Bank of New York Mellon (NYSE:BNY) Sets New 1-Year High Following Analyst Upgrade

Key Points

• Bank of New York Mellon shares hit a new 52-week high after JPMorgan raised its price target from $140 to $149 and maintained an overweight rating. The stock traded as high as $149.25.
• Several other analysts also boosted their outlooks, and the stock now has a Moderate Buy consensus with an average target price of $143.46. Recent upgrades came from Barclays, Truist, Wells Fargo, Keefe, Bruyette & Woods, and Weiss Ratings.
• The company reported strong quarterly results, with EPS of $2.25 beating estimates and revenue of $5.41 billion topping forecasts. It also recently paid a quarterly dividend of $0.53 per share, implying an annualized yield of 1.4%.

Bank of New York Mellon Corporation (NYSE:BNY - Get Free Report)'s share price hit a new 52-week high 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 trading hands. The stock had previously closed at $146.62.

A number of other brokerages have also recently commented on BNY. Barclays raised their price target on shares of 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. Truist Financial increased their target price on Bank of New York Mellon from $140.00 to $148.00 and gave the stock a "buy" rating in a report on Friday, April 17th. Wells Fargo & Company raised their target price on Bank of New York Mellon from $137.00 to $152.00 and gave the stock an "equal weight" rating in a research report on Wednesday, June 24th. Keefe, Bruyette & Woods boosted their price target on Bank of New York Mellon from $143.00 to $150.00 and gave the company an "outperform" rating in a research note on Friday, April 17th. Finally, Weiss Ratings raised 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, Bank of New York Mellon presently has an average rating of "Moderate Buy" and an average target price of $143.46.

Insiders Place Their Bets

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 30,000 shares of Bank of New York Mellon 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 completion of the transaction, the executive vice president 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 SEC, which can be accessed through this hyperlink. Also, EVP Alejandro Perez sold 12,504 shares of the business's stock in a transaction 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 completion of the transaction, the executive vice president directly owned 62,613 shares in the company, valued at approximately $8,578,607.13. This represents a 16.65% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 48,091 shares of company stock valued at $6,568,423. Company insiders own 0.17% of the company's stock.

Institutional Investors 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. Revolve Wealth Partners LLC acquired a new position in Bank of New York Mellon during the 4th quarter worth $220,000. Sivia Capital Partners LLC increased its stake in shares of Bank of New York Mellon by 36.6% in the 2nd quarter. Sivia Capital Partners LLC now owns 3,394 shares of the bank's stock valued at $309,000 after buying an additional 909 shares during the period. Jump Financial LLC bought a new stake in shares of Bank of New York Mellon during the second quarter worth $2,482,000. Treasurer of the State of North Carolina raised its position in shares of Bank of New York Mellon by 1.7% during the second quarter. Treasurer of the State of North Carolina now owns 334,388 shares of the bank's stock worth $30,466,000 after acquiring an additional 5,445 shares during the last quarter. Finally, Osterweis Capital Management Inc. lifted its stake in shares of Bank of New York Mellon by 11,890.0% during the second quarter. Osterweis Capital Management Inc. now owns 1,199 shares of the bank's stock valued at $109,000 after acquiring an additional 1,189 shares during the period. Institutional investors and hedge funds own 85.31% of the company's stock.

Bank of New York Mellon Stock Up 2.0%

The firm has a 50 day moving average price of $139.71 and a 200-day moving average price of $127.17. The firm has a market cap of $102.61 billion, a price-to-earnings ratio of 18.53, a price-to-earnings-growth ratio of 1.06 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.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last announced 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. Bank of New York Mellon had a return on equity of 15.29% and a net margin of 14.60%.The firm had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.14 billion. During the same period last year, the company earned $1.58 earnings per share. The company's revenue was up 12.9% on a year-over-year basis. As a group, equities analysts predict that Bank of New York Mellon Corporation will post 8.85 EPS for the current fiscal year.

Bank of New York Mellon Announces Dividend

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

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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