32,561 Shares in Bank of New York Mellon Corporation $BNY Purchased by Allworth Financial LP

Key Points

• Allworth Financial LP purchased 32,561 BNY shares during the second quarter, valued at approximately $4.7 million. Other institutions also initiated positions, and institutional investors now own 85.31% of the stock.
• BNY reported quarterly EPS of $2.46, beating estimates of $2.16, while revenue rose 13.3% year over year to $5.70 billion. Analysts expect full-year EPS of $9.26.
• Analyst sentiment is favorable, with a consensus rating of “Moderate Buy” and an average price target of $157.13; Truist raised its target to $178 and maintained a buy rating.

Allworth Financial LP purchased a new position in shares of Bank of New York Mellon Corporation (NYSE:BNY - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 32,561 shares of the bank's stock, valued at approximately $4,709,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of BNY. Greenspring Advisors LLC acquired a new stake in shares of Bank of New York Mellon during the second quarter valued at $282,000. B. Metzler seel. Sohn & Co. AG acquired a new position in Bank of New York Mellon in the 2nd quarter valued at about $22,882,000. Virtus Advisers LLC acquired a new position in Bank of New York Mellon in the 2nd quarter valued at about $382,000. Silvant Capital Management LLC purchased a new position in Bank of New York Mellon in the 2nd quarter valued at about $112,000. Finally, Mystic Asset Management Inc. purchased a new position in Bank of New York Mellon in the 2nd quarter valued at about $492,000. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Bank of New York Mellon Price Performance

BNY stock opened at $157.61 on Friday. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.76. Bank of New York Mellon Corporation has a 52-week low of $100.44 and a 52-week high of $165.68. The stock's 50 day moving average is $153.55 and its two-hundred day moving average is $136.46. The company has a market capitalization of $106.94 billion, a PE ratio of 18.35, a P/E/G ratio of 1.13 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 (EPS) 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 firm had revenue of $5.70 billion for the quarter, compared to analysts' expectations of $5.35 billion. During the same quarter in the prior year, the firm posted $1.93 earnings per share. Bank of New York Mellon's revenue for the quarter was up 13.3% compared to the same quarter last year. Analysts predict that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on BNY shares. Zacks Research upgraded Bank of New York Mellon from a "hold" rating to a "strong-buy" rating in a report on Wednesday, July 22nd. Wall Street Zen upgraded Bank of New York Mellon to a "hold" rating in a research report on Saturday, May 23rd. Weiss Ratings lowered Bank of New York Mellon from a "buy (a)" rating to a "buy (a-)" rating in a research note on Thursday, August 13th. 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 note on Thursday, July 16th. Finally, Truist Financial lifted their price target on 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. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, Bank of New York Mellon currently has an average rating of "Moderate Buy" and a consensus price target of $157.13.

Insider Activity 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 stock was sold at an average price of $155.26, for a total value of $4,937,268.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 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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