120,199 Shares in Bank of New York Mellon Corporation $BNY Bought by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia acquired 120,199 shares of Bank of New York Mellon in the second quarter, valued at approximately $17.4 million. Institutional investors collectively own 85.31% of BNY’s outstanding shares.
• Analysts maintain a generally positive outlook, with BNY carrying a consensus “Moderate Buy” rating and an average price target of $157.13; individual targets range as high as $178.
• BNY reported strong quarterly results, earning $2.46 per share versus the $2.16 estimate, while revenue rose 13.3% year over year to $5.70 billion. The stock opened at $158.72, near its 52-week high of $165.68.

Bank of Nova Scotia purchased a new position in shares of Bank of New York Mellon Corporation (NYSE:BNY - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 120,199 shares of the bank's stock, valued at approximately $17,382,000.

A number of other large investors have also recently made changes to their positions in BNY. Focus Partners Advisor Solutions LLC acquired a new stake in shares of Bank of New York Mellon during the 2nd quarter worth about $1,128,000. CIBC Asset Management Inc boosted its holdings in shares of Bank of New York Mellon by 53.8% in the fourth quarter. CIBC Asset Management Inc now owns 182,002 shares of the bank's stock valued at $21,129,000 after acquiring an additional 63,627 shares during the period. Todd Asset Management LLC boosted its stake in Bank of New York Mellon by 37.5% during the 4th quarter. Todd Asset Management LLC now owns 370,998 shares of the bank's stock worth $43,069,000 after purchasing an additional 101,142 shares during the period. Prospera Financial Services Inc grew its holdings in shares of Bank of New York Mellon by 106.5% during the fourth quarter. Prospera Financial Services Inc now owns 19,126 shares of the bank's stock worth $2,220,000 after buying an additional 9,865 shares during the last quarter. Finally, Bellars Harris Wealth Management LLC purchased a new position in shares of Bank of New York Mellon in the 2nd quarter valued at approximately $10,324,000. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on BNY. Wall Street Zen upgraded shares of Bank of New York Mellon to a "hold" rating in a research note on Saturday, May 23rd. Citigroup boosted their price objective on shares of Bank of New York Mellon from $167.00 to $172.00 and gave the stock a "neutral" rating in a research report on Monday, July 20th. Truist Financial upped their price target on shares of Bank of New York Mellon from $160.00 to $178.00 and gave the company a "buy" rating in a report on Thursday, July 16th. 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. Finally, Erste Group Bank assumed coverage on Bank of New York Mellon in a research report on Wednesday, July 15th. They set a "buy" rating for the company. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $157.13.

Bank of New York Mellon Trading Up 0.1%

BNY stock opened at $158.72 on Monday. The company has a market cap of $107.69 billion, a price-to-earnings ratio of 18.48, a PEG ratio of 1.12 and a beta of 1.06. 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 business has a fifty day simple moving average of $153.85 and a 200-day simple moving average of $136.72. Bank of New York Mellon Corporation has a 52 week low of $101.71 and a 52 week high of $165.68.

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

Insiders Place Their Bets

In related news, CFO Dermot Mcdonogh sold 31,800 shares of Bank of New York Mellon stock in a transaction 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 filing with the SEC, which is available at the SEC website. Insiders own 0.17% of the company's stock.

Bank of New York Mellon 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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