Baxter Bros Inc. Invests $4.33 Million in Bank of New York Mellon Corporation $BNY

Key Points

• Baxter Bros Inc. acquired 29,980 shares of Bank of New York Mellon during the second quarter, valued at approximately $4.33 million. Institutional investors and hedge funds collectively own 85.31% of the company.
• BNY reported quarterly earnings of $2.46 per share, exceeding estimates by $0.30, while revenue rose 13.3% year over year to $5.70 billion.
• Analysts maintain a “Moderate Buy” consensus, with recent price-target increases placing the average target at $157.13; the stock recently opened at $163.30.

Baxter Bros Inc. purchased a new position in shares of Bank of New York Mellon Corporation (NYSE:BNY - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 29,980 shares of the bank's stock, valued at approximately $4,335,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. Abound Financial LLC purchased a new position in Bank of New York Mellon in the 4th quarter valued at $25,000. MCF Advisors LLC boosted its holdings in shares of Bank of New York Mellon by 74.8% during 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 last quarter. Heritage Wealth Advisors acquired a new position in shares of Bank of New York Mellon during the 4th quarter worth approximately $31,000. Wilkerson Advisory Group LLC purchased a new stake in shares of Bank of New York Mellon in the fourth quarter valued at approximately $31,000. Finally, N.E.W. Advisory Services LLC purchased a new stake in shares of Bank of New York Mellon in the second quarter valued at approximately $32,000. 85.31% of the stock is owned by institutional investors and hedge funds.

Bank of New York Mellon Price Performance

BNY stock opened at $163.30 on Monday. Bank of New York Mellon Corporation has a 52-week low of $99.67 and a 52-week high of $163.77. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.76. The stock has a market cap of $110.80 billion, a price-to-earnings ratio of 19.01, a price-to-earnings-growth ratio of 1.16 and a beta of 1.06. The business has a fifty day moving average of $151.97 and a two-hundred day moving average of $135.28.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last announced its quarterly earnings results on Wednesday, July 15th. The bank reported $2.46 EPS for the quarter, beating the consensus estimate of $2.16 by $0.30. The business had revenue of $5.70 billion for the quarter, compared to analyst estimates of $5.35 billion. Bank of New York Mellon had a return on equity of 16.00% and a net margin of 15.52%.The company's quarterly revenue was up 13.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.93 EPS. As a group, research analysts anticipate that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on BNY shares. 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 report on Thursday, July 16th. Weiss Ratings lowered Bank of New York Mellon from a "buy (a)" rating to a "buy (a-)" rating in a report on Thursday. Barclays boosted their price target on shares of Bank of New York Mellon from $149.00 to $178.00 and gave the company an "overweight" rating in a research report on Thursday, July 16th. Truist Financial raised their price objective on shares of Bank of New York Mellon from $160.00 to $178.00 and gave the stock a "buy" rating in a research report on Thursday, July 16th. Finally, Wall Street Zen raised shares of Bank of New York Mellon to a "hold" rating in a research note on Saturday, May 23rd. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $157.13.

Insider Activity

In related news, CFO Dermot Mcdonogh sold 31,800 shares of the business's stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $155.26, for a total value of $4,937,268.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.17% of the company's stock.

Bank of New York Mellon Company 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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