Bank of New York Mellon Corporation $BNY Stock: Private Management Group Inc. Lowers Position

Key Points

• Private Management Group cut its BNY stake by 9.3% in the third quarter, selling 29,329 shares; it held 285,473 shares valued at about $41.3 million at quarter-end.
• Institutional investors own 85.31% of the stock. BNY insiders sold 60,560 shares worth roughly $9.0 million over the past three months.
• BNY beat quarterly earnings expectations, reporting $2.37 per share versus a $2.26 consensus, while revenue rose 11.7% year over year to $5.68 billion. Analysts’ consensus rating is “Moderate Buy,” with a $165.04 average price target.

Private Management Group Inc. lowered its position in shares of Bank of New York Mellon Corporation (NYSE:BNY - Free Report) by 9.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 285,473 shares of the bank's stock after selling 29,329 shares during the period. Bank of New York Mellon comprises about 1.0% of Private Management Group Inc.'s holdings, making the stock its 19th largest holding. Private Management Group Inc.'s holdings in Bank of New York Mellon were worth $41,288,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Luken Investment Analytics LLC bought a new position in shares of Bank of New York Mellon during the 2nd quarter valued at about $27,000. Balance Wealth Partners LLC bought a new stake in Bank of New York Mellon in the 3rd quarter worth approximately $28,000. Burnham & Co LLC bought a new stake in Bank of New York Mellon in the 2nd quarter worth approximately $29,000. EFG International AG bought a new stake in Bank of New York Mellon in the 2nd quarter worth approximately $29,000. Finally, N.E.W. Advisory Services LLC purchased a new stake in Bank of New York Mellon in the second quarter worth approximately $32,000. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Bank of New York Mellon

In related news, VP Jose Minaya sold 3,520 shares of the company's stock in a transaction that occurred 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 completion of the transaction, 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 transaction, the chief executive officer owned 585,174 shares of the company's stock, valued at $86,494,568.94. This trade represents a 6.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 60,560 shares of company stock worth $9,007,119 over the last three months. Insiders own 0.17% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on BNY shares. Argus increased their price target on shares of 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. Barclays boosted their price objective on shares of Bank of New York Mellon from $149.00 to $178.00 and gave the stock an "overweight" rating in a report on Thursday, July 16th. Keefe, Bruyette & Woods reaffirmed an "outperform" rating on shares of Bank of New York Mellon in a research note on Friday, October 16th. Bank of America increased their target price on shares of Bank of New York Mellon from $165.00 to $175.00 and gave the company a "buy" rating in a report on Monday, July 20th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Bank of New York Mellon from $161.00 to $166.50 and gave the stock an "overweight" rating in a research report on Friday, October 30th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $165.04.

Bank of New York Mellon Stock Up 2.3%

NYSE BNY 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 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 debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.72. The business's 50-day moving average is $150.04 and its 200 day moving average is $140.09.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last released its quarterly earnings results on Thursday, October 15th. The bank reported $2.37 EPS for the quarter, beating analysts' consensus estimates 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 business had revenue of $5.68 billion during the quarter. The firm's revenue for the quarter was up 11.7% on a year-over-year basis. Sell-side analysts forecast that Bank of New York Mellon Corporation will post 9.39 earnings per share for the current year.

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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