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

Key Points

• Allworth Financial LP acquired 32,561 BNY shares in the second quarter, valued at approximately $4.7 million. Institutional investors collectively own 85.31% of the company.
• BNY insiders recently sold shares, including the CFO’s sale of 31,800 shares for about $4.94 million and a vice president’s sale of 3,520 shares; insiders own just 0.17% of the stock.
• Analysts maintain a generally positive outlook, with an average “Moderate Buy” rating and a $157.13 price target. BNY recently exceeded quarterly earnings and revenue estimates, reporting $2.46 EPS and $5.70 billion in revenue.

Allworth Financial LP acquired a new stake in shares of Bank of New York Mellon Corporation (NYSE:BNY - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 32,561 shares of the bank's stock, valued at approximately $4,709,000.

A number of other institutional investors also recently bought and sold shares of BNY. Luken Investment Analytics LLC purchased a new stake in Bank of New York Mellon during the second quarter valued at approximately $27,000. EFG International AG bought a new stake in shares of Bank of New York Mellon during the 2nd quarter valued at $29,000. Burnham & Co LLC purchased a new stake in shares of Bank of New York Mellon in the 2nd quarter worth $29,000. Abound Financial LLC bought a new position in Bank of New York Mellon in the 4th quarter worth $25,000. Finally, N.E.W. Advisory Services LLC bought a new position in Bank of New York Mellon in the 2nd quarter worth $32,000. Institutional investors own 85.31% of the company's stock.

Insiders Place Their Bets

In related news, CFO Dermot Mcdonogh sold 31,800 shares of the business'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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Jose Minaya sold 3,520 shares of the firm's stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $162.64, for a total value of $572,492.80. Following the transaction, the vice president owned 180,344 shares in the company, valued at $29,331,148.16. The trade was a 1.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.17% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Citigroup lifted their target price on 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. JPMorgan Chase & Co. raised their price objective on Bank of New York Mellon from $149.00 to $159.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 4th. Weiss Ratings cut Bank of New York Mellon from a "buy (a)" rating to a "buy (a-)" rating in a research report on Thursday, August 13th. Wall Street Zen upgraded Bank of New York Mellon to a "hold" rating in a research note on Saturday, May 23rd. Finally, Zacks Research lowered shares of Bank of New York Mellon from a "strong-buy" rating to a "hold" rating in a report on Monday. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $157.13.

Bank of New York Mellon Price Performance

NYSE:BNY opened at $163.08 on Thursday. The business's 50-day moving average is $158.60 and its 200 day moving average is $140.59. Bank of New York Mellon Corporation has a 12 month low of $102.63 and a 12 month high of $165.84. The company has a market capitalization of $110.65 billion, a P/E ratio of 18.98, a P/E/G ratio of 1.22 and a beta of 1.05. 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 results on Wednesday, July 15th. The bank reported $2.46 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.16 by $0.30. Bank of New York Mellon had a net margin of 15.52% and a return on equity of 16.00%. The company had revenue of $5.70 billion for the quarter, compared to the consensus estimate of $5.35 billion. During the same quarter in the prior year, the firm earned $1.93 earnings per share. Bank of New York Mellon's revenue was up 13.3% on a year-over-year basis. On average, equities research analysts forecast that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current fiscal 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.

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.