9,743 Shares in Bank of New York Mellon Corporation $BNY Purchased by Pallas Capital Advisors LLC

Key Points

• Pallas Capital Advisors purchased 9,743 shares of Bank of New York Mellon in the second quarter, valued at approximately $1.41 million. Institutional investors collectively own 85.31% of the company.
• Analysts remain broadly positive, with Bank of America, JPMorgan, and Keefe, Bruyette & Woods raising price targets. The stock has a consensus “Moderate Buy” rating and an average target of $157.13.
• BNY exceeded quarterly expectations, reporting $2.46 in earnings per share and $5.70 billion in revenue, up 13.3% year over year. Shares opened at $163.80, near the company’s 52-week high of $165.68.

Pallas Capital Advisors LLC bought a new stake in 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. The fund bought 9,743 shares of the bank's stock, valued at approximately $1,409,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Abound Financial LLC acquired a new stake in shares of Bank of New York Mellon during the 4th 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 valued at approximately $32,000. MCF Advisors LLC raised its position in shares of 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 buying an additional 101 shares during the last quarter. Heritage Wealth Advisors purchased a new position in shares of Bank of New York Mellon during the fourth quarter valued at approximately $31,000. Finally, Wilkerson Advisory Group LLC purchased a new position in shares of Bank of New York Mellon during the fourth quarter valued at approximately $31,000. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently issued reports on BNY shares. Bank of America raised their target price on shares of Bank of New York Mellon from $165.00 to $175.00 and gave the stock a "buy" rating in a research report on Monday, July 20th. Wells Fargo & Company increased their target price on Bank of New York Mellon from $152.00 to $162.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 16th. JPMorgan Chase & Co. lifted their target price on Bank of New York Mellon from $149.00 to $159.00 and gave the company an "overweight" rating in a report on Tuesday, August 4th. Zacks Research raised Bank of New York Mellon from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, July 22nd. Finally, Keefe, Bruyette & Woods upped 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 equities 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 company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $157.13.

Bank of New York Mellon Price Performance

Bank of New York Mellon stock opened at $163.80 on Wednesday. The firm has a fifty day moving average of $152.84 and a 200-day moving average of $135.92. Bank of New York Mellon Corporation has a 52-week low of $99.67 and a 52-week high of $165.68. 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 firm has a market capitalization of $111.14 billion, a P/E ratio of 19.07, a PEG ratio of 1.16 and a beta of 1.06.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last posted 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. Bank of New York Mellon had a net margin of 15.52% and a return on equity of 16.00%. The business had revenue of $5.70 billion for the quarter, compared to analyst estimates of $5.35 billion. During the same quarter in the previous year, the business posted $1.93 EPS. The business's quarterly revenue was up 13.3% on a year-over-year basis. As a group, analysts predict that Bank of New York Mellon Corporation will post 9.26 EPS for the current year.

Insider Buying and Selling

In other Bank of New York Mellon news, CFO Dermot Mcdonogh sold 31,800 shares of the business's stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $155.26, for a total transaction of $4,937,268.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.17% of the stock is owned by company 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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