Bank of New York Mellon Corporation $BNY Stock: M&G PLC Trims Stake

Key Points

• M&G PLC reduced its BNY stake by 13.3% in the third quarter, selling 63,787 shares and retaining 415,470 shares valued at about $60.2 million.
• BNY reported quarterly EPS of $2.37, above the $2.26 consensus, while revenue rose 11.7% year over year to $5.68 billion.
• Company insiders sold 60,560 shares worth roughly $9.0 million over the past 90 days. Analysts have a “Moderate Buy” consensus rating and an average price target of $165.04.

M&G PLC cut its position in Bank of New York Mellon Corporation (NYSE:BNY - Free Report) by 13.3% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 415,470 shares of the bank's stock after selling 63,787 shares during the quarter. M&G PLC owned about 0.06% of Bank of New York Mellon worth $60,243,000 at the end of the most recent reporting period.

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

Insider Activity at Bank of New York Mellon

In other Bank of New York Mellon news, CEO Robin Vince sold 40,620 shares of the company'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 sale, the chief executive officer directly owned 585,174 shares in the company, valued at $86,494,568.94. This represents a 6.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Jose Minaya sold 3,520 shares of the firm's stock in a transaction on Tuesday, October 27th. The shares were sold at an average price of $147.81, for a total value of $520,291.20. Following the completion of the sale, 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 position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 60,560 shares of company stock valued at $9,007,119. Company insiders own 0.17% of the company's stock.

Bank of New York Mellon Price Performance

Shares of NYSE:BNY opened at $151.12 on Tuesday. The firm has a 50 day moving average of $150.04 and a 200-day moving average of $140.09. The stock has a market capitalization of $101.69 billion, a PE ratio of 16.70, a PEG ratio of 1.02 and a beta of 1.02. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.86. Bank of New York Mellon Corporation has a 12 month low of $105.42 and a 12 month high of $165.84.

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, topping the consensus estimate of $2.26 by $0.11. The business 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%. The company's revenue for the quarter was up 11.7% on a year-over-year basis. On average, equities research analysts predict that Bank of New York Mellon Corporation will post 9.39 EPS for the current fiscal year.

Wall Street Analyst Weigh In

BNY has been the subject of several recent research reports. Wells Fargo & Company boosted their price target on Bank of New York Mellon from $152.00 to $162.00 and gave the company an "equal weight" rating in a research note on Thursday, July 16th. Erste Group Bank initiated coverage on Bank of New York Mellon in a research note on Wednesday, July 15th. They set a "buy" rating on the stock. New Street Research set a $182.00 price objective on Bank of New York Mellon in a report on Friday, October 16th. Argus upped their target price on Bank of New York Mellon from $153.00 to $180.00 and gave the company a "buy" rating in a research report on Wednesday, July 22nd. Finally, Royal Bank Of Canada upped their target price on Bank of New York Mellon from $142.00 to $168.00 and gave the company a "sector perform" rating in a research report on Thursday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $165.04.

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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