Advisors Capital Management LLC acquired a new stake in Bank of New York Mellon Corporation (NYSE:BNY - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 11,016 shares of the bank's stock, valued at approximately $1,593,000.
Several other hedge funds have also modified their holdings of the stock. Abound Financial LLC bought a new position in Bank of New York Mellon during the 4th quarter worth $25,000. MCF Advisors LLC increased its position in shares of Bank of New York Mellon by 74.8% during the 4th 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 period. Heritage Wealth Advisors bought a new stake in shares of Bank of New York Mellon in the 4th quarter worth $31,000. Wilkerson Advisory Group LLC bought a new position in shares of Bank of New York Mellon during the 4th quarter valued at about $31,000. Finally, N.E.W. Advisory Services LLC acquired a new position in Bank of New York Mellon in the second quarter worth approximately $32,000. 85.31% of the stock is currently owned by hedge funds and other institutional investors.
Insider Buying and Selling
In related news, CFO Dermot Mcdonogh sold 31,800 shares of the company's stock in a transaction dated 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 accessible through the SEC website. Company insiders own 0.17% of the company's stock.
Bank of New York Mellon Stock Performance
Shares of Bank of New York Mellon stock opened at $158.72 on Friday. The firm has a market cap of $107.69 billion, a price-to-earnings ratio of 18.48, a price-to-earnings-growth ratio of 1.12 and a beta of 1.06. The stock's 50-day moving average is $153.85 and its 200-day moving average is $136.61. Bank of New York Mellon Corporation has a one year low of $101.71 and a one year high of $165.68. 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 (NYSE:BNY - Get Free Report) last issued its quarterly earnings results on Wednesday, July 15th. The bank reported $2.46 earnings per share for the quarter, topping 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 company had revenue of $5.70 billion during the quarter, compared to analysts' expectations of $5.35 billion. During the same period last year, the business earned $1.93 EPS. The business's quarterly revenue was up 13.3% on a year-over-year basis. Equities analysts predict that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current fiscal year.
Analysts Set New Price Targets
A number of research firms have commented on BNY. Citigroup upped their price objective on shares of Bank of New York Mellon from $167.00 to $172.00 and gave the company a "neutral" rating in a research note on Monday, July 20th. Bank of America boosted their target price on shares of 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. 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 report on Tuesday, August 4th. Wall Street Zen raised Bank of New York Mellon to a "hold" rating in a research report on Saturday, May 23rd. Finally, Zacks Research raised 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 equities research 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 stock. According to data from MarketBeat.com, Bank of New York Mellon presently has an average rating of "Moderate Buy" and a consensus price target of $157.13.
Read Our Latest Stock Report on BNY
About Bank of New York Mellon
(
Free Report)
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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