Insider Selling: Bank of New York Mellon (NYSE:BNY) VP Sells 3,520 Shares

Key Points

• BNY VP Jose Minaya sold 3,520 shares at an average price of $162.64, generating $572,492.80; his remaining stake was 180,344 shares, a 1.91% reduction.
• Bank of New York Mellon shares fell 0.5% to $161.73, near the stock’s 52-week high of $165.68. The company has a $109.73 billion market capitalization and trades at a P/E ratio of 18.83.
• BNY exceeded quarterly earnings and revenue expectations, reporting $2.46 in EPS and $5.70 billion in revenue, while analysts maintained a “Moderate Buy” consensus rating with an average price target of $157.13.

Bank of New York Mellon Corporation (NYSE:BNY - Get Free Report) VP Jose Minaya sold 3,520 shares of the company's stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $162.64, for a total transaction of $572,492.80. Following the completion of the sale, the vice president directly owned 180,344 shares of the company's stock, valued at $29,331,148.16. The trade was a 1.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

Bank of New York Mellon Stock Down 0.5%

NYSE:BNY traded down $0.77 on Monday, hitting $161.73. The stock had a trading volume of 5,697,773 shares, compared to its average volume of 3,674,143. Bank of New York Mellon Corporation has a 1 year low of $102.63 and a 1 year high of $165.68. The firm's fifty day simple moving average is $155.73 and its two-hundred day simple moving average is $138.13. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.72 and a current ratio of 0.72. The stock has a market cap of $109.73 billion, a P/E ratio of 18.83, a price-to-earnings-growth ratio of 1.15 and a beta of 1.06.

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 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 the consensus estimate 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 company's revenue was up 13.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.93 EPS. Analysts predict that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Royal Bank Of Canada boosted their price target on shares of Bank of New York Mellon from $142.00 to $168.00 and gave the stock a "sector perform" rating in a report on Thursday, July 16th. Truist Financial raised their price objective on shares of Bank of New York Mellon from $160.00 to $178.00 and gave the stock a "buy" rating in a report on Thursday, July 16th. Keefe, Bruyette & Woods lifted their price objective on shares of Bank of New York Mellon from $166.00 to $177.00 and gave the stock an "outperform" rating in a research report on Thursday, July 16th. Bank of America boosted their target price on shares of Bank of New York Mellon from $165.00 to $175.00 and gave the company a "buy" rating in a research note on Monday, July 20th. Finally, Argus increased 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 report on Wednesday, July 22nd. Two research 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. Based on data from MarketBeat, Bank of New York Mellon currently has an average rating of "Moderate Buy" and a consensus price target of $157.13.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Cornerstone Financial Management LLC raised its holdings in shares of Bank of New York Mellon by 11.4% during the 2nd quarter. Cornerstone Financial Management LLC now owns 784 shares of the bank's stock valued at $113,000 after buying an additional 80 shares in the last quarter. Corient Private Wealth LP purchased a new stake in Bank of New York Mellon in the second quarter worth approximately $48,434,000. Optimize Financial Inc. purchased a new stake in Bank of New York Mellon in the second quarter worth approximately $596,000. Formuepleje A S grew its position in Bank of New York Mellon by 3.0% during the second quarter. Formuepleje A S now owns 67,784 shares of the bank's stock valued at $9,802,000 after acquiring an additional 1,969 shares during the last quarter. Finally, SHEPHERD WEALTH MANAGEMENT Ltd LIABILITY Co bought a new position in Bank of New York Mellon during the second quarter valued at approximately $711,000. Hedge funds and other institutional investors own 85.31% of the company's stock.

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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