California State Teachers Retirement System Makes New $22.60 Billion Investment in Bank of New York Mellon Corporation $BNY

Key Points

• California State Teachers Retirement System acquired 156.3 million BNY shares valued at approximately $22.6 billion, representing about 23.04% of the company. Institutional investors collectively own 85.31% of BNY.
• Analysts maintain a generally positive outlook, with BNY holding a consensus “Moderate Buy” rating and an average price target of $157.13; Keefe, Bruyette & Woods and Wells Fargo recently raised their price targets.
• BNY exceeded quarterly expectations, reporting $2.46 in earnings per share versus a $2.16 estimate and $5.70 billion in revenue, up 13.3% year over year. Shares opened at $165.05, near the company’s 52-week high.

California State Teachers Retirement System purchased a new position in shares of Bank of New York Mellon Corporation (NYSE:BNY - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 156,304,900 shares of the bank's stock, valued at approximately $22,603,252,000. California State Teachers Retirement System owned about 23.04% of Bank of New York Mellon as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Abound Financial LLC bought a new position in Bank of New York Mellon during the fourth quarter valued at about $25,000. MCF Advisors LLC boosted its stake in shares of Bank of New York Mellon by 74.8% during the 4th quarter. MCF Advisors LLC now owns 236 shares of the bank's stock worth $27,000 after acquiring an additional 101 shares in the last quarter. Luken Investment Analytics LLC bought a new stake in shares of Bank of New York Mellon during the 2nd quarter worth about $27,000. Burnham & Co LLC acquired a new position in shares of Bank of New York Mellon during the 2nd quarter valued at about $29,000. Finally, EFG International AG acquired a new position in shares of Bank of New York Mellon during the 2nd quarter valued at about $29,000. Institutional investors own 85.31% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on BNY shares. Weiss Ratings lowered Bank of New York Mellon from a "buy (a)" rating to a "buy (a-)" rating in a report on Thursday, August 13th. Erste Group Bank initiated coverage on Bank of New York Mellon in a report on Wednesday, July 15th. They set a "buy" rating on the stock. Zacks Research raised shares of Bank of New York Mellon from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, July 22nd. Keefe, Bruyette & Woods boosted their price objective on shares of Bank of New York Mellon from $166.00 to $177.00 and gave the stock an "outperform" rating in a research note on Thursday, July 16th. Finally, Wells Fargo & Company upped their price objective on shares of Bank of New York Mellon from $152.00 to $162.00 and gave the stock an "equal weight" rating in a report on Thursday, July 16th. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $157.13.

Bank of New York Mellon Trading Up 0.1%

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

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 for the quarter, beating the consensus estimate 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 firm's revenue was up 13.3% on a year-over-year basis. During the same period in the previous year, the business earned $1.93 EPS. On average, analysts expect that Bank of New York Mellon Corporation will post 9.26 EPS for the current year.

Insider Transactions at Bank of New York Mellon

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

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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