Bank of New York Mellon Corp Buys New Stake in Bank of New York Mellon Corporation $BNY

Key Points

• Bank of New York Mellon Corp acquired 3.41 million shares of Bank of New York Mellon worth approximately $492.7 million, representing about 0.50% of the company. Institutional investors collectively own 85.31% of BNY’s stock.
• Analysts remain broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $157.13. Several firms recently raised their targets, including Barclays to $178 and Bank of America to $175.
• BNY reported strong quarterly results, posting $2.46 in earnings per share versus the $2.16 consensus estimate and $5.70 billion in revenue, up 13.3% year over year. Shares opened at $158.72, near their 52-week high of $165.68.

Bank of New York Mellon Corp acquired a new stake in Bank of New York Mellon Corporation (NYSE:BNY - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 3,406,841 shares of the bank's stock, valued at approximately $492,663,000. Bank of New York Mellon Corp owned about 0.50% of Bank of New York Mellon as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in BNY. Linscomb Wealth Inc. raised its position in Bank of New York Mellon by 2.5% in the 4th quarter. Linscomb Wealth Inc. now owns 3,240 shares of the bank's stock valued at $376,000 after purchasing an additional 80 shares during the last quarter. Parkside Financial Bank & Trust grew its position 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 worth $326,000 after purchasing an additional 88 shares during the last quarter. Essex Financial Services Inc. increased its stake in Bank of New York Mellon by 0.5% in the fourth quarter. Essex Financial Services Inc. now owns 17,584 shares of the bank's stock valued at $2,041,000 after purchasing an additional 89 shares during the period. Maia Wealth LLC raised its holdings in shares of Bank of New York Mellon by 3.0% in the fourth quarter. Maia Wealth LLC now owns 3,049 shares of the bank's stock valued at $350,000 after buying an additional 90 shares during the last quarter. Finally, Nemes Rush Group LLC raised its holdings in shares of Bank of New York Mellon by 12.8% in the fourth quarter. Nemes Rush Group LLC now owns 813 shares of the bank's stock valued at $94,000 after buying an additional 92 shares during the last quarter. Hedge funds and other institutional investors own 85.31% of the company's stock.

Analyst Upgrades and Downgrades

BNY has been the subject of several recent research reports. Barclays increased their price target on Bank of New York Mellon from $149.00 to $178.00 and gave the stock an "overweight" rating in a report on Thursday, July 16th. Wall Street Zen upgraded shares of Bank of New York Mellon to a "hold" rating in a research report on Saturday, May 23rd. JPMorgan Chase & Co. raised their target price on shares of 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. Wells Fargo & Company lifted their target price on shares of Bank of New York Mellon from $152.00 to $162.00 and gave the company an "equal weight" rating in a report on Thursday, July 16th. Finally, Bank of America boosted their price target on shares of Bank of New York Mellon from $165.00 to $175.00 and gave the stock a "buy" rating in a research note on Monday, July 20th. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, Bank of New York Mellon has a consensus rating of "Moderate Buy" and a consensus target price of $157.13.

Bank of New York Mellon Trading Up 0.9%

Shares of Bank of New York Mellon stock opened at $158.72 on Friday. Bank of New York Mellon Corporation has a fifty-two week low of $101.71 and a fifty-two week high of $165.68. The firm has a market cap of $107.69 billion, a PE ratio of 18.48, a P/E/G ratio of 1.12 and a beta of 1.06. The business's fifty day moving average is $153.85 and its two-hundred day moving average is $136.61. 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 announced its quarterly earnings data on Wednesday, July 15th. The bank reported $2.46 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 business 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 business earned $1.93 earnings per share. The business's revenue for the quarter was up 13.3% on a year-over-year basis. Analysts anticipate that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current year.

Insider Transactions at Bank of New York Mellon

In related news, CFO Dermot Mcdonogh sold 31,800 shares of the 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.17% of the stock is currently owned by corporate insiders.

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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