Bank of New York Mellon Corporation $BNY Shares Purchased by Kinsale Capital Group Inc.

Key Points

• Kinsale Capital increased its BNY stake by 19.9% in the third quarter, buying 17,921 shares to hold 107,983 shares valued at about $15.6 million.
• BNY reported quarterly EPS of $2.37, beating estimates of $2.26; revenue rose 11.7% year over year to $5.68 billion.
• Analysts give BNY a consensus “Moderate Buy” rating and an average price target of $165.04. Company insiders sold 60,560 shares over the last quarter.

Kinsale Capital Group Inc. lifted its holdings in shares of Bank of New York Mellon Corporation (NYSE:BNY - Free Report) by 19.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 107,983 shares of the bank's stock after purchasing an additional 17,921 shares during the period. Bank of New York Mellon comprises approximately 2.1% of Kinsale Capital Group Inc.'s investment portfolio, making the stock its 15th largest holding. Kinsale Capital Group Inc.'s holdings in Bank of New York Mellon were worth $15,618,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in BNY. BlackRock Inc. bought a new position in Bank of New York Mellon during the second quarter valued at about $8,321,111,000. Bank of America Corp DE purchased a new stake in Bank of New York Mellon during the second quarter worth about $2,499,438,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in Bank of New York Mellon during the second quarter worth about $1,214,193,000. Wellington Management Group LLP bought a new stake in Bank of New York Mellon in the second quarter worth about $1,175,576,000. Finally, Amundi bought a new stake in Bank of New York Mellon in the second quarter worth about $985,533,000. 85.31% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Bank of New York Mellon news, VP Jose Minaya sold 3,520 shares of the stock in a transaction on Tuesday, October 27th. The stock was sold at an average price of $147.81, for a total transaction of $520,291.20. Following the sale, the vice president owned 173,304 shares in the company, valued at $25,616,064.24. This represents a 1.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, 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 value 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. The trade was a 6.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 60,560 shares of company stock valued at $9,007,119 over the last quarter. 0.17% of the stock is owned by company insiders.

Bank of New York Mellon Price Performance

Shares of NYSE:BNY opened at $151.12 on Tuesday. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.86. The firm has a market capitalization of $101.69 billion, a PE ratio of 16.70, a P/E/G ratio of 1.02 and a beta of 1.02. Bank of New York Mellon Corporation has a twelve month low of $105.42 and a twelve month high of $165.84. The company has a 50-day moving average price of $150.04 and a two-hundred day moving average price of $140.09.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last posted its quarterly earnings results on Thursday, October 15th. The bank reported $2.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.26 by $0.11. The company had revenue of $5.68 billion for the quarter. Bank of New York Mellon had a net margin of 16.32% and a return on equity of 16.57%. Bank of New York Mellon's quarterly revenue was up 11.7% compared to the same quarter last year. Equities analysts forecast that Bank of New York Mellon Corporation will post 9.39 EPS for the current year.

Analysts Set New Price Targets

BNY has been the topic of a number of research analyst reports. Royal Bank Of Canada boosted their target price on shares of Bank of New York Mellon from $142.00 to $168.00 and gave the company a "sector perform" rating in a research note on Thursday, July 16th. Zacks Research lowered shares of Bank of New York Mellon from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 7th. Keefe, Bruyette & Woods reiterated an "outperform" rating on shares of Bank of New York Mellon in a research note on Friday, October 16th. Erste Group Bank assumed coverage on Bank of New York Mellon in a report on Wednesday, July 15th. They set a "buy" rating for the company. Finally, Barclays raised their target price on Bank of New York Mellon from $149.00 to $178.00 and gave the stock an "overweight" rating in a research report on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat, Bank of New York Mellon currently has a consensus rating of "Moderate Buy" and an average target price of $165.04.

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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