Arizona State Retirement System Invests $27.56 Million in Bank of New York Mellon Corporation $BNY

Key Points

• Arizona State Retirement System acquired 190,603 shares of Bank of New York Mellon in the second quarter, valued at approximately $27.56 million. Institutional investors and hedge funds collectively own 85.31% of the company.
• BNY reported quarterly earnings of $2.46 per share, exceeding estimates of $2.16, while revenue rose 13.3% year over year to $5.70 billion.
• Analysts maintain a generally positive outlook, with the stock carrying a consensus “Moderate Buy” rating and an average price target of $157.13; shares recently traded near $162.91.

Arizona State Retirement System acquired a new stake in Bank of New York Mellon Corporation (NYSE:BNY - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 190,603 shares of the bank's stock, valued at approximately $27,563,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Abound Financial LLC acquired a new stake in Bank of New York Mellon during the fourth quarter worth about $25,000. MCF Advisors LLC lifted its stake in Bank of New York Mellon by 74.8% during the 4th quarter. MCF Advisors LLC now owns 236 shares of the bank's stock worth $27,000 after acquiring an additional 101 shares in the last quarter. Luken Investment Analytics LLC acquired a new stake in shares of Bank of New York Mellon during the second quarter worth about $27,000. Burnham & Co LLC acquired a new position in shares of Bank of New York Mellon in the second quarter worth $29,000. Finally, EFG International AG purchased a new position in Bank of New York Mellon in the second quarter valued at $29,000. 85.31% of the stock is owned by institutional investors and hedge funds.

Bank of New York Mellon Price Performance

Bank of New York Mellon stock traded down $1.93 during trading hours on Tuesday, hitting $162.91. The stock had a trading volume of 2,406,021 shares, compared to its average volume of 3,649,098. 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 fifty day moving average is $157.89 and its two-hundred day moving average is $139.97. Bank of New York Mellon Corporation has a 1-year low of $102.63 and a 1-year high of $165.84. The stock has a market capitalization of $110.54 billion, a price-to-earnings ratio of 18.97, a PEG ratio of 1.24 and a beta of 1.05.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last announced its earnings results on Wednesday, July 15th. The bank reported $2.46 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 quarter in the previous year, the business posted $1.93 earnings per share. The firm's quarterly revenue was up 13.3% compared to the same quarter last year. As a group, analysts predict that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Zacks Research upgraded shares of Bank of New York Mellon from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 22nd. JPMorgan Chase & Co. boosted 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. Truist Financial increased their price target on shares of Bank of New York Mellon from $160.00 to $178.00 and gave the stock a "buy" rating in a research note on Thursday, July 16th. Erste Group Bank initiated coverage on Bank of New York Mellon in a research note on Wednesday, July 15th. They issued a "buy" rating on the stock. Finally, Wall Street Zen raised shares of Bank of New York Mellon to a "hold" rating in a report on Saturday, May 23rd. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $157.13.

Insider Activity

In other Bank of New York Mellon news, VP Jose Minaya sold 3,520 shares of the stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $162.64, for a total transaction of $572,492.80. Following the transaction, the vice president owned 180,344 shares of the company's stock, valued at $29,331,148.16. This represents a 1.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Dermot Mcdonogh sold 31,800 shares of the stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $155.26, for a total value of $4,937,268.00. 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 Company 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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