Archford Capital Strategies LLC Buys New Stake in Bank of New York Mellon Corporation $BNY

Archford Capital Strategies LLC purchased a new stake in Bank of New York Mellon Corporation (NYSE:BNY - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 25,258 shares of the bank's stock, valued at approximately $3,653,000.

A number of other institutional investors also recently bought and sold shares of the business. National Pension Service acquired a new position in shares of Bank of New York Mellon during the 2nd quarter worth about $321,477,000. WINTON GROUP Ltd acquired a new stake in Bank of New York Mellon during the second quarter worth approximately $4,965,000. M.E. Allison & CO. Inc. acquired a new stake in Bank of New York Mellon during the second quarter worth approximately $603,000. Engineers Gate Manager LP purchased a new stake in shares of Bank of New York Mellon during the 2nd quarter worth approximately $1,264,000. Finally, Cidel Asset Management Inc. purchased a new stake in shares of Bank of New York Mellon during the 2nd quarter worth approximately $759,000. 85.31% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, 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. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP Jose Minaya sold 3,520 shares of the business's stock in a transaction dated 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 owned 180,344 shares in the company, valued at $29,331,148.16. This trade represents a 1.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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 $163.08 on Thursday. The firm's fifty day simple moving average is $158.60 and its 200-day simple moving average is $140.59. The stock has a market capitalization of $110.65 billion, a price-to-earnings ratio of 18.98, a PEG ratio of 1.22 and a beta of 1.05. Bank of New York Mellon Corporation has a 12 month low of $102.63 and a 12 month high of $165.84. 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 released its quarterly earnings results on Wednesday, July 15th. The bank reported $2.46 EPS 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 the consensus estimate of $5.35 billion. Bank of New York Mellon had a net margin of 15.52% and a return on equity of 16.00%. Bank of New York Mellon's revenue for the quarter was up 13.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.93 EPS. As a group, equities analysts forecast that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on BNY shares. Keefe, Bruyette & Woods upped their target price on shares of Bank of New York Mellon from $166.00 to $177.00 and gave the company an "outperform" rating in a report on Thursday, July 16th. Wells Fargo & Company boosted their price target on shares of Bank of New York Mellon from $152.00 to $162.00 and gave the company an "equal weight" rating in a research report on Thursday, July 16th. Barclays boosted their price target on shares of Bank of New York Mellon from $149.00 to $178.00 and gave the company an "overweight" rating in a research report on Thursday, July 16th. Truist Financial raised their price objective on Bank of New York Mellon from $160.00 to $178.00 and gave the stock a "buy" rating in a report on Thursday, July 16th. Finally, Zacks Research cut Bank of New York Mellon from a "strong-buy" rating to a "hold" rating in a research report on Monday. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $157.13.

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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