314,802 Shares in Bank of New York Mellon Corporation $BNY Bought by Private Management Group Inc.

Key Points

• Private Management Group Inc. bought 314,802 BNY shares worth approximately $45.5 million, making Bank of New York Mellon its 14th-largest holding and 1.2% of its portfolio. Institutional investors collectively own 85.31% of the company.
• BNY reported quarterly EPS of $2.46, beating estimates of $2.16, while revenue rose 13.3% year over year to $5.70 billion. The stock opened at $162.50, near its 12-month high of $165.68.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $157.13, although several firms recently raised their targets. Separately, CFO Dermot McDonogh sold 31,800 shares for about $4.94 million.

Private Management Group Inc. bought a new position in shares of Bank of New York Mellon Corporation (NYSE:BNY - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 314,802 shares of the bank's stock, valued at approximately $45,524,000. Bank of New York Mellon makes up 1.2% of Private Management Group Inc.'s investment portfolio, making the stock its 14th biggest holding.

Several other large investors also recently bought and sold shares of BNY. EFG International AG acquired a new position in shares of Bank of New York Mellon during the 2nd quarter worth $29,000. Burnham & Co LLC acquired a new stake in Bank of New York Mellon in the 2nd quarter valued at about $29,000. Abound Financial LLC purchased a new position in Bank of New York Mellon during the 4th quarter valued at about $25,000. N.E.W. Advisory Services LLC purchased a new position in Bank of New York Mellon during the 2nd quarter valued at about $32,000. Finally, MCF Advisors LLC raised its position in Bank of New York Mellon by 74.8% during the fourth quarter. MCF Advisors LLC now owns 236 shares of the bank's stock worth $27,000 after acquiring an additional 101 shares during the last quarter. Institutional investors and hedge funds own 85.31% of the company's stock.

Insider Transactions at Bank of New York Mellon

In related 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 sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.17% of the company's stock.

Bank of New York Mellon Price Performance

NYSE:BNY opened at $162.50 on Friday. Bank of New York Mellon Corporation has a 12-month low of $102.63 and a 12-month high of $165.68. The firm has a market cap 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. The company's 50-day moving average is $155.73 and its two-hundred day moving average is $138.06. 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 issued its quarterly earnings results on Wednesday, July 15th. The bank reported $2.46 EPS for the quarter, topping analysts' consensus estimates of $2.16 by $0.30. The business had revenue of $5.70 billion during the quarter, compared to the consensus estimate of $5.35 billion. Bank of New York Mellon had a net margin of 15.52% and a return on equity of 16.00%. The company's quarterly revenue was up 13.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.93 earnings per share. Research analysts expect that Bank of New York Mellon Corporation will post 9.26 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on BNY. Barclays upped their price target on shares of Bank of New York Mellon from $149.00 to $178.00 and gave the company an "overweight" rating in a report on Thursday, July 16th. Argus lifted their price objective on Bank of New York Mellon from $153.00 to $180.00 and gave the stock a "buy" rating in a research report on Wednesday, July 22nd. Wall Street Zen raised Bank of New York Mellon to a "hold" rating in a research note on Saturday, May 23rd. Citigroup increased their target price on Bank of New York Mellon from $167.00 to $172.00 and gave the company a "neutral" rating in a report on Monday, July 20th. Finally, Royal Bank Of Canada raised their price target on Bank of New York Mellon from $142.00 to $168.00 and gave the stock a "sector perform" rating in a research report on Thursday, July 16th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $157.13.

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.

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