Agate Pass Investment Management LLC Invests $2.56 Million in Bank of New York Mellon Corporation $BNY

Key Points

• Agate Pass Investment Management acquired 17,690 shares of Bank of New York Mellon worth approximately $2.56 million, while institutional investors collectively own 85.31% of the stock.
• BNY reported quarterly earnings of $2.46 per share, beating estimates of $2.16, while revenue rose 13.3% year over year to $5.70 billion.
• Analysts maintain a Moderate Buy consensus, with several firms raising price targets to as high as $178; the stock recently traded near its 52-week high at $165.05.

Agate Pass Investment Management LLC acquired a new stake in shares of Bank of New York Mellon Corporation (NYSE:BNY - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 17,690 shares of the bank's stock, valued at approximately $2,558,000.

A number of other hedge funds also recently made changes to their positions in the stock. Luken Investment Analytics LLC bought a new position in Bank of New York Mellon during the second quarter valued at approximately $27,000. EFG International AG bought a new stake in shares of Bank of New York Mellon in the 2nd quarter worth approximately $29,000. Burnham & Co LLC bought a new stake in shares of Bank of New York Mellon in the 2nd quarter worth approximately $29,000. Abound Financial LLC purchased a new stake in shares of Bank of New York Mellon in the 4th quarter valued at $25,000. Finally, N.E.W. Advisory Services LLC purchased a new stake in shares of Bank of New York Mellon in the 2nd quarter valued at $32,000. 85.31% of the stock is owned by institutional investors.

Bank of New York Mellon Stock Up 0.1%

Shares of NYSE:BNY opened at $165.05 on Monday. Bank of New York Mellon Corporation has a 1 year low of $102.63 and a 1 year high of $165.84. The company has a market cap of $111.99 billion, a PE ratio of 19.21, a P/E/G ratio of 1.24 and a beta of 1.05. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.72 and a quick ratio of 0.72. The stock's 50-day moving average is $157.46 and its 200 day moving average is $139.65.

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 earnings per share for the quarter, topping the consensus estimate of $2.16 by $0.30. The business had revenue of $5.70 billion during the quarter, compared to analysts' expectations 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 business's revenue was up 13.3% on a year-over-year basis. During the same quarter last year, the business posted $1.93 EPS. Sell-side analysts anticipate that Bank of New York Mellon Corporation will post 9.26 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Truist Financial lifted their target price on shares of Bank of New York Mellon from $160.00 to $178.00 and gave the stock a "buy" rating in a research report on Thursday, July 16th. JPMorgan Chase & Co. upped their price target on shares of Bank of New York Mellon from $149.00 to $159.00 and gave the company an "overweight" rating in a research report on Tuesday, August 4th. Erste Group Bank assumed coverage on Bank of New York Mellon in a research note on Wednesday, July 15th. They set a "buy" rating on the stock. Wells Fargo & Company boosted their target price on Bank of New York Mellon from $152.00 to $162.00 and gave the company an "equal weight" rating in a research note on Thursday, July 16th. Finally, 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 report on Thursday, July 16th. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, Bank of New York Mellon presently has a consensus rating of "Moderate Buy" and a consensus price target of $157.13.

Insiders Place Their Bets

In other Bank of New York Mellon news, VP Jose Minaya sold 3,520 shares of the company's stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $162.64, for a total value of $572,492.80. Following the completion of the transaction, the vice president directly owned 180,344 shares in the company, valued at approximately $29,331,148.16. This represents a 1.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Dermot Mcdonogh sold 31,800 shares of the firm'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. Additional details regarding this sale are available in the official SEC disclosure. 0.17% of the stock is currently owned by insiders.

Bank of New York Mellon 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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