Bank of New York Mellon Corporation (NYSE:BNY) Given Average Rating of "Moderate Buy" by Brokerages

Key Points

• Analysts maintain a “Moderate Buy” consensus on BNY, with 10 buy, two strong-buy and five hold ratings among 17 firms. The average 12-month price target is $157.13, though recent targets range as high as $180.
• BNY exceeded quarterly expectations, reporting $2.46 in EPS versus a $2.16 consensus estimate and $5.70 billion in revenue, up 13.3% year over year. Shares opened at $162.14, near their 52-week high of $165.68.
• Institutional investors and hedge funds own 85.31% of the stock, while CFO Dermot McDonogh recently sold 31,800 shares for approximately $4.94 million.

Shares of Bank of New York Mellon Corporation (NYSE:BNY - Get Free Report) have earned an average rating of "Moderate Buy" from the seventeen ratings firms that are currently covering the stock, Marketbeat reports. Five research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $157.1333.

A number of analysts have weighed in on BNY shares. Wells Fargo & Company increased their target price on Bank of New York Mellon from $152.00 to $162.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 16th. Zacks Research upgraded Bank of New York Mellon from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 22nd. Citigroup increased their price target on shares of Bank of New York Mellon from $167.00 to $172.00 and gave the company a "neutral" rating in a research report on Monday, July 20th. Argus boosted their target price on Bank of New York Mellon from $153.00 to $180.00 and gave the stock a "buy" rating in a research note on Wednesday, July 22nd. Finally, Erste Group Bank initiated coverage on shares of Bank of New York Mellon in a report on Wednesday, July 15th. They issued a "buy" rating for the company.

Bank of New York Mellon Trading Up 2.3%

Shares of NYSE BNY opened at $162.14 on Tuesday. The business's 50 day moving average is $154.24 and its two-hundred day moving average is $137.02. Bank of New York Mellon has a 1-year low of $101.71 and a 1-year high of $165.68. The stock has a market capitalization of $110.01 billion, a P/E ratio of 18.88, a PEG ratio of 1.12 and a beta of 1.06. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.72 and a quick ratio of 0.72.

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

Insider Activity

In related news, CFO Dermot Mcdonogh sold 31,800 shares of the company's stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $155.26, for a total value of $4,937,268.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.17% of the stock is currently owned by insiders.

Institutional Trading of Bank of New York Mellon

A number of institutional investors have recently made changes to their positions in the company. California State Teachers Retirement System acquired a new stake in Bank of New York Mellon during the 2nd quarter worth $22,603,252,000. Vanguard Group Inc. raised its position in shares of Bank of New York Mellon by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 71,319,884 shares of the bank's stock valued at $8,279,525,000 after buying an additional 647,847 shares during the last quarter. BlackRock Inc. purchased a new position in shares of Bank of New York Mellon in the second quarter worth about $8,321,111,000. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Bank of New York Mellon by 18,044.4% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 19,670,202 shares of the bank's stock worth $2,283,514,000 after buying an additional 19,561,793 shares in the last quarter. Finally, Bank of America Corp DE acquired a new position in Bank of New York Mellon during the second quarter worth about $2,499,438,000. 85.31% of the stock is owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source