Beacon Investment Advisory Services Inc. Makes New Investment in Bank of New York Mellon Corporation $BNY

Key Points

• Beacon Investment Advisory Services acquired 11,317 shares of Bank of New York Mellon worth approximately $1.64 million in the second quarter. Institutional investors and hedge funds collectively own 85.31% of the stock.
• BNY Mellon reported quarterly earnings of $2.46 per share, beating estimates of $2.16, while revenue rose 13.3% year over year to $5.70 billion.
• Analysts remain generally positive, with the stock carrying a “Moderate Buy” consensus rating and a $157.13 average price target; several firms recently raised their targets to between $162 and $180.

Beacon Investment Advisory Services Inc. bought a new position in Bank of New York Mellon Corporation (NYSE:BNY - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 11,317 shares of the bank's stock, valued at approximately $1,637,000.

A number of other large investors also recently modified their holdings of BNY. Luken Investment Analytics LLC acquired a new position in Bank of New York Mellon during the 2nd quarter worth $27,000. EFG International AG bought a new position in Bank of New York Mellon in the 2nd quarter valued at $29,000. Burnham & Co LLC acquired a new stake in shares of Bank of New York Mellon in the 2nd quarter valued at $29,000. Abound Financial LLC acquired a new stake in shares of Bank of New York Mellon in the 4th quarter valued at $25,000. Finally, N.E.W. Advisory Services LLC bought a new stake in shares of Bank of New York Mellon during the second quarter worth $32,000. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Bank of New York Mellon Stock Performance

BNY stock opened at $162.91 on Wednesday. Bank of New York Mellon Corporation has a twelve month low of $102.63 and a twelve month high of $165.84. 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 company has a market cap of $110.53 billion, a P/E ratio of 18.97, a price-to-earnings-growth ratio of 1.24 and a beta of 1.05. The business's fifty day moving average is $158.26 and its 200-day moving average is $140.28.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last announced its quarterly earnings data on Wednesday, July 15th. The bank reported $2.46 EPS for the quarter, topping analysts' consensus estimates of $2.16 by $0.30. The business had revenue of $5.70 billion during the quarter, compared to analysts' expectations 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 firm's quarterly revenue was up 13.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.93 earnings per share. Equities research analysts forecast that Bank of New York Mellon Corporation will post 9.26 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Argus upped their price target on Bank of New York Mellon from $153.00 to $180.00 and gave the company a "buy" rating in a research note on Wednesday, July 22nd. Erste Group Bank initiated coverage on Bank of New York Mellon in a research report on Wednesday, July 15th. They issued a "buy" rating for the company. Keefe, Bruyette & Woods boosted their price objective on Bank of New York Mellon from $166.00 to $177.00 and gave the stock an "outperform" rating in a report on Thursday, July 16th. Bank of America upped 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 research report on Monday, July 20th. Finally, Wells Fargo & Company raised their target price on shares of 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. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, Bank of New York Mellon presently has an average rating of "Moderate Buy" and a consensus target price of $157.13.

Insider Transactions at Bank of New York Mellon

In related news, CFO Dermot Mcdonogh sold 31,800 shares of the stock in a transaction that occurred on 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 filing with the SEC, which can be accessed through this link. Also, VP Jose Minaya sold 3,520 shares of the business's stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $162.64, for a total transaction of $572,492.80. Following the transaction, the vice president owned 180,344 shares of the company's stock, valued at approximately $29,331,148.16. This represents a 1.91% decrease in their position. The SEC filing for this sale provides additional information. 0.17% of the stock is currently owned by company insiders.

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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