Azimuth Capital Investment Management LLC Buys New Shares in Bank of New York Mellon Corporation $BNY

Key Points

• Azimuth Capital Investment Management acquired 209,578 BNY shares worth approximately $30.3 million, making the stock 1% of its portfolio. Institutional investors collectively own 85.31% of BNY.
• BNY reported strong quarterly results, with earnings of $2.46 per share and revenue of $5.70 billion, exceeding analyst estimates; revenue increased 13.3% year over year.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $157.13, while BNY shares recently traded near their 52-week high at $165.05.

Azimuth Capital Investment 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 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 209,578 shares of the bank's stock, valued at approximately $30,307,000. Bank of New York Mellon makes up 1.0% of Azimuth Capital Investment Management LLC's portfolio, making the stock its 17th largest position.

A number of other large investors also recently added to or reduced their stakes in BNY. BlackRock Inc. purchased a new stake in Bank of New York Mellon during the second quarter valued at $8,321,111,000. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Bank of New York Mellon by 18,044.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 19,670,202 shares of the bank's stock worth $2,283,514,000 after purchasing an additional 19,561,793 shares during the period. Bank of America Corp DE purchased a new stake in Bank of New York Mellon during the 2nd quarter valued at $2,499,438,000. Norges Bank bought a new stake in Bank of New York Mellon in the fourth quarter worth $1,398,624,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in Bank of New York Mellon in the second quarter worth $1,214,193,000. 85.31% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Bank of New York Mellon

In other news, VP Jose Minaya sold 3,520 shares of the firm'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 sale, the vice president directly owned 180,344 shares in the company, valued at approximately $29,331,148.16. This trade represents a 1.91% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Dermot Mcdonogh sold 31,800 shares of the business's stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $155.26, for a total transaction of $4,937,268.00. The SEC filing for this sale provides additional information. 0.17% of the stock is currently owned by company insiders.

Bank of New York Mellon Price Performance

Shares of BNY opened at $165.05 on Friday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.72 and a current ratio of 0.72. The company has a 50 day moving average price of $157.46 and a 200-day moving average price of $139.49. Bank of New York Mellon Corporation has a fifty-two week low of $102.63 and a fifty-two week high of $165.84. The stock has a market capitalization of $111.99 billion, a PE ratio of 19.21, a PEG ratio of 1.24 and a beta of 1.05.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last issued its quarterly earnings data on Wednesday, July 15th. The bank reported $2.46 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 the consensus estimate of $5.35 billion. During the same quarter in the previous year, the firm posted $1.93 earnings per share. Bank of New York Mellon's revenue for the quarter was up 13.3% compared to the same quarter last year. Equities analysts predict that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Royal Bank Of Canada increased their price target on Bank of New York Mellon from $142.00 to $168.00 and gave the stock a "sector perform" rating in a report on Thursday, July 16th. Citigroup boosted their target price 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. Truist Financial upped 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 report on Thursday, July 16th. Argus raised their price objective on Bank of New York Mellon from $153.00 to $180.00 and gave the stock a "buy" rating in a report on Wednesday, July 22nd. Finally, Weiss Ratings lowered Bank of New York Mellon from a "buy (a)" rating to a "buy (a-)" rating in a research report on Thursday, August 13th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Bank of New York Mellon has an average rating of "Moderate Buy" and a consensus price target of $157.13.

About Bank of New York Mellon

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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