Insider Selling: Bank of New York Mellon (NYSE:BNY) CFO Sells 31,800 Shares of Stock

Bank of New York Mellon Corporation (NYSE:BNY) 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 value of $4,937,268.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Bank of New York Mellon Stock Up 0.3%

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

Bank of New York Mellon (NYSE:BNY) last released its quarterly earnings results on Wednesday, July 15th. The bank reported $2.46 EPS for the quarter, topping the consensus estimate 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 return on equity of 16.00% and a net margin of 15.52%.Bank of New York Mellon’s revenue for the quarter was up 13.3% on a year-over-year basis. During the same period in the previous year, the company posted $1.93 EPS. As a group, sell-side analysts expect that Bank of New York Mellon Corporation will post 9.24 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Keefe, Bruyette & Woods boosted their target price 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. Wall Street Zen raised shares of Bank of New York Mellon to a “hold” rating in a report on Saturday, May 23rd. Argus lifted their price target on shares of Bank of New York Mellon from $153.00 to $180.00 and gave the stock a “buy” rating in a research note on Wednesday, July 22nd. 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. Finally, Citigroup upped 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. Two 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, Bank of New York Mellon currently has a consensus rating of “Moderate Buy” and a consensus price target of $156.47.

Hedge Funds Weigh In On Bank of New York Mellon

Several institutional investors and hedge funds have recently made changes to their positions in BNY. Whittier Trust Co. of Nevada Inc. grew its holdings in Bank of New York Mellon by 9.4% during the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 12,045 shares of the bank’s stock worth $1,489,000 after acquiring an additional 1,031 shares in the last quarter. Janney Montgomery Scott LLC raised its stake in shares of Bank of New York Mellon by 7.3% in the 1st quarter. Janney Montgomery Scott LLC now owns 148,115 shares of the bank’s stock valued at $17,571,000 after purchasing an additional 10,107 shares in the last quarter. Rockefeller Capital Management L.P. raised its stake in shares of Bank of New York Mellon by 17.9% in the 4th quarter. Rockefeller Capital Management L.P. now owns 141,899 shares of the bank’s stock valued at $16,473,000 after purchasing an additional 21,506 shares in the last quarter. World Investment Advisors lifted its position in shares of Bank of New York Mellon by 14.4% during the fourth quarter. World Investment Advisors now owns 72,285 shares of the bank’s stock worth $8,391,000 after purchasing an additional 9,105 shares during the last quarter. Finally, Advisortrust Partners LLC acquired a new position in Bank of New York Mellon in the fourth quarter worth about $207,000. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

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.