Dermot Mcdonogh Sells 31,800 Shares of Bank of New York Mellon (NYSE:BNY) Stock

Key Points

• CFO Dermot Mcdonogh sold 31,800 BNY shares on July 29 at an average price of $155.26, generating approximately $4.94 million in proceeds.
• BNY shares recently traded at $156.61, near their 52-week high of $163.77. The stock has a market capitalization of $107.49 billion and a P/E ratio of 18.23.
• BNY exceeded quarterly expectations, reporting $2.46 in EPS versus the $2.16 consensus and $5.70 billion in revenue, up 13.3% year over year. Analysts maintain a consensus “Moderate Buy” rating with a $156.47 price target.

Bank of New York Mellon Corporation (NYSE:BNY - Get Free Report) CFO Dermot Mcdonogh sold 31,800 shares of the firm'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 transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

Bank of New York Mellon Trading Up 0.3%

Shares of NYSE:BNY traded up $0.53 during trading on Friday, reaching $156.61. The stock had a trading volume of 2,270,287 shares, compared to its average volume of 3,847,105. The company has a quick ratio of 0.75, a current ratio of 0.72 and a debt-to-equity ratio of 0.76. The stock has a market cap of $107.49 billion, a P/E ratio of 18.23, a PEG ratio of 1.08 and a beta of 1.07. The business has a fifty day moving average price of $147.92 and a 200-day moving average price of $132.31. Bank of New York Mellon Corporation has a fifty-two week low of $98.40 and a fifty-two week high of $163.77.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last announced its 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. The firm had revenue of $5.70 billion for 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 quarter last year, the business earned $1.93 earnings per share. As a group, analysts anticipate that Bank of New York Mellon Corporation will post 9.24 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. CIBC Asset Management Inc increased its position in shares of Bank of New York Mellon by 53.8% in the fourth quarter. CIBC Asset Management Inc now owns 182,002 shares of the bank's stock worth $21,129,000 after acquiring an additional 63,627 shares in the last quarter. Todd Asset Management LLC raised its stake in shares of Bank of New York Mellon by 37.5% in the 4th quarter. Todd Asset Management LLC now owns 370,998 shares of the bank's stock valued at $43,069,000 after acquiring an additional 101,142 shares during the period. Prospera Financial Services Inc lifted its holdings in shares of Bank of New York Mellon by 106.5% during the 4th quarter. Prospera Financial Services Inc now owns 19,126 shares of the bank's stock valued at $2,220,000 after acquiring an additional 9,865 shares in the last quarter. Knights of Columbus Asset Advisors LLC lifted its holdings in shares of Bank of New York Mellon by 26.1% during the 4th quarter. Knights of Columbus Asset Advisors LLC now owns 124,015 shares of the bank's stock valued at $14,397,000 after acquiring an additional 25,642 shares in the last quarter. Finally, Axxcess Wealth Management LLC boosted its position in Bank of New York Mellon by 282.6% during the 4th quarter. Axxcess Wealth Management LLC now owns 92,414 shares of the bank's stock worth $10,728,000 after purchasing an additional 68,262 shares during the period. 85.31% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on BNY shares. Evercore set a $136.00 price objective on Bank of New York Mellon in a research report on Friday, April 17th. 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 report on Thursday, July 16th. Zacks Research raised Bank of New York Mellon from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 22nd. Royal Bank Of Canada lifted their price target on Bank of New York Mellon from $142.00 to $168.00 and gave the company a "sector perform" rating in a report on Thursday, July 16th. Finally, Erste Group Bank assumed coverage on shares of Bank of New York Mellon in a research note on Wednesday, July 15th. They set a "buy" rating for the company. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat.com, Bank of New York Mellon presently has a consensus rating of "Moderate Buy" and a consensus price target of $156.47.

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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