Bank of New York Mellon Corporation $BNY Stock: Commonwealth Equity Services LLC Raises Stake

Key Points

• Commonwealth Equity Services increased its BNY stake 6.6% in the third quarter, adding 11,103 shares to hold 179,129 shares valued at about $25.9 million.
• BNY reported quarterly earnings of $2.37 per share, beating the $2.26 consensus estimate; revenue rose 11.7% year over year to $5.68 billion.
• Analysts’ consensus rating was “Moderate Buy,” with an average price target of $165.04. Company insiders sold 60,560 shares worth roughly $9.0 million over the past 90 days.

Commonwealth Equity Services LLC increased its stake in Bank of New York Mellon Corporation (NYSE:BNY - Free Report) by 6.6% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 179,129 shares of the bank's stock after purchasing an additional 11,103 shares during the quarter. Commonwealth Equity Services LLC's holdings in Bank of New York Mellon were worth $25,907,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new position in shares of Bank of New York Mellon during the 2nd quarter valued at $8,321,111,000. Bank of America Corp DE purchased a new position in shares of Bank of New York Mellon in the 2nd quarter worth $2,499,438,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in shares of Bank of New York Mellon in the 2nd quarter worth $1,214,193,000. Wellington Management Group LLP bought a new stake in shares of Bank of New York Mellon in the second quarter worth $1,175,576,000. Finally, Amundi bought a new stake in shares of Bank of New York Mellon in the second quarter worth $985,533,000. Hedge funds and other institutional investors own 85.31% of the company's stock.

Insider Transactions at Bank of New York Mellon

In other Bank of New York Mellon news, CEO Robin Vince sold 9,380 shares of the company's stock in a transaction dated Tuesday, October 27th. The stock was sold at an average price of $147.82, for a total value of $1,386,551.60. Following the completion of the sale, the chief executive officer owned 575,794 shares in the company, valued at $85,113,869.08. This represents a 1.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Jose Minaya sold 3,520 shares of the firm's stock in a transaction dated 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 $25,616,064.24. This trade represents a 1.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 60,560 shares of company stock valued at $9,007,119. Company insiders own 0.17% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on BNY shares. JPMorgan Chase & Co. upped their price objective on Bank of New York Mellon from $161.00 to $166.50 and gave the company an "overweight" rating in a research report on Friday, October 30th. Erste Group Bank assumed coverage on Bank of New York Mellon in a research report on Wednesday, July 15th. They issued a "buy" rating on the stock. Citigroup cut their price target on Bank of New York Mellon from $160.00 to $157.00 and set a "neutral" rating for the company in a research note on Monday, October 19th. Bank of America upped their price target 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. Finally, Zacks Research cut shares of Bank of New York Mellon from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 7th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $165.04.

Bank of New York Mellon Trading Up 2.3%

Shares of BNY stock opened at $151.12 on Tuesday. Bank of New York Mellon Corporation has a 1 year low of $105.42 and a 1 year high of $165.84. The firm has a fifty day moving average price of $150.04 and a 200-day moving average price of $140.09. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.72. The company has a market cap of $101.69 billion, a price-to-earnings ratio of 16.70, a PEG ratio of 1.02 and a beta of 1.02.

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

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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