358,327 Shares in Bank of New York Mellon Corporation $BNY Acquired by Freestone Grove Partners LP

Key Points

• Freestone Grove Partners LP acquired 358,327 shares of Bank of New York Mellon, valued at approximately $51.8 million, giving it a 0.05% stake. Institutional investors collectively own 85.31% of the company.
• Analysts remain broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $157.13; several firms recently raised their targets to between $159 and $180.
• BNY Mellon exceeded quarterly expectations, reporting $2.46 in EPS versus the $2.16 consensus estimate and $5.70 billion in revenue, up 13.3% year over year.

Freestone Grove Partners LP purchased a new position in shares of Bank of New York Mellon Corporation (NYSE:BNY - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 358,327 shares of the bank's stock, valued at approximately $51,818,000. Freestone Grove Partners LP owned approximately 0.05% of Bank of New York Mellon as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also made changes to their positions in the stock. EFG International AG purchased a new stake in shares of Bank of New York Mellon during the second quarter worth about $29,000. Burnham & Co LLC purchased a new stake in Bank of New York Mellon in the 2nd quarter worth approximately $29,000. Abound Financial LLC purchased a new stake in Bank of New York Mellon in the 4th quarter worth approximately $25,000. N.E.W. Advisory Services LLC acquired a new position in Bank of New York Mellon in the 2nd quarter valued at $32,000. Finally, MCF Advisors LLC raised its holdings in Bank of New York Mellon by 74.8% in the 4th quarter. MCF Advisors LLC now owns 236 shares of the bank's stock valued at $27,000 after acquiring an additional 101 shares during the last quarter. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Erste Group Bank initiated coverage on Bank of New York Mellon in a report on Wednesday, July 15th. They set a "buy" rating on the stock. Truist Financial upped their target price on Bank of New York Mellon from $160.00 to $178.00 and gave the company a "buy" rating in a research note on Thursday, July 16th. Argus increased their target price 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. JPMorgan Chase & Co. raised their price target 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. Finally, Keefe, Bruyette & Woods raised their price target on Bank of New York Mellon from $166.00 to $177.00 and gave the stock an "outperform" rating in a research note on Thursday, July 16th. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $157.13.

Bank of New York Mellon Stock Performance

NYSE:BNY opened at $163.31 on Thursday. 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 company has a market cap of $110.81 billion, a P/E ratio of 19.01, a P/E/G ratio of 1.16 and a beta of 1.06. Bank of New York Mellon Corporation has a fifty-two week low of $102.63 and a fifty-two week high of $165.68. The firm's 50 day moving average is $154.98 and its two-hundred day moving average is $137.62.

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. The company had revenue of $5.70 billion during the quarter, compared to analysts' expectations 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 business's quarterly revenue was up 13.3% compared to the same quarter last year. During the same period in the previous year, the company earned $1.93 EPS. Analysts expect that Bank of New York Mellon Corporation will post 9.26 EPS for the current year.

Insider Buying and Selling at Bank of New York Mellon

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 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 SEC, which is accessible through this hyperlink. Company insiders own 0.17% of the company's stock.

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.

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