Bank of America Corp DE Invests $2.50 Billion in Bank of New York Mellon Corporation $BNY

Bank of America Corp DE purchased a new stake in shares of Bank of New York Mellon Corporation (NYSE:BNY - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 17,283,991 shares of the bank's stock, valued at approximately $2,499,438,000. Bank of America Corp DE owned approximately 2.55% of Bank of New York Mellon as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of BNY. Freestone Grove Partners LP purchased a new position in Bank of New York Mellon during the 2nd quarter worth $51,818,000. Caisse de depot et placement du Quebec acquired a new position in shares of Bank of New York Mellon in the 2nd quarter valued at $24,034,000. Man Group plc acquired a new position in shares of Bank of New York Mellon in the 2nd quarter valued at $118,733,000. Councilmark Asset Management LLC acquired a new stake in Bank of New York Mellon during the 2nd quarter worth about $3,728,000. Finally, Polar Asset Management Partners Inc. purchased a new stake in Bank of New York Mellon during the 2nd quarter valued at about $6,283,000. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

BNY has been the topic of several research reports. 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 report on Thursday, July 16th. Citigroup lifted their price objective on 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. JPMorgan Chase & Co. upped their target price on Bank of New York Mellon from $149.00 to $159.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 4th. Royal Bank Of Canada raised their target price 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. Finally, Wells Fargo & Company lifted their price target on 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. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $157.13.

Insider Buying and Selling

In other Bank of New York Mellon news, 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 value of $4,937,268.00. The transaction was disclosed in a filing 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 transaction of $572,492.80. Following the transaction, 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 position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.17% of the company's stock.

Bank of New York Mellon Stock Down 2.9%

BNY opened at $157.97 on Tuesday. 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 Corporation has a twelve month low of $103.11 and a twelve month high of $165.84. The company has a market cap of $107.18 billion, a PE ratio of 18.39, a price-to-earnings-growth ratio of 1.22 and a beta of 1.05. The company has a 50-day moving average price of $159.42 and a 200 day moving average price of $141.53.

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

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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