Cacti Asset Management LLC Invests $33.77 Million in Bank of New York Mellon Corporation $BNY

Key Points

• Cacti Asset Management purchased 233,515 shares of Bank of New York Mellon worth approximately $33.77 million, making BNY about 1.7% of its portfolio. Institutional investors collectively own 85.31% of the stock.
• BNY reported stronger-than-expected quarterly results, with earnings of $2.46 per share and revenue of $5.70 billion; revenue increased 13.3% year over year.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $157.13, while shares recently traded at $162.50 near their 12-month high.

Cacti Asset Management LLC purchased a new stake in shares of Bank of New York Mellon Corporation (NYSE:BNY - Free Report) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund purchased 233,515 shares of the bank's stock, valued at approximately $33,769,000. Bank of New York Mellon comprises about 1.7% of Cacti Asset Management LLC's investment portfolio, making the stock its 18th biggest position.

A number of other institutional investors have also added to or reduced their stakes in the stock. Abound Financial LLC acquired a new position in shares of Bank of New York Mellon during the fourth quarter worth $25,000. MCF Advisors LLC lifted its stake in shares of Bank of New York Mellon by 74.8% in the 4th quarter. MCF Advisors LLC now owns 236 shares of the bank's stock valued at $27,000 after acquiring an additional 101 shares during the last quarter. Burnham & Co LLC acquired a new stake in shares of Bank of New York Mellon during the 2nd quarter valued at $29,000. EFG International AG bought a new stake in Bank of New York Mellon during the 2nd quarter worth $29,000. Finally, Heritage Wealth Advisors bought a new stake in Bank of New York Mellon during the 4th quarter worth $31,000. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Bank of New York Mellon

In other Bank of New York Mellon news, CFO Dermot Mcdonogh sold 31,800 shares of the firm'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 value 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 Stock Up 0.2%

Shares of NYSE BNY opened at $162.50 on Friday. 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 firm has a market cap of $110.26 billion, a PE ratio of 18.92, a P/E/G ratio of 1.15 and a beta of 1.06. The company's fifty day simple moving average is $155.73 and its 200 day simple moving average is $138.06. Bank of New York Mellon Corporation has a 12-month low of $102.63 and a 12-month high of $165.68.

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

Analyst Ratings Changes

A number of research analysts recently issued reports on BNY shares. JPMorgan Chase & Co. raised their price objective on shares of Bank of New York Mellon from $149.00 to $159.00 and gave the company an "overweight" rating in a report on Tuesday, August 4th. Wall Street Zen raised shares of Bank of New York Mellon to a "hold" rating in a report on Saturday, May 23rd. Truist Financial upped their price target on shares of Bank of New York Mellon from $160.00 to $178.00 and gave the company a "buy" rating in a research report on Thursday, July 16th. Royal Bank Of Canada raised their price target on shares of Bank of New York Mellon from $142.00 to $168.00 and gave the company a "sector perform" rating in a research note on Thursday, July 16th. Finally, Citigroup lifted their price target on shares of Bank of New York Mellon from $167.00 to $172.00 and gave the stock a "neutral" rating in a report on Monday, July 20th. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, Bank of New York Mellon presently has a consensus rating of "Moderate Buy" and an average price target of $157.13.

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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