Bank of New York Mellon Corporation $BNY Shares Acquired by Panagora Asset Management Inc.

Key Points

• Panagora Asset Management boosted its BNY stake by 56.7% in the fourth quarter, ending with 1,290,910 shares worth about $149.9 million. Institutional ownership remains very high, with hedge funds and other investors holding 85.31% of the stock.
• Bank of New York Mellon reported strong quarterly results, with EPS of $2.25 versus estimates of $1.94 and revenue of $5.41 billion versus $5.14 billion expected. Revenue rose 12.9% year over year, and the company’s return on equity was 15.29%.
• Analysts remain generally positive on BNY, with multiple firms raising price targets and the stock carrying a Moderate Buy consensus rating. Shares were trading near $143.74, close to the 52-week high of $145.02, and the company also paid a quarterly dividend of $0.53 per share.

Panagora Asset Management Inc. increased its stake in shares of Bank of New York Mellon Corporation (NYSE:BNY - Free Report) by 56.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,290,910 shares of the bank's stock after acquiring an additional 467,279 shares during the quarter. Panagora Asset Management Inc. owned about 0.19% of Bank of New York Mellon worth $149,862,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of BNY. Piedmont Capital Management LLC NC purchased a new position in Bank of New York Mellon during the 4th quarter worth approximately $683,000. MML Investors Services LLC lifted its stake in Bank of New York Mellon by 7.2% in the fourth quarter. MML Investors Services LLC now owns 276,189 shares of the bank's stock valued at $32,063,000 after buying an additional 18,589 shares during the last quarter. Mariner LLC lifted its stake in Bank of New York Mellon by 74.2% in the fourth quarter. Mariner LLC now owns 372,726 shares of the bank's stock valued at $43,277,000 after buying an additional 158,743 shares during the last quarter. Nicolet Advisory Services LLC boosted its holdings in shares of Bank of New York Mellon by 3.3% in the fourth quarter. Nicolet Advisory Services LLC now owns 3,986 shares of the bank's stock valued at $481,000 after acquiring an additional 129 shares during the period. Finally, Focus Partners Wealth boosted its holdings in shares of Bank of New York Mellon by 599.2% in the fourth quarter. Focus Partners Wealth now owns 314,590 shares of the bank's stock valued at $36,506,000 after acquiring an additional 269,598 shares during the period. 85.31% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Bank of New York Mellon

In related news, EVP Alejandro Perez sold 12,504 shares of the firm's stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $137.01, for a total value of $1,713,173.04. Following the completion of the sale, the executive vice president owned 62,613 shares in the company, valued at $8,578,607.13. This trade represents a 16.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Shannon Marie Hobbs sold 297 shares of the business's stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $137.05, for a total transaction of $40,703.85. Following the sale, the vice president directly owned 15,206 shares in the company, valued at approximately $2,083,982.30. This represents a 1.92% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 48,091 shares of company stock valued at $6,568,423. Company insiders own 0.17% of the company's stock.

Bank of New York Mellon Stock Performance

Shares of BNY stock opened at $143.74 on Monday. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.82. The stock has a 50 day simple moving average of $135.19 and a 200-day simple moving average of $123.91. The company has a market cap of $98.66 billion, a price-to-earnings ratio of 17.81, a price-to-earnings-growth ratio of 1.05 and a beta of 1.07. Bank of New York Mellon Corporation has a 12-month low of $87.41 and a 12-month high of $145.02.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last posted its quarterly earnings results on Thursday, April 16th. The bank reported $2.25 earnings per share for the quarter, beating analysts' consensus estimates of $1.94 by $0.31. The firm had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.14 billion. Bank of New York Mellon had a return on equity of 15.29% and a net margin of 14.60%.The company's revenue for the quarter was up 12.9% compared to the same quarter last year. During the same period in the previous year, the business earned $1.58 earnings per share. On average, equities analysts forecast that Bank of New York Mellon Corporation will post 8.78 EPS for the current year.

Bank of New York Mellon Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 8th. Shareholders of record on Monday, April 27th were given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 1.5%. The ex-dividend date was Monday, April 27th. Bank of New York Mellon's payout ratio is presently 26.27%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on BNY shares. Truist Financial lifted their target price on shares of Bank of New York Mellon from $140.00 to $148.00 and gave the company a "buy" rating in a report on Friday, April 17th. Wall Street Zen upgraded shares of Bank of New York Mellon to a "hold" rating in a research note on Saturday, May 23rd. Barclays raised their price objective on shares of Bank of New York Mellon from $143.00 to $149.00 and gave the stock an "overweight" rating in a research report on Friday, April 17th. Weiss Ratings upgraded shares of Bank of New York Mellon from a "buy (a-)" rating to a "buy (a)" rating in a research note on Monday, May 4th. Finally, Keefe, Bruyette & Woods upped their target price on shares of Bank of New York Mellon from $143.00 to $150.00 and gave the company an "outperform" rating in a report on Friday, April 17th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, Bank of New York Mellon currently has a consensus rating of "Moderate Buy" and an average target price of $138.08.

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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