Clifford Swan Investment Counsel LLC Takes Position in Bank of New York Mellon Corporation $BNY

Key Points

• Clifford Swan Investment Counsel acquired 67,612 shares of Bank of New York Mellon worth approximately $9.8 million during the second quarter. Institutional investors and hedge funds collectively own 85.31% of the company.
• Bank of New York Mellon exceeded quarterly expectations, reporting $2.46 in EPS versus the $2.16 consensus estimate and $5.70 billion in revenue, up 13.3% year over year.
• Analysts maintain a generally positive outlook, with the stock receiving a consensus “Moderate Buy” rating and a $157.13 average price target, while recent price targets range as high as $177.

Clifford Swan Investment Counsel LLC bought 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 filing with the SEC. The firm bought 67,612 shares of the bank's stock, valued at approximately $9,777,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BNY. Abound Financial LLC acquired a new stake in Bank of New York Mellon in the fourth quarter valued at approximately $25,000. MCF Advisors LLC lifted its position in shares of Bank of New York Mellon by 74.8% during the fourth quarter. MCF Advisors LLC now owns 236 shares of the bank's stock worth $27,000 after purchasing an additional 101 shares in the last quarter. Burnham & Co LLC purchased a new position in shares of Bank of New York Mellon in the second quarter valued at $29,000. EFG International AG purchased a new position in shares of Bank of New York Mellon in the second quarter valued at $29,000. Finally, Heritage Wealth Advisors acquired a new stake in Bank of New York Mellon during the 4th quarter valued at $31,000. 85.31% of the stock is owned by institutional investors and hedge funds.

Bank of New York Mellon Price Performance

Shares of BNY opened at $161.73 on Tuesday. The firm has a market cap of $109.73 billion, a price-to-earnings ratio of 18.83, a PEG ratio of 1.15 and a beta of 1.06. The stock has a 50 day moving average of $156.03 and a 200-day moving average of $138.38. The company has a current ratio of 0.72, a quick 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 $165.68.

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 (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $5.35 billion. During the same period in the prior year, the company posted $1.93 EPS. The business's revenue was up 13.3% compared to the same quarter last year. As a group, analysts forecast that Bank of New York Mellon Corporation will post 9.26 EPS for the current year.

Insider Buying and Selling at Bank of New York Mellon

In other news, VP Jose Minaya sold 3,520 shares of the firm's stock in a transaction dated 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. This trade represents a 1.91% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Dermot Mcdonogh sold 31,800 shares of Bank of New York Mellon 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 insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Keefe, Bruyette & Woods lifted their price target 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. JPMorgan Chase & Co. upped 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 research report on Tuesday, August 4th. Citigroup raised their target price on Bank of New York Mellon from $167.00 to $172.00 and gave the company a "neutral" rating in a research note on Monday, July 20th. Weiss Ratings lowered Bank of New York Mellon from a "buy (a)" rating to a "buy (a-)" rating in a research report on Thursday, August 13th. Finally, Zacks Research upgraded Bank of New York Mellon from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 22nd. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $157.13.

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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