216,681 Shares in Bank of New York Mellon Corporation $BNY Purchased by Delta Asset Management LLC TN

Key Points

• Delta Asset Management LLC TN acquired 216,681 shares of Bank of New York Mellon in the second quarter, valued at approximately $31.3 million and representing 2.7% of its portfolio. Institutional investors collectively own 85.31% of the company.
• BNY reported quarterly earnings of $2.46 per share, beating estimates of $2.16, while revenue rose 13.3% year over year to $5.70 billion.
• Shares opened at $162.50, near their 12-month high, and analysts maintain a “Moderate Buy” consensus with an average price target of $157.13; several firms recently raised their targets.

Delta Asset Management LLC TN acquired a new position in Bank of New York Mellon Corporation (NYSE:BNY - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 216,681 shares of the bank's stock, valued at approximately $31,334,000. Bank of New York Mellon makes up about 2.7% of Delta Asset Management LLC TN's investment portfolio, making the stock its 12th largest holding.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. EFG International AG bought a new position in shares of Bank of New York Mellon in the second quarter valued at approximately $29,000. Burnham & Co LLC bought a new stake in Bank of New York Mellon during the second quarter worth $29,000. Abound Financial LLC bought a new stake in Bank of New York Mellon during the fourth quarter worth $25,000. N.E.W. Advisory Services LLC purchased a new position in Bank of New York Mellon in the second quarter worth $32,000. Finally, MCF Advisors LLC boosted its position in Bank of New York Mellon by 74.8% in the fourth quarter. MCF Advisors LLC now owns 236 shares of the bank's stock worth $27,000 after purchasing an additional 101 shares during the last quarter. Hedge funds and other institutional investors own 85.31% of the company's stock.

Bank of New York Mellon Stock Up 0.2%

BNY opened at $162.50 on Friday. The company has a 50 day moving average of $155.73 and a 200 day moving average of $138.06. The company has a market cap of $110.26 billion, a PE ratio of 18.92, a price-to-earnings-growth ratio of 1.15 and a beta of 1.06. Bank of New York Mellon Corporation has a 12 month low of $102.63 and a 12 month high of $165.68. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.76.

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 analysts' consensus estimates of $2.16 by $0.30. The business had revenue of $5.70 billion during the quarter, compared to analyst estimates of $5.35 billion. Bank of New York Mellon had a net margin of 15.52% and a return on equity of 16.00%. Bank of New York Mellon's revenue was up 13.3% compared to the same quarter last year. During the same period in the previous year, the business earned $1.93 EPS. On average, sell-side analysts expect that Bank of New York Mellon Corporation will post 9.26 EPS for the current year.

Analysts Set New Price Targets

A number of research firms have recently commented on BNY. Weiss Ratings cut Bank of New York Mellon from a "buy (a)" rating to a "buy (a-)" rating in a research note on Thursday, August 13th. Citigroup increased their price target on shares of Bank of New York Mellon from $167.00 to $172.00 and gave the company a "neutral" rating in a research report on Monday, July 20th. Keefe, Bruyette & Woods raised their price objective on shares of Bank of New York Mellon from $166.00 to $177.00 and gave the stock an "outperform" rating in a report on Thursday, July 16th. JPMorgan Chase & Co. lifted their price objective on shares of Bank of New York Mellon from $149.00 to $159.00 and gave the stock an "overweight" rating in a research report on Tuesday, August 4th. Finally, Zacks Research upgraded shares of Bank of New York Mellon from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 22nd. Two investment 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's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $157.13.

Insider Buying and Selling at Bank of New York Mellon

In other news, CFO Dermot Mcdonogh sold 31,800 shares of Bank of New York Mellon stock in a transaction 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company 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.

Want to see what other hedge funds are holding BNY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of New York Mellon Corporation (NYSE:BNY - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source