AXQ Capital LP Takes $3.30 Million Position in Bank of New York Mellon Corporation $BNY

Key Points

• AXQ Capital LP initiated a $3.30 million position in Bank of New York Mellon during the second quarter, purchasing 22,792 shares. Institutional investors and hedge funds collectively own 85.31% of the company.
• BNY reported stronger-than-expected quarterly results, with EPS of $2.46 versus the $2.16 consensus estimate and revenue of $5.70 billion, up 13.3% year over year.
• The stock opened at $164.19, near its 52-week high of $165.68. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $157.13, while recent targets range as high as $178.

AXQ Capital LP bought a new position in shares of Bank of New York Mellon Corporation (NYSE:BNY - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 22,792 shares of the bank's stock, valued at approximately $3,296,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Linscomb Wealth Inc. boosted its position in shares of Bank of New York Mellon by 2.5% during the fourth quarter. Linscomb Wealth Inc. now owns 3,240 shares of the bank's stock worth $376,000 after buying an additional 80 shares during the period. Parkside Financial Bank & Trust boosted its holdings in Bank of New York Mellon by 3.2% during the 4th quarter. Parkside Financial Bank & Trust now owns 2,805 shares of the bank's stock valued at $326,000 after acquiring an additional 88 shares during the period. Essex Financial Services Inc. grew its position in Bank of New York Mellon by 0.5% in the 4th quarter. Essex Financial Services Inc. now owns 17,584 shares of the bank's stock valued at $2,041,000 after acquiring an additional 89 shares in the last quarter. Maia Wealth LLC grew its position in Bank of New York Mellon by 3.0% in the 4th quarter. Maia Wealth LLC now owns 3,049 shares of the bank's stock valued at $350,000 after acquiring an additional 90 shares in the last quarter. Finally, Nemes Rush Group LLC increased its stake in Bank of New York Mellon by 12.8% during the fourth quarter. Nemes Rush Group LLC now owns 813 shares of the bank's stock worth $94,000 after purchasing an additional 92 shares during the period. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Bank of New York Mellon

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 stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $162.64, for a total value of $572,492.80. Following the sale, the vice president directly owned 180,344 shares of the company's stock, valued at $29,331,148.16. The trade was a 1.91% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.17% of the stock is currently owned by corporate insiders.

Bank of New York Mellon Price Performance

Shares of BNY opened at $164.19 on Friday. The firm has a fifty day moving average price of $157.03 and a 200 day moving average price of $139.31. The stock has a market cap of $111.40 billion, a PE ratio of 19.11, a price-to-earnings-growth ratio of 1.22 and a beta of 1.05. Bank of New York Mellon Corporation has a 1-year low of $102.63 and a 1-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 announced its earnings results on Wednesday, July 15th. The bank reported $2.46 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.16 by $0.30. Bank of New York Mellon had a return on equity of 16.00% and a net margin of 15.52%.The firm had revenue of $5.70 billion during the quarter, compared to analysts' expectations of $5.35 billion. During the same period in the prior year, the firm earned $1.93 EPS. The business's revenue was up 13.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Bank of New York Mellon Corporation will post 9.26 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on BNY shares. Wells Fargo & Company upped their target price on shares of Bank of New York Mellon from $152.00 to $162.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 16th. Truist Financial lifted their price objective on Bank of New York Mellon from $160.00 to $178.00 and gave the company a "buy" rating in a research note on Thursday, July 16th. 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. Citigroup lifted their price target on shares of Bank of New York Mellon from $167.00 to $172.00 and gave the stock a "neutral" rating in a research note on Monday, July 20th. Finally, JPMorgan Chase & Co. increased their price objective 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. 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's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $157.13.

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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