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

Key Points

• Analysts give BNY a “Moderate Buy” consensus: Ten of 17 analysts recommend buying the stock, one recommends a strong buy, and six advise holding. The average 12-month price target is $157.13, with several firms recently raising their targets to between $159 and $180.
• BNY exceeded quarterly expectations: The company reported earnings of $2.46 per share versus the $2.16 consensus estimate and revenue of $5.70 billion versus $5.35 billion expected. Revenue increased 13.3% year over year.
• Shares recently traded at $153.45, below the $165.84 one-year high but well above the $103.11 low. Institutional investors own 85.31% of the stock, while company insiders own 0.17% and have recently reported share sales.

Shares of Bank of New York Mellon Corporation (NYSE:BNY - Get Free Report) have been assigned a consensus recommendation of "Moderate Buy" from the seventeen ratings firms that are currently covering the stock, Marketbeat.com reports. Six analysts have rated the stock with a hold recommendation, ten have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $157.1333.

A number of analysts have recently weighed in on the stock. Barclays upped their target price on shares of Bank of New York Mellon from $149.00 to $178.00 and gave the stock an "overweight" rating in a research report on Thursday, July 16th. Erste Group Bank started coverage on Bank of New York Mellon in a report on Wednesday, July 15th. They set a "buy" rating for the company. Argus lifted their target price on shares of Bank of New York Mellon from $153.00 to $180.00 and gave the company a "buy" rating in a research note on Wednesday, July 22nd. Bank of America upped their target price on shares of Bank of New York Mellon from $165.00 to $175.00 and gave the stock a "buy" rating in a report on Monday, July 20th. Finally, JPMorgan Chase & Co. increased their target price on Bank of New York Mellon from $149.00 to $159.00 and gave the stock an "overweight" rating in a research report on Tuesday, August 4th.

Insider Buying and Selling at Bank of New York Mellon

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 transaction of $4,937,268.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Jose Minaya sold 3,520 shares of the company's stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $162.64, for a total value of $572,492.80. Following the completion of the sale, the vice president owned 180,344 shares in the company, valued at approximately $29,331,148.16. This represents a 1.91% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.17% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Bank of New York Mellon

Several institutional investors and hedge funds have recently modified their holdings of BNY. Luken Investment Analytics LLC purchased a new position in Bank of New York Mellon in the 2nd quarter valued at about $27,000. EFG International AG purchased a new position in Bank of New York Mellon in the 2nd quarter valued at $29,000. Burnham & Co LLC purchased a new position in Bank of New York Mellon in the 2nd quarter valued at $29,000. Abound Financial LLC acquired a new stake in Bank of New York Mellon during the 4th quarter worth $25,000. Finally, N.E.W. Advisory Services LLC acquired a new stake in Bank of New York Mellon in the 2nd quarter valued at about $32,000. Hedge funds and other institutional investors own 85.31% of the company's stock.

Bank of New York Mellon Price Performance

Shares of NYSE BNY opened at $153.45 on Friday. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.76. The stock has a fifty day simple moving average of $159.58 and a two-hundred day simple moving average of $142.32. Bank of New York Mellon has a 1-year low of $103.11 and a 1-year high of $165.84. The firm has a market cap of $104.12 billion, a price-to-earnings ratio of 17.86, a price-to-earnings-growth ratio of 1.15 and a beta of 1.05.

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

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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