Bank of New York Mellon (NYSE:BNY) Sets New 12-Month High - Here's What Happened

Key Points

• BNY Mellon reached a new 52-week high, trading as high as $165.84 and closing near $165.59, with a market capitalization of approximately $112 billion.
• The bank’s latest quarterly results exceeded expectations, reporting EPS of $2.46 versus the $2.16 consensus and revenue of $5.70 billion, up 13.3% year over year.
• Analyst sentiment remains positive, with a consensus rating of “Moderate Buy”; recent price-target increases range from $162 to $178, although company insiders have sold shares.

Bank of New York Mellon Corporation (NYSE:BNY - Get Free Report) reached a new 52-week high on Friday . The company traded as high as $165.84 and last traded at $165.59, with a volume of 974165 shares traded. The stock had previously closed at $164.33.

Analyst Ratings Changes

Several analysts recently issued reports on BNY shares. Wells Fargo & Company lifted their target price on Bank of New York Mellon from $152.00 to $162.00 and gave the company an "equal weight" rating in a research note on Thursday, July 16th. Truist Financial upped their price target on Bank of New York Mellon from $160.00 to $178.00 and gave the stock a "buy" rating in a research note on Thursday, July 16th. Citigroup lifted their price objective 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. Wall Street Zen raised shares of Bank of New York Mellon to a "hold" rating in a report on Saturday, May 23rd. Finally, Erste Group Bank initiated coverage on shares of Bank of New York Mellon in a research report on Wednesday, July 15th. They set a "buy" rating for the company. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $157.13.

Bank of New York Mellon Stock Up 0.4%

The company has a market capitalization of $111.99 billion, a P/E ratio of 19.21, a PEG ratio of 1.22 and a beta of 1.05. The company has a 50 day simple moving average of $157.03 and a two-hundred day simple moving average of $139.31. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.76.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last posted 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. The business 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 business's revenue was up 13.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.93 EPS. As a group, equities analysts predict that Bank of New York Mellon Corporation will post 9.26 EPS for the current year.

Insider Buying and Selling

In related news, VP Jose Minaya sold 3,520 shares of Bank of New York Mellon stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $162.64, for a total transaction of $572,492.80. Following the transaction, the vice president directly owned 180,344 shares of the company's stock, valued at $29,331,148.16. This trade represents a 1.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Dermot Mcdonogh sold 31,800 shares of the business's stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $155.26, for a total transaction of $4,937,268.00. Additional details regarding this sale are available in the official SEC disclosure. 0.17% of the stock is currently owned by company insiders.

Institutional Trading of Bank of New York Mellon

Institutional investors have recently modified their holdings of the company. Abound Financial LLC acquired a new position in shares of Bank of New York Mellon during the fourth quarter worth $25,000. MCF Advisors LLC grew its stake in shares of Bank of New York Mellon by 74.8% during the fourth quarter. MCF Advisors LLC now owns 236 shares of the bank's stock worth $27,000 after acquiring an additional 101 shares during the last quarter. Luken Investment Analytics LLC purchased a new stake in shares of Bank of New York Mellon during the second quarter worth about $27,000. Burnham & Co LLC acquired a new position in shares of Bank of New York Mellon during the second quarter valued at about $29,000. Finally, EFG International AG purchased a new position in shares of Bank of New York Mellon in the 2nd quarter valued at approximately $29,000. 85.31% of the stock is currently owned by institutional investors.

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