38,875 Shares in Bank of New York Mellon Corporation $BNY Bought by Elevation Point Wealth Partners LLC

Key Points

• Elevation Point Wealth Partners bought 38,875 shares of Bank of New York Mellon worth approximately $5.62 million, while institutional investors collectively own 85.31% of the stock.
• BNY exceeded quarterly expectations, reporting $2.46 in adjusted earnings per share and $5.70 billion in revenue, up 13.3% year over year.
• Analysts remain generally positive, with a consensus “Moderate Buy” rating and price targets ranging as high as $178, although the company’s CFO sold 31,800 shares at an average price of $155.26.

Elevation Point Wealth Partners LLC acquired a new position in Bank of New York Mellon Corporation (NYSE:BNY - Free Report) during the second quarter, according to the company in its most recent filing with the SEC. The fund acquired 38,875 shares of the bank's stock, valued at approximately $5,622,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in BNY. Burnham & Co LLC acquired a new stake in shares of Bank of New York Mellon during the second quarter valued at about $29,000. Abound Financial LLC acquired a new position in shares of Bank of New York Mellon in the fourth quarter worth about $25,000. N.E.W. Advisory Services LLC acquired a new position in shares of Bank of New York Mellon in the second quarter worth about $32,000. MCF Advisors LLC boosted its holdings 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 valued at $27,000 after purchasing an additional 101 shares during the last quarter. Finally, MidFirst Bank purchased a new position in Bank of New York Mellon in the second quarter valued at about $38,000. 85.31% of the stock is owned by hedge funds and other institutional investors.

Bank of New York Mellon Stock Performance

Shares of BNY opened at $158.72 on Friday. The stock has a market capitalization of $107.69 billion, a PE ratio of 18.48, a price-to-earnings-growth ratio of 1.12 and a beta of 1.06. The business's fifty day moving average price is $153.85 and its 200 day moving average price is $136.61. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.72 and a quick ratio of 0.72. Bank of New York Mellon Corporation has a 12-month low of $101.71 and a 12-month high of $165.68.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last released its earnings results on Wednesday, July 15th. The bank reported $2.46 earnings per share for the quarter, beating the consensus estimate of $2.16 by $0.30. The firm 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%. The firm's revenue for the quarter was up 13.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.93 earnings per share. Equities research analysts forecast that Bank of New York Mellon Corporation will post 9.26 EPS for the current year.

Insider Activity at Bank of New York Mellon

In related news, CFO Dermot Mcdonogh sold 31,800 shares of the business's stock in a transaction dated 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 filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.17% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on BNY shares. Bank of America raised their price objective on Bank of New York Mellon from $165.00 to $175.00 and gave the company a "buy" rating in a research note on Monday, July 20th. Royal Bank Of Canada upped their target price on Bank of New York Mellon from $142.00 to $168.00 and gave the company a "sector perform" rating in a research report on Thursday, July 16th. Barclays increased their target price on Bank of New York Mellon from $149.00 to $178.00 and gave the company an "overweight" rating in a research note on Thursday, July 16th. Citigroup raised their price target on shares of Bank of New York Mellon from $167.00 to $172.00 and gave the stock a "neutral" rating in a research report on Monday, July 20th. 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 given a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $157.13.

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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