821,058 Shares in Bank of New York Mellon Corporation $BNY Purchased by Man Group plc

Key Points

• Man Group plc acquired 821,058 shares of Bank of New York Mellon during the second quarter, valued at approximately $118.7 million and representing about 0.12% of the company.
• BNY reported strong quarterly results, with EPS of $2.46 versus the $2.16 consensus and revenue of $5.70 billion, up 13.3% year over year.
• Analysts remain broadly positive, with the stock carrying a “Moderate Buy” consensus rating and several firms raising price targets to between $175 and $178.

Man Group plc bought a new position in Bank of New York Mellon Corporation (NYSE:BNY - Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 821,058 shares of the bank's stock, valued at approximately $118,733,000. Man Group plc owned about 0.12% of Bank of New York Mellon as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Linscomb Wealth Inc. increased its position in shares of Bank of New York Mellon by 2.5% in the fourth quarter. Linscomb Wealth Inc. now owns 3,240 shares of the bank's stock worth $376,000 after purchasing an additional 80 shares during the last quarter. Parkside Financial Bank & Trust raised its stake in Bank of New York Mellon by 3.2% in the fourth quarter. Parkside Financial Bank & Trust now owns 2,805 shares of the bank's stock valued at $326,000 after purchasing an additional 88 shares in the last quarter. Essex Financial Services Inc. lifted its position in Bank of New York Mellon by 0.5% during the fourth quarter. Essex Financial Services Inc. now owns 17,584 shares of the bank's stock valued at $2,041,000 after purchasing an additional 89 shares during the last quarter. Maia Wealth LLC grew its stake in Bank of New York Mellon by 3.0% in the 4th quarter. Maia Wealth LLC now owns 3,049 shares of the bank's stock worth $350,000 after buying an additional 90 shares in the last quarter. Finally, Nemes Rush Group LLC grew its stake in Bank of New York Mellon by 12.8% in the 4th quarter. Nemes Rush Group LLC now owns 813 shares of the bank's stock worth $94,000 after buying an additional 92 shares in the last quarter. Hedge funds and other institutional investors own 85.31% of the company's stock.

Bank of New York Mellon Price Performance

Shares of Bank of New York Mellon stock opened at $163.76 on Wednesday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.72 and a current ratio of 0.72. Bank of New York Mellon Corporation has a 52-week low of $102.55 and a 52-week high of $165.68. The company has a fifty day moving average of $154.63 and a 200-day moving average of $137.32. The stock has a market capitalization of $111.11 billion, a price-to-earnings ratio of 19.06, a price-to-earnings-growth ratio of 1.15 and a beta of 1.06.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last released its quarterly earnings data on Wednesday, July 15th. The bank reported $2.46 EPS for the quarter, topping the consensus estimate of $2.16 by $0.30. The firm had revenue of $5.70 billion for the quarter, compared to the consensus estimate of $5.35 billion. Bank of New York Mellon had a return on equity of 16.00% and a net margin of 15.52%.The company's quarterly revenue was up 13.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.93 earnings per share. Equities research analysts expect that Bank of New York Mellon Corporation will post 9.26 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Truist Financial raised their price objective on shares of Bank of New York Mellon from $160.00 to $178.00 and gave the company a "buy" rating in a research report on Thursday, July 16th. JPMorgan Chase & Co. increased their target price on Bank of New York Mellon from $149.00 to $159.00 and gave the company an "overweight" rating in a research note on Tuesday, August 4th. 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. Bank of America lifted their price target on Bank of New York Mellon from $165.00 to $175.00 and gave the stock a "buy" rating in a research note on Monday, July 20th. Finally, Weiss Ratings cut Bank of New York Mellon from a "buy (a)" rating to a "buy (a-)" rating in a report on Thursday, August 13th. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $157.13.

Insiders Place Their Bets

In other Bank of New York Mellon news, CFO Dermot Mcdonogh sold 31,800 shares of the firm's stock in a transaction on Wednesday, July 29th. The shares were 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 SEC, which is available at the SEC website. 0.17% of the stock is owned by insiders.

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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