BlackRock Inc. Takes Position in Bank of New York Mellon Corporation $BNY

Key Points

• BlackRock acquired 57.5 million BNY shares in the second quarter, valued at approximately $8.32 billion, giving it an 8.48% stake. Institutional investors collectively own 85.31% of the company.
• Analysts remain broadly positive, with BNY receiving a consensus “Moderate Buy” rating and an average price target of $157.13, though the stock recently opened at $164.42.
• BNY exceeded quarterly expectations, reporting $2.46 in EPS versus the $2.16 consensus and $5.70 billion in revenue, up 13.3% year over year.

BlackRock Inc. acquired a new position in shares of 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. The fund acquired 57,541,743 shares of the bank's stock, valued at approximately $8,321,111,000. BlackRock Inc. owned about 8.48% of Bank of New York Mellon as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Occidental Asset Management LLC purchased a new stake in shares of Bank of New York Mellon in the 2nd quarter valued at $264,000. Dunhill Financial LLC purchased a new position in Bank of New York Mellon in the 2nd quarter worth $65,000. Pallas Capital Advisors LLC purchased a new position in Bank of New York Mellon in the 2nd quarter worth $1,409,000. Deutsche Bank AG bought a new stake in Bank of New York Mellon in the second quarter worth $576,055,000. Finally, Perigon Wealth Management LLC bought a new stake in Bank of New York Mellon in the second quarter worth $1,306,000. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Bank of New York Mellon

In other news, CFO Dermot Mcdonogh sold 31,800 shares of the business's stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $155.26, for a total transaction of $4,937,268.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 0.17% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Argus raised their price objective 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. Weiss Ratings lowered Bank of New York Mellon from a "buy (a)" rating to a "buy (a-)" rating in a research note on Thursday. Bank of America increased their target price on 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. Wall Street Zen upgraded Bank of New York Mellon to a "hold" rating in a research report on Saturday, May 23rd. Finally, Zacks Research raised Bank of New York Mellon from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, Bank of New York Mellon currently has an average rating of "Moderate Buy" and a consensus price target of $157.13.

Bank of New York Mellon Stock Performance

Shares of NYSE:BNY opened at $164.42 on Tuesday. 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 company has a 50-day moving average price of $152.42 and a 200-day moving average price of $135.60. The company has a market cap of $111.56 billion, a price-to-earnings ratio of 19.14, a price-to-earnings-growth ratio of 1.16 and a beta of 1.06. Bank of New York Mellon Corporation has a 12 month low of $99.67 and a 12 month high of $165.69.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last posted its earnings results on Wednesday, July 15th. The bank reported $2.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.16 by $0.30. The company had revenue of $5.70 billion for 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%.Bank of New York Mellon's quarterly revenue was up 13.3% on a year-over-year basis. During the same period last year, the firm earned $1.93 earnings per share. As a group, equities analysts anticipate that Bank of New York Mellon Corporation will post 9.26 EPS 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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