Bank of New York Mellon (NYSE:BNY) Hits New 52-Week High – Still a Buy?

Bank of New York Mellon Corporation (NYSE:BNY) shares reached a new 52-week high on Tuesday . The company traded as high as $155.09 and last traded at $154.23, with a volume of 513583 shares trading hands. The stock had previously closed at $151.27.

Analysts Set New Price Targets

BNY has been the topic of a number of recent analyst reports. Morgan Stanley boosted their price objective on shares of Bank of New York Mellon from $135.00 to $139.00 and gave the stock an “equal weight” rating in a report on Friday, April 17th. Wall Street Zen upgraded Bank of New York Mellon to a “hold” rating in a research note on Saturday, May 23rd. Barclays boosted their price target on Bank of New York Mellon from $143.00 to $149.00 and gave the stock an “overweight” rating in a research note on Friday, April 17th. Citigroup raised their price objective on Bank of New York Mellon from $136.00 to $167.00 and gave the company a “neutral” rating in a research note on Tuesday, June 23rd. Finally, JPMorgan Chase & Co. lifted their price objective on Bank of New York Mellon from $140.00 to $149.00 and gave the stock an “overweight” rating in a report on Monday, July 6th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, Bank of New York Mellon has a consensus rating of “Moderate Buy” and a consensus price target of $143.46.

Bank of New York Mellon Stock Performance

The company’s fifty day simple moving average is $141.78 and its two-hundred day simple moving average is $128.68. The company has a market capitalization of $105.24 billion, a price-to-earnings ratio of 19.00, a price-to-earnings-growth ratio of 1.12 and a beta of 1.07. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.75 and a current ratio of 0.75.

Bank of New York Mellon (NYSE:BNY) last issued its earnings results on Thursday, April 16th. The bank reported $2.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.94 by $0.31. Bank of New York Mellon had a net margin of 14.60% and a return on equity of 15.29%. The business had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same quarter in the prior year, the business posted $1.58 EPS. The company’s revenue for the quarter was up 12.9% on a year-over-year basis. Equities research analysts predict that Bank of New York Mellon Corporation will post 8.94 earnings per share for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 8th. Shareholders of record on Monday, April 27th were paid a dividend of $0.53 per share. The ex-dividend date was Monday, April 27th. This represents a $2.12 annualized dividend and a yield of 1.4%. Bank of New York Mellon’s dividend payout ratio is presently 26.27%.

Insider Transactions at Bank of New York Mellon

In related news, insider Kurtis R. Kurimsky sold 5,290 shares of the company’s stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $136.02, for a total transaction of $719,545.80. Following the sale, the insider directly owned 17,259 shares of the company’s stock, valued at approximately $2,347,569.18. This represents a 23.46% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Alejandro Perez sold 12,504 shares of the company’s stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $137.01, for a total value of $1,713,173.04. Following the sale, the executive vice president directly owned 62,613 shares in the company, valued at approximately $8,578,607.13. This represents a 16.65% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 48,091 shares of company stock worth $6,568,423. 0.17% of the stock is currently owned by corporate insiders.

Institutional Trading of Bank of New York Mellon

Several institutional investors have recently added to or reduced their stakes in BNY. Linscomb Wealth Inc. lifted its position in shares of Bank of New York Mellon by 2.5% in the 4th quarter. Linscomb Wealth Inc. now owns 3,240 shares of the bank’s stock worth $376,000 after buying an additional 80 shares during the last quarter. Ransom Advisory Ltd raised its stake in Bank of New York Mellon by 1.3% during the fourth quarter. Ransom Advisory Ltd now owns 6,777 shares of the bank’s stock worth $787,000 after acquiring an additional 85 shares during the period. Mather Group LLC. raised its stake in Bank of New York Mellon by 0.9% during the fourth quarter. Mather Group LLC. now owns 9,232 shares of the bank’s stock worth $1,072,000 after acquiring an additional 86 shares during the period. Parkside Financial Bank & Trust lifted its holdings in Bank of New York Mellon by 3.2% in the fourth quarter. Parkside Financial Bank & Trust now owns 2,805 shares of the bank’s stock worth $326,000 after acquiring an additional 88 shares during the last quarter. Finally, Essex Financial Services Inc. lifted its holdings in Bank of New York Mellon by 0.5% in the fourth quarter. Essex Financial Services Inc. now owns 17,584 shares of the bank’s stock worth $2,041,000 after acquiring an additional 89 shares during the last quarter. 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.