Beacon Pointe Advisors LLC Invests $2.35 Million in Bank of New York Mellon Corporation $BNY

Key Points

• Beacon Pointe Advisors acquired a new $2.35 million stake in Bank of New York Mellon during the second quarter, purchasing 16,232 shares. Institutional investors collectively own 85.31% of the company.
• Analysts maintain a favorable outlook, with a consensus “Moderate Buy” rating and an average price target of $157.13; several firms recently raised their targets to as high as $178.
• BNY Mellon exceeded quarterly expectations, reporting $2.46 in EPS and $5.70 billion in revenue, with revenue up 13.3% year over year. Shares opened at $162.50, near the company’s 52-week high of $165.68.

Beacon Pointe Advisors LLC acquired a new stake in shares of Bank of New York Mellon Corporation (NYSE:BNY - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 16,232 shares of the bank's stock, valued at approximately $2,347,000.

A number of other institutional investors have also made changes to their positions in BNY. Abound Financial LLC acquired a new position in Bank of New York Mellon during the 4th quarter worth $25,000. MCF Advisors LLC grew its position in shares of Bank of New York Mellon by 74.8% in the fourth quarter. MCF Advisors LLC now owns 236 shares of the bank's stock valued at $27,000 after purchasing an additional 101 shares during the last quarter. Burnham & Co LLC acquired a new stake in shares of Bank of New York Mellon in the second quarter valued at about $29,000. EFG International AG bought a new position in shares of Bank of New York Mellon in the second quarter worth about $29,000. Finally, Heritage Wealth Advisors bought a new position in shares of Bank of New York Mellon in the fourth quarter worth about $31,000. 85.31% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently weighed in on BNY shares. Wall Street Zen upgraded Bank of New York Mellon to a "hold" rating in a research note on Saturday, May 23rd. Bank of America lifted their price target on Bank of New York Mellon from $165.00 to $175.00 and gave the stock a "buy" rating in a research report on Monday, July 20th. Truist Financial upped their price target on Bank of New York Mellon from $160.00 to $178.00 and gave the stock a "buy" rating in a report on Thursday, July 16th. Royal Bank Of Canada increased their price objective 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. Finally, Barclays raised 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 research note on Thursday, July 16th. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $157.13.

Bank of New York Mellon Stock Up 0.2%

NYSE BNY opened at $162.50 on Friday. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.76. The stock's 50 day moving average is $155.73 and its two-hundred day moving average is $138.06. The company has a market capitalization of $110.26 billion, a price-to-earnings ratio of 18.92, a PEG ratio of 1.15 and a beta of 1.06. Bank of New York Mellon Corporation has a 1-year low of $102.63 and a 1-year high of $165.68.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last issued its earnings results on Wednesday, July 15th. The bank reported $2.46 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.16 by $0.30. Bank of New York Mellon had a return on equity of 16.00% and a net margin of 15.52%.The business had revenue of $5.70 billion during the quarter, compared to analysts' expectations of $5.35 billion. During the same period in the prior year, the firm posted $1.93 EPS. Bank of New York Mellon's quarterly revenue was up 13.3% compared to the same quarter last year. Equities analysts forecast that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current fiscal year.

Insider Buying and Selling at Bank of New York Mellon

In related news, CFO Dermot Mcdonogh sold 31,800 shares of the stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $155.26, for a total transaction of $4,937,268.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.17% of the company's stock.

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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