank of New York Mellon from $143.00 to $150.00 and gave the company an "outperform" rating in a report on Friday, April 17th. Finally, Truist Financial lifted their target price on Bank of New York Mellon from $140.00 to $148.00 and gave the company a "buy" rating in a research note on Friday, April 17th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $138.08.

Bank of New York Mellon Price Performance

The company has a 50 day moving average price of $128.10 and a 200 day moving average price of $120.68. The company has a market capitalization of $96.64 billion, a price-to-earnings ratio of 17.40, a PEG ratio of 1.02 and a beta of 1.08. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.82.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last released its earnings results on Thursday, April 16th. The bank reported $2.25 EPS for the quarter, beating the consensus estimate of $1.94 by $0.31. 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 $5.41 billion during the quarter, compared to analysts' expectations of $5.14 billion. During the same period last year, the firm earned $1.58 EPS. The business's revenue for the quarter was up 12.9% on a year-over-year basis. As a group, equities research analysts forecast that Bank of New York Mellon Corporation will post 8.78 earnings per share for the current year.

Bank of New York Mellon Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 8th. Stockholders of record on Monday, April 27th were given a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 1.5%. The ex-dividend date was Monday, April 27th. Bank of New York Mellon's dividend payout ratio (DPR) is currently 26.27%.

Insider Buying and Selling

In other news, EVP J Kevin Mccarthy sold 30,000 shares of the firm's stock in a transaction 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 transaction, the executive vice president directly owned 50,238 shares in the company, valued at $6,857,487. This trade represents a 37.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Alejandro Perez sold 12,504 shares of Bank of New York Mellon stock in a transaction dated 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 transaction, the executive vice president owned 62,613 shares in the company, valued at approximately $8,578,607.13. This represents a 16.65% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 48,091 shares of company stock valued at $6,568,423 over the last 90 days. Company insiders own 0.17% of the company's stock.

Institutional Trading of Bank of New York Mellon

Hedge funds and other institutional investors have recently modified their holdings of the company. Abound Financial LLC acquired a new stake in shares of Bank of New York Mellon in the 4th quarter valued at about $25,000. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of Bank of New York Mellon in the 4th quarter valued at about $27,000. MCF Advisors LLC raised its stake in shares of Bank of New York Mellon by 74.8% in the 4th quarter. MCF Advisors LLC now owns 236 shares of the bank's stock valued at $27,000 after purchasing an additional 101 shares during the period. Marquette Asset Management LLC raised 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 purchasing an additional 166 shares during the period. Finally, Heritage Wealth Advisors acquired a new stake in shares of Bank of New York Mellon in the 4th 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.

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