Key Points
- BNY CFO Dermot McDonogh sold 31,800 shares on July 29 at an average price of $155.26, generating approximately $4.94 million in proceeds.
- Bank of New York Mellon reported quarterly EPS of $2.46, beating estimates by $0.30, while revenue rose 13.3% year over year to $5.70 billion.
- Analyst sentiment remains favorable, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $156.47; institutional investors own 85.31% of the shares.
Bank of New York Mellon Corporation (NYSE:BNY - Get Free Report) CFO Dermot Mcdonogh sold 31,800 shares of Bank of New York Mellon stock in a transaction that occurred on 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 filing with the Securities & Exchange Commission, which is available at this link.
Bank of New York Mellon Price Performance
Shares of Bank of New York Mellon stock opened at $156.61 on Friday. 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 company has a market cap of $107.49 billion, a PE ratio of 18.23, a P/E/G ratio of 1.11 and a beta of 1.07. The business has a 50 day moving average of $148.30 and a 200 day moving average of $132.48. Bank of New York Mellon Corporation has a 52 week low of $98.40 and a 52 week high of $163.77.
Bank of New York Mellon (NYSE:BNY - Get Free Report) last announced its quarterly earnings results on Wednesday, July 15th. The bank reported $2.46 EPS for the quarter, topping analysts' consensus estimates of $2.16 by $0.30. The company had revenue of $5.70 billion during 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%.The firm's revenue was up 13.3% on a year-over-year basis. During the same quarter last year, the firm posted $1.93 earnings per share. As a group, equities research analysts forecast that Bank of New York Mellon Corporation will post 9.24 earnings per share for the current year.
Institutional Inflows and Outflows
Several institutional investors have recently modified their holdings of the business. Northwestern Mutual Wealth Management Co. lifted its position in Bank of New York Mellon by 18,044.4% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 19,670,202 shares of the bank's stock valued at $2,283,514,000 after acquiring an additional 19,561,793 shares during the period. Norges Bank purchased a new stake in Bank of New York Mellon in the fourth quarter worth about $1,398,624,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Bank of New York Mellon by 639.5% in the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,076,729 shares of the bank's stock worth $771,080,000 after purchasing an additional 6,119,749 shares during the period. Eurizon Capital SGR S.p.A. bought a new position in shares of Bank of New York Mellon during the fourth quarter valued at approximately $227,437,000. Finally, Federated Hermes Inc. increased its stake in shares of Bank of New York Mellon by 101.9% during the fourth quarter. Federated Hermes Inc. now owns 3,420,804 shares of the bank's stock valued at $397,121,000 after purchasing an additional 1,726,556 shares in the last quarter. 85.31% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
BNY has been the topic of a number of research reports. Truist Financial lifted their target price on shares of Bank of New York Mellon from $160.00 to $178.00 and gave the company a "buy" rating in a research note on Thursday, July 16th. Zacks Research upgraded shares of Bank of New York Mellon from a "hold" rating to a "strong-buy" rating in a report on Wednesday, July 22nd. Bank of America lifted their price objective on Bank of New York Mellon from $165.00 to $175.00 and gave the company a "buy" rating in a research report on Monday, July 20th. Evercore set a $136.00 target price on Bank of New York Mellon in a report on Friday, April 17th. Finally, Royal Bank Of Canada raised their target price on Bank of New York Mellon from $142.00 to $168.00 and gave the company a "sector perform" rating in a research note on Thursday, July 16th. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $156.47.
Get Our Latest Stock Report on BNY
Bank of New York Mellon Company Profile
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Get Free Report)
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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