Bank of New York Mellon Corporation $BNY Shares Bought by Janney Montgomery Scott LLC

Key Points

• Janney Montgomery Scott LLC increased its stake in BNY by 7.3% in the first quarter, buying 10,107 additional shares and bringing its total holdings to 148,115 shares worth about $17.6 million.
• Insiders were net sellers over the past three months, with VP Shannon Marie Hobbs and EVP Alejandro Perez both selling shares; overall insider sales totaled 48,091 shares valued at about $6.57 million.
• BNY reported stronger-than-expected quarterly results, posting EPS of $2.25 versus the $1.94 estimate and revenue of $5.41 billion, while also paying a quarterly dividend of $0.53 per share.

Janney Montgomery Scott LLC grew its stake in shares of Bank of New York Mellon Corporation (NYSE:BNY - Free Report) by 7.3% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 148,115 shares of the bank's stock after buying an additional 10,107 shares during the period. Janney Montgomery Scott LLC's holdings in Bank of New York Mellon were worth $17,571,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Abound Financial LLC purchased a new stake in Bank of New York Mellon during the fourth quarter valued at about $25,000. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Bank of New York Mellon in the 4th quarter worth about $27,000. MCF Advisors LLC raised its holdings in shares of Bank of New York Mellon by 74.8% in the 4th quarter. MCF Advisors LLC now owns 236 shares of the bank's stock worth $27,000 after purchasing an additional 101 shares during the period. Marquette Asset Management LLC lifted its stake in shares of Bank of New York Mellon by 174.7% in the 4th quarter. Marquette Asset Management LLC now owns 261 shares of the bank's stock valued at $30,000 after purchasing an additional 166 shares in the last quarter. Finally, Heritage Wealth Advisors acquired a new position in shares of Bank of New York Mellon in the 4th quarter valued at about $31,000. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Bank of New York Mellon news, VP Shannon Marie Hobbs sold 297 shares of the firm's stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $137.05, for a total transaction of $40,703.85. Following the completion of the sale, the vice president owned 15,206 shares in the company, valued at $2,083,982.30. This trade represents a 1.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Alejandro Perez sold 12,504 shares of the firm's stock in a transaction that occurred on 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 sale, the executive vice president owned 62,613 shares of the company's stock, valued at approximately $8,578,607.13. This trade represents a 16.65% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 48,091 shares of company stock valued at $6,568,423 in the last three months. 0.17% of the stock is owned by insiders.

Bank of New York Mellon Price Performance

Shares of BNY stock opened at $144.35 on Wednesday. The firm has a fifty day simple moving average of $139.12 and a 200-day simple moving average of $126.56. The company has a market capitalization of $99.08 billion, a PE ratio of 17.89, a price-to-earnings-growth ratio of 1.04 and a beta of 1.07. Bank of New York Mellon Corporation has a twelve month low of $89.64 and a twelve month high of $148.50. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.82.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last released its quarterly earnings results on Thursday, April 16th. The bank reported $2.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.94 by $0.31. Bank of New York Mellon had a net margin of 14.60% and a return on equity of 15.29%. The firm had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter in the previous year, the firm posted $1.58 EPS. The firm's quarterly revenue was up 12.9% on a year-over-year basis. Equities research analysts anticipate that Bank of New York Mellon Corporation will post 8.85 earnings per share for the current fiscal year.

Bank of New York Mellon Announces Dividend

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

Analyst Ratings Changes

Several research analysts recently commented on the stock. JPMorgan Chase & Co. raised their price target on shares of Bank of New York Mellon from $130.50 to $140.00 and gave the company an "overweight" rating in a report on Monday, May 11th. Truist Financial increased their price objective on shares of Bank of New York Mellon from $140.00 to $148.00 and gave the stock a "buy" rating in a research report on Friday, April 17th. Wall Street Zen raised shares of Bank of New York Mellon to a "hold" rating in a research note on Saturday, May 23rd. Wells Fargo & Company lifted their target price on shares of Bank of New York Mellon from $137.00 to $152.00 and gave the company an "equal weight" rating in a report on Wednesday, June 24th. Finally, Keefe, Bruyette & Woods upped their price target on shares of Bank of New York Mellon from $143.00 to $150.00 and gave the stock an "outperform" rating in a research report on Friday, April 17th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $142.77.

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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