Bank of New York Mellon Corporation (NYSE:BNY) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Bank of New York Mellon Corporation (NYSE:BNY) has been assigned an average rating of “Moderate Buy” from the seventeen ratings firms that are currently covering the firm, Marketbeat reports. Six equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $157.1333.

A number of analysts have recently issued reports on BNY shares. Citigroup raised their target price on shares of Bank of New York Mellon from $167.00 to $172.00 and gave the stock a “neutral” rating in a research note on Monday, July 20th. Keefe, Bruyette & Woods upped their price objective on Bank of New York Mellon from $166.00 to $177.00 and gave the company an “outperform” rating in a report on Thursday, July 16th. Bank of America lifted their target price on Bank of New York Mellon from $165.00 to $175.00 and gave the stock a “buy” rating in a report on Monday, July 20th. Erste Group Bank initiated coverage on shares of Bank of New York Mellon in a research report on Wednesday, July 15th. They issued a “buy” rating for the company. Finally, Weiss Ratings lowered shares of Bank of New York Mellon from a “buy (a)” rating to a “buy (a-)” rating in a research report on Thursday, August 13th.

Bank of New York Mellon Price Performance

NYSE:BNY opened at $149.38 on Friday. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.76. The stock’s 50 day moving average price is $159.28 and its two-hundred day moving average price is $143.18. The firm has a market capitalization of $101.35 billion, a price-to-earnings ratio of 17.39, a P/E/G ratio of 1.13 and a beta of 1.05. Bank of New York Mellon has a 12-month low of $103.11 and a 12-month high of $165.84.

Bank of New York Mellon (NYSE:BNY) last issued its 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. Bank of New York Mellon had a return on equity of 16.00% and a net margin of 15.52%.The company had revenue of $5.70 billion during the quarter, compared to the consensus estimate of $5.35 billion. During the same period in the previous year, the company posted $1.93 EPS. The firm’s revenue for the quarter was up 13.3% compared to the same quarter last year. On average, analysts anticipate that Bank of New York Mellon will post 9.26 earnings per share for the current year.

Insider Activity at Bank of New York Mellon

In other news, VP Jose Minaya sold 3,520 shares of the company’s stock in a transaction on 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 in the company, valued at approximately $29,331,148.16. This represents a 1.91% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, 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 transaction of $4,937,268.00. The SEC filing for this sale provides additional information. Insiders own 0.17% of the company’s stock.

Hedge Funds Weigh In On Bank of New York Mellon

Hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. bought a new position in Bank of New York Mellon in the second quarter valued at approximately $8,321,111,000. Bank of America Corp DE bought a new stake in Bank of New York Mellon during the second quarter worth $2,499,438,000. Norges Bank acquired a new stake in shares of Bank of New York Mellon in the 4th quarter valued at $1,398,624,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in shares of Bank of New York Mellon in the 2nd quarter valued at $1,214,193,000. Finally, Wellington Management Group LLP bought a new position in shares of Bank of New York Mellon in the 2nd quarter valued at $1,175,576,000. 85.31% of the stock is currently owned by institutional investors and hedge funds.

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.