Brown Lisle Cummings Inc. Makes New Investment in Bank of New York Mellon Corporation $BNY

Key Points

• Brown Lisle Cummings Inc. purchased 7,000 shares of Bank of New York Mellon in the second quarter, valued at approximately $1.01 million. Institutional investors and hedge funds collectively own 85.31% of the stock.
• Analyst sentiment remains positive, with a consensus rating of “Moderate Buy” and an average price target of $157.13; Barclays and Truist Financial recently raised their targets to $178.
• BNY reported stronger-than-expected quarterly results, posting $2.46 in EPS versus the $2.16 estimate and $5.70 billion in revenue, up 13.3% year over year.

Brown Lisle Cummings 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 13F filing with the Securities & Exchange Commission. The firm purchased 7,000 shares of the bank's stock, valued at approximately $1,012,000.

A number of other institutional investors have also modified their holdings of the company. Cornerstone Financial Management LLC increased its stake in Bank of New York Mellon by 11.4% during the second quarter. Cornerstone Financial Management LLC now owns 784 shares of the bank's stock worth $113,000 after purchasing an additional 80 shares during the period. Corient Private Wealth LP purchased a new position in shares of Bank of New York Mellon in the second quarter valued at approximately $48,434,000. Optimize Financial Inc. purchased a new position in shares of Bank of New York Mellon in the second quarter valued at approximately $596,000. Formuepleje A S grew its holdings in shares of Bank of New York Mellon by 3.0% in the second quarter. Formuepleje A S now owns 67,784 shares of the bank's stock valued at $9,802,000 after purchasing an additional 1,969 shares in the last quarter. Finally, SHEPHERD WEALTH MANAGEMENT Ltd LIABILITY Co acquired a new position in shares of Bank of New York Mellon in the second quarter valued at approximately $711,000. 85.31% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on BNY shares. Barclays upped their target price 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. Weiss Ratings downgraded shares of Bank of New York Mellon from a "buy (a)" rating to a "buy (a-)" rating in a research note on Thursday, August 13th. Zacks Research upgraded shares of Bank of New York Mellon from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 22nd. Erste Group Bank started coverage on Bank of New York Mellon in a research report on Wednesday, July 15th. They set a "buy" rating on the stock. Finally, Truist Financial increased their price objective on Bank of New York Mellon from $160.00 to $178.00 and gave the company a "buy" 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 issued a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $157.13.

Insiders Place Their Bets

In other Bank of New York Mellon news, VP Jose Minaya sold 3,520 shares of Bank of New York Mellon stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $162.64, for a total value of $572,492.80. Following the transaction, the vice president directly owned 180,344 shares in the company, valued at approximately $29,331,148.16. The trade was a 1.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Dermot Mcdonogh sold 31,800 shares of the company's 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 disclosure for this sale is available in the SEC filing. 0.17% of the stock is owned by corporate insiders.

Bank of New York Mellon Trading Up 0.1%

BNY opened at $165.05 on Tuesday. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.76. Bank of New York Mellon Corporation has a 52 week low of $102.63 and a 52 week high of $165.84. The business's 50 day moving average is $157.89 and its two-hundred day moving average is $139.97. The firm has a market cap of $111.99 billion, a price-to-earnings ratio of 19.21, a price-to-earnings-growth ratio of 1.24 and a beta of 1.05.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last announced 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. 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 net margin of 15.52% and a return on equity of 16.00%. The company's revenue for the quarter was up 13.3% compared to the same quarter last year. During the same period last year, the firm posted $1.93 earnings per share. On average, research analysts predict 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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