112,295 Shares in Bank of New York Mellon Corporation $BNY Acquired by Rakuten Investment Management Inc.

Key Points

• Rakuten Investment Management acquired 112,295 shares of Bank of New York Mellon worth approximately $16.1 million, while institutional investors collectively own 85.31% of the stock.
• Analysts remain generally bullish, with the stock carrying a consensus “Moderate Buy” rating and an average price target of $157.13; several firms recently raised their targets to between $177 and $180.
• BNY reported quarterly earnings of $2.46 per share, beating estimates by $0.30, while revenue rose 13.3% year over year to $5.70 billion. Shares opened at $162.50, near their 52-week high of $165.68.

Rakuten Investment Management Inc. purchased a new stake in Bank of New York Mellon Corporation (NYSE:BNY - Free Report) during the second quarter, according to its most recent filing with the SEC. The firm purchased 112,295 shares of the bank's stock, valued at approximately $16,148,000.

A number of other hedge funds have also recently made changes to their positions in BNY. Linscomb Wealth Inc. raised its holdings in Bank of New York Mellon by 2.5% in the fourth quarter. Linscomb Wealth Inc. now owns 3,240 shares of the bank's stock worth $376,000 after purchasing an additional 80 shares in the last quarter. Parkside Financial Bank & Trust lifted its position in shares of Bank of New York Mellon by 3.2% during the fourth quarter. Parkside Financial Bank & Trust now owns 2,805 shares of the bank's stock valued at $326,000 after buying an additional 88 shares during the last quarter. Essex Financial Services Inc. boosted its holdings in shares of Bank of New York Mellon by 0.5% in the 4th quarter. Essex Financial Services Inc. now owns 17,584 shares of the bank's stock valued at $2,041,000 after buying an additional 89 shares in the last quarter. Maia Wealth LLC grew its position in shares of Bank of New York Mellon by 3.0% in the 4th quarter. Maia Wealth LLC now owns 3,049 shares of the bank's stock worth $350,000 after buying an additional 90 shares during the last quarter. Finally, Nemes Rush Group LLC grew its position in shares of Bank of New York Mellon by 12.8% in the 4th quarter. Nemes Rush Group LLC now owns 813 shares of the bank's stock worth $94,000 after buying an additional 92 shares during the last quarter. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Keefe, Bruyette & Woods upped their price target on 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. Barclays raised their price objective on Bank of New York Mellon from $149.00 to $178.00 and gave the stock an "overweight" rating in a research report on Thursday, July 16th. Weiss Ratings lowered Bank of New York Mellon from a "buy (a)" rating to a "buy (a-)" rating in a research report on Thursday, August 13th. Argus raised their price target on Bank of New York Mellon from $153.00 to $180.00 and gave the stock a "buy" rating in a report on Wednesday, July 22nd. Finally, Wall Street Zen upgraded shares of Bank of New York Mellon to a "hold" rating in a report on Saturday, May 23rd. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $157.13.

Insiders Place Their Bets

In other Bank of New York Mellon news, CFO Dermot Mcdonogh sold 31,800 shares of the firm's stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $155.26, for a total transaction of $4,937,268.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.17% of the company's stock.

Bank of New York Mellon Stock Performance

Shares of BNY stock opened at $162.50 on Friday. The business has a fifty day moving average of $155.73 and a 200 day moving average of $138.06. Bank of New York Mellon Corporation has a 1 year low of $102.63 and a 1 year high of $165.68. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.72 and a quick ratio of 0.72. The firm has a market capitalization of $110.26 billion, a price-to-earnings ratio of 18.92, a price-to-earnings-growth ratio of 1.15 and a beta of 1.06.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last announced its quarterly earnings data on Wednesday, July 15th. The bank reported $2.46 earnings per share for the quarter, beating analysts' consensus estimates 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 business had revenue of $5.70 billion for the quarter, compared to analyst estimates of $5.35 billion. During the same period in the prior year, the company earned $1.93 earnings per share. The company's revenue was up 13.3% on a year-over-year basis. As a group, research analysts expect that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current year.

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.

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