Bank of New York Mellon (NYSE:BNY) Issues Quarterly Earnings Results

Bank of New York Mellon (NYSE:BNY) announced its quarterly earnings results on Wednesday. The bank reported $2.46 earnings per share for the quarter, topping the consensus estimate of $2.16 by $0.30, FiscalAI reports. The company 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 15.29% and a net margin of 14.60%.

Bank of New York Mellon Price Performance

Shares of Bank of New York Mellon stock opened at $154.62 on Wednesday. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.82. Bank of New York Mellon has a twelve month low of $93.37 and a twelve month high of $155.09. The business has a 50-day moving average price of $142.23 and a 200 day moving average price of $128.94. The firm has a market cap of $106.13 billion, a PE ratio of 19.16, a P/E/G ratio of 1.11 and a beta of 1.07.

Bank of New York Mellon Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 8th. Stockholders of record on Monday, April 27th were given a dividend of $0.53 per share. The ex-dividend date was Monday, April 27th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.4%. Bank of New York Mellon’s dividend payout ratio (DPR) is 26.27%.

Insiders Place Their Bets

In other Bank of New York Mellon news, VP Shannon Marie Hobbs sold 297 shares of the firm’s stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $137.05, for a total value of $40,703.85. Following the sale, the vice president directly owned 15,206 shares of the company’s stock, valued at approximately $2,083,982.30. This trade represents a 1.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP J Kevin Mccarthy sold 30,000 shares of the business’s stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $136.50, for a total value of $4,095,000.00. Following the completion of the sale, the executive vice president owned 50,238 shares of the company’s stock, valued at $6,857,487. This trade represents a 37.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 48,091 shares of company stock worth $6,568,423. 0.17% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in BNY. Wilkerson Advisory Group LLC acquired a new position in Bank of New York Mellon during the fourth quarter worth $31,000. Heritage Wealth Advisors purchased a new position in Bank of New York Mellon in the 4th quarter valued at about $31,000. Atlas Capital Advisors Inc. acquired a new stake in Bank of New York Mellon in the 4th quarter worth about $44,000. Kemnay Advisory Services Inc. purchased a new stake in Bank of New York Mellon during the 4th quarter worth approximately $49,000. Finally, Morse Asset Management Inc acquired a new position in shares of Bank of New York Mellon during the third quarter valued at approximately $50,000. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Analysts Set New Price Targets

BNY has been the subject of several analyst reports. Evercore set a $136.00 price objective on Bank of New York Mellon in a report on Friday, April 17th. Weiss Ratings raised Bank of New York Mellon from a “buy (a-)” rating to a “buy (a)” rating in a report on Monday, May 4th. Morgan Stanley lifted their price target on Bank of New York Mellon from $135.00 to $139.00 and gave the company an “equal weight” rating in a research report on Friday, April 17th. Barclays boosted their price target on Bank of New York Mellon from $143.00 to $149.00 and gave the company an “overweight” rating in a report on Friday, April 17th. Finally, Wells Fargo & Company upped their price objective on Bank of New York Mellon from $137.00 to $152.00 and gave the stock an “equal weight” rating in a research report on Wednesday, June 24th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $143.46.

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.