Bank of New York Mellon (NYSE:BNY) Sets New 12-Month High After Analyst Upgrade

Key Points

• BNY Mellon shares hit a new 52-week high after Citigroup raised its price target from $136 to $167, though the firm kept a neutral rating. The stock traded as high as $148.50 during the session.
• Analysts remain cautiously positive overall, with the stock carrying a consensus “Moderate Buy” rating and an average price target of $140.46. Recent moves from other firms included upgrades or higher targets from Barclays, RBC, Morgan Stanley, and Evercore.
• Recent fundamentals were strong: the company reported Q1 EPS of $2.25, topping estimates of $1.94, while revenue rose 12.9% year over year to $5.41 billion. BNY Mellon also paid a quarterly dividend of $0.53, implying a 1.4% annual yield.

Bank of New York Mellon Corporation (NYSE:BNY - Get Free Report)'s stock price hit a new 52-week high during trading on Wednesday after Citigroup raised their price target on the stock from $136.00 to $167.00. Citigroup currently has a neutral rating on the stock. Bank of New York Mellon traded as high as $148.50 and last traded at $147.43, with a volume of 4709899 shares trading hands. The stock had previously closed at $146.44.

Several other equities analysts have also recently issued reports on BNY. Wall Street Zen upgraded shares of Bank of New York Mellon to a "hold" rating in a research report on Saturday, May 23rd. Evercore set a $136.00 price target on shares of Bank of New York Mellon in a report on Friday, April 17th. Royal Bank Of Canada boosted their price objective on shares of Bank of New York Mellon from $130.00 to $142.00 and gave the stock a "sector perform" rating in a research note on Friday, April 17th. Morgan Stanley increased their price objective 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. Finally, Barclays raised their target price on Bank of New York Mellon from $143.00 to $149.00 and gave the stock an "overweight" rating in a research report on Friday, April 17th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $140.46.

Insider Activity

In other news, VP Shannon Marie Hobbs sold 297 shares of the business's stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $137.05, for a total value of $40,703.85. Following the transaction, the vice president directly owned 15,206 shares of the company's stock, valued at $2,083,982.30. The trade was a 1.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Kurtis R. Kurimsky sold 5,290 shares of the company's stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $136.02, for a total value of $719,545.80. Following the sale, the insider owned 17,259 shares in the company, valued at approximately $2,347,569.18. The trade was a 23.46% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 48,091 shares of company stock worth $6,568,423. 0.17% of the stock is owned by insiders.

Hedge Funds Weigh In On Bank of New York Mellon

Several institutional investors have recently added to or reduced their stakes in the business. Abound Financial LLC acquired a new position in shares of Bank of New York Mellon during the 4th quarter valued at $25,000. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in Bank of New York Mellon in the fourth quarter worth $27,000. MCF Advisors LLC grew its holdings 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 worth $27,000 after purchasing an additional 101 shares during the period. Marquette Asset Management LLC increased its stake 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 purchasing an additional 166 shares in the last quarter. Finally, Heritage Wealth Advisors acquired a new position in shares of Bank of New York Mellon during the fourth quarter valued at about $31,000. 85.31% of the stock is owned by institutional investors and hedge funds.

Bank of New York Mellon Stock Up 0.7%

The stock has a market cap of $101.19 billion, a price-to-earnings ratio of 18.27, a price-to-earnings-growth ratio of 1.07 and a beta of 1.07. The firm's fifty day moving average price is $137.93 and its two-hundred day moving average price is $125.55. 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 issued 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 the consensus estimate of $5.14 billion. During the same period last year, the business posted $1.58 EPS. The firm's revenue for the quarter was up 12.9% compared to the same quarter last year. Sell-side analysts forecast that Bank of New York Mellon Corporation will post 8.78 earnings per share for the current fiscal year.

Bank of New York Mellon Announces Dividend

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

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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