Bank of New York Mellon Corporation $BNY Position Cut by GRIMES & Co WEALTH MANAGEMENT LLC

Key Points

• GRIMES & Co cut its BNY stake by 27.6% in the third quarter, selling 11,050 shares and retaining 28,944 shares valued at about $4.19 million.
• BNY reported quarterly EPS of $2.37, beating the $2.26 consensus, while revenue rose 11.7% year over year to $5.68 billion.
• Insiders sold 60,560 shares worth about $9.0 million over the past quarter. Analysts’ consensus rating is “Moderate Buy,” with an average price target of $165.04.

GRIMES & Co WEALTH MANAGEMENT LLC decreased its stake in shares of Bank of New York Mellon Corporation (NYSE:BNY - Free Report) by 27.6% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 28,944 shares of the bank's stock after selling 11,050 shares during the period. GRIMES & Co WEALTH MANAGEMENT LLC's holdings in Bank of New York Mellon were worth $4,186,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Next Level Wealth Planning LLC bought a new position in Bank of New York Mellon during the third quarter worth $41,000. Cooper Capital Advisors LLC boosted its holdings in Bank of New York Mellon by 8.2% during the third quarter. Cooper Capital Advisors LLC now owns 2,248 shares of the bank's stock valued at $325,000 after purchasing an additional 171 shares in the last quarter. TSG Advice Partners LLC acquired a new stake in Bank of New York Mellon in the 3rd quarter valued at $234,000. Virtue Capital Management LLC acquired a new stake in shares of Bank of New York Mellon in the 3rd quarter valued at $593,000. Finally, Bell Investment Advisors Inc grew its stake in Bank of New York Mellon by 4.5% during the third quarter. Bell Investment Advisors Inc now owns 2,522 shares of the bank's stock worth $365,000 after buying an additional 109 shares during the last quarter. Institutional investors own 85.31% of the company's stock.

Insider Activity

In related news, CEO Robin A. Vince sold 40,620 shares of the firm's stock in a transaction on Monday, October 26th. The stock was sold at an average price of $147.81, for a total transaction of $6,004,042.20. Following the completion of the transaction, the chief executive officer directly owned 585,174 shares of the company's stock, valued at $86,494,568.94. This trade represents a 6.49% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Jose Minaya sold 3,520 shares of Bank of New York Mellon stock in a transaction that occurred on Tuesday, October 27th. The stock was sold at an average price of $147.81, for a total value of $520,291.20. Following the completion of the transaction, the vice president directly owned 173,304 shares in the company, valued at approximately $25,616,064.24. This represents a 1.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 60,560 shares of company stock valued at $9,007,119 over the last quarter. Corporate insiders own 0.17% of the company's stock.

Bank of New York Mellon Price Performance

Bank of New York Mellon stock opened at $149.25 on Wednesday. The stock's fifty day moving average price is $151.10 and its two-hundred day moving average price is $139.53. The firm has a market cap of $100.43 billion, a PE ratio of 16.49, a price-to-earnings-growth ratio of 0.98 and a beta of 1.02. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.72. Bank of New York Mellon Corporation has a one year low of $105.42 and a one year high of $165.84.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last issued its quarterly earnings results on Thursday, October 15th. The bank reported $2.37 earnings per share for the quarter, topping analysts' consensus estimates of $2.26 by $0.11. Bank of New York Mellon had a net margin of 16.32% and a return on equity of 16.57%. The company had revenue of $5.68 billion during the quarter. The firm's revenue was up 11.7% on a year-over-year basis. As a group, research analysts expect that Bank of New York Mellon Corporation will post 9.39 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Wells Fargo & Company increased 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 report on Thursday, July 16th. Keefe, Bruyette & Woods reiterated an "outperform" rating on shares of Bank of New York Mellon in a report on Friday, October 16th. Bank of America boosted their price objective on shares of Bank of New York Mellon from $165.00 to $175.00 and gave the company a "buy" rating in a research report on Monday, July 20th. Erste Group Bank assumed coverage on shares of Bank of New York Mellon in a research note on Wednesday, July 15th. They set a "buy" rating for the company. Finally, Weiss Ratings lowered shares of Bank of New York Mellon from a "buy (a)" rating to a "buy (a-)" rating in a research report on Thursday, August 13th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $165.04.

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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