Bank of New York Mellon (NYSE:BNY) Sets New 1-Year High - Here's Why

Key Points

• BNY shares reached a new 52-week high, trading as high as $165.05 and closing near $164.95, up from the previous close of $163.24.
• Analyst sentiment remains positive, with the stock holding a “Moderate Buy” consensus rating and an average price target of $157.13; several firms recently raised their targets, including Argus to $180.
• BNY exceeded quarterly expectations, reporting adjusted EPS of $2.46 versus the $2.16 consensus and revenue of $5.70 billion, up 13.3% year over year.

Bank of New York Mellon Corporation (NYSE:BNY - Get Free Report)'s stock price reached a new 52-week high during trading on Monday . The stock traded as high as $165.05 and last traded at $164.95, with a volume of 61850 shares. The stock had previously closed at $163.24.

Wall Street Analysts Forecast Growth

BNY has been the topic of a number of recent research reports. Bank of America boosted their price target on shares of Bank of New York Mellon from $165.00 to $175.00 and gave the stock a "buy" rating in a research report on Monday, July 20th. Citigroup raised their target price on shares of Bank of New York Mellon from $167.00 to $172.00 and gave the stock a "neutral" rating in a research note on Monday, July 20th. Erste Group Bank started coverage on Bank of New York Mellon in a report on Wednesday, July 15th. They set a "buy" rating on the stock. Wells Fargo & Company upped their price target on Bank of New York Mellon from $152.00 to $162.00 and gave the company an "equal weight" rating in a research report on Thursday, July 16th. Finally, Argus increased their price target on Bank of New York Mellon from $153.00 to $180.00 and gave the company a "buy" rating in a report on Wednesday, July 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $157.13.

Bank of New York Mellon Stock Up 0.8%

The business's 50 day moving average price is $151.97 and its 200-day moving average price is $135.28. The firm has a market capitalization of $111.61 billion, a PE ratio of 19.15, a P/E/G ratio of 1.16 and a beta of 1.06. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.72 and a current ratio of 0.72.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last released its quarterly earnings results on Wednesday, July 15th. The bank reported $2.46 EPS for the quarter, topping analysts' consensus estimates of $2.16 by $0.30. The company had revenue of $5.70 billion for the quarter, compared to analysts' expectations of $5.35 billion. Bank of New York Mellon had a return on equity of 16.00% and a net margin of 15.52%.The firm's revenue was up 13.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.93 earnings per share. As a group, equities research analysts forecast that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current year.

Insider Buying and Selling

In other Bank of New York Mellon news, CFO Dermot Mcdonogh sold 31,800 shares of the firm's stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $155.26, for a total value of $4,937,268.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.17% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Bank of New York Mellon

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Revolve Wealth Partners LLC acquired a new position in Bank of New York Mellon in the fourth quarter valued at $220,000. Sivia Capital Partners LLC increased its position in shares of Bank of New York Mellon by 36.6% during the second quarter. Sivia Capital Partners LLC now owns 3,394 shares of the bank's stock worth $309,000 after purchasing an additional 909 shares in the last quarter. Jump Financial LLC purchased a new stake in shares of Bank of New York Mellon in the 2nd quarter valued at about $2,482,000. Treasurer of the State of North Carolina lifted its holdings in shares of Bank of New York Mellon by 1.7% in the 2nd quarter. Treasurer of the State of North Carolina now owns 334,388 shares of the bank's stock valued at $30,466,000 after purchasing an additional 5,445 shares during the last quarter. Finally, Osterweis Capital Management Inc. boosted its position in shares of Bank of New York Mellon by 11,890.0% in the 2nd quarter. Osterweis Capital Management Inc. now owns 1,199 shares of the bank's stock valued at $109,000 after purchasing an additional 1,189 shares during the period. Hedge funds and other institutional investors own 85.31% of the company's stock.

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.

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