Baird Financial Group Inc. Makes New Investment in Bank of New York Mellon Corporation $BNY

Key Points

• Baird Financial Group acquired 98,910 shares of Bank of New York Mellon worth approximately $14.3 million in the second quarter. Institutional investors collectively own 85.31% of the company.
• BNY reported quarterly earnings of $2.46 per share, exceeding analyst expectations 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 opened at $162.71.

Baird Financial Group Inc. acquired a new stake in shares of 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 SEC. The firm acquired 98,910 shares of the bank's stock, valued at approximately $14,303,000.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Linscomb Wealth Inc. increased its holdings in Bank of New York Mellon by 2.5% in the fourth quarter. Linscomb Wealth Inc. now owns 3,240 shares of the bank's stock valued at $376,000 after buying an additional 80 shares in the last quarter. Cornerstone Financial Management LLC boosted its stake in shares of Bank of New York Mellon by 11.4% during the 2nd quarter. Cornerstone Financial Management LLC now owns 784 shares of the bank's stock worth $113,000 after acquiring an additional 80 shares in the last quarter. Parkside Financial Bank & Trust boosted its stake in shares of 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 worth $326,000 after acquiring an additional 88 shares in the last quarter. Essex Financial Services Inc. grew its position in shares of Bank of New York Mellon by 0.5% during 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 during the period. Finally, Maia Wealth LLC grew its position in shares of Bank of New York Mellon by 3.0% during 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 during the period. Institutional investors and hedge funds own 85.31% of the company's stock.

Bank of New York Mellon Stock Up 0.1%

BNY opened at $162.71 on Friday. The company has a market cap of $110.40 billion, a PE ratio of 18.94, a price-to-earnings-growth ratio of 1.22 and a beta of 1.05. Bank of New York Mellon Corporation has a twelve month low of $103.11 and a twelve month high of $165.84. The company has a 50-day moving average price of $159.25 and a 200 day moving average price of $141.06. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.76.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last posted its quarterly earnings data on Wednesday, July 15th. The bank reported $2.46 EPS for the quarter, topping the consensus estimate of $2.16 by $0.30. The company had revenue of $5.70 billion during the quarter, compared to analyst estimates of $5.35 billion. Bank of New York Mellon had a return on equity of 16.00% and a net margin of 15.52%.Bank of New York Mellon's quarterly revenue was up 13.3% on a year-over-year basis. During the same period in the previous year, the business earned $1.93 EPS. Sell-side analysts expect that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current fiscal year.

Insider Activity at Bank of New York Mellon

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

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the company. Weiss Ratings cut Bank of New York Mellon from a "buy (a)" rating to a "buy (a-)" rating in a report on Thursday, August 13th. Argus boosted their price objective on Bank of New York Mellon from $153.00 to $180.00 and gave the company a "buy" rating in a research report on Wednesday, July 22nd. Keefe, Bruyette & Woods boosted their price objective on Bank of New York Mellon from $166.00 to $177.00 and gave the company an "outperform" rating in a research report on Thursday, July 16th. Wells Fargo & Company upped their target price on 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. Finally, JPMorgan Chase & Co. increased their target price on 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. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, Bank of New York Mellon currently has a consensus 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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