Congress Asset Management Co. Raises Stock Position in Bank of New York Mellon Corporation $BNY

Key Points

• Congress Asset Management increased its Bank of New York Mellon position by 21.3% in the third quarter, owning 121,188 shares valued at approximately $17.5 million. Institutional investors collectively hold 85.31% of the company’s stock.
• Bank of New York Mellon exceeded quarterly expectations, reporting $2.46 in earnings per share 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 carrying a “Moderate Buy” consensus rating and an average price target of $161.23, compared with its reported opening price of $143.60.

Congress Asset Management Co. raised its position in shares of Bank of New York Mellon Corporation (NYSE:BNY - Free Report) by 21.3% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 121,188 shares of the bank's stock after purchasing an additional 21,280 shares during the period. Congress Asset Management Co.'s holdings in Bank of New York Mellon were worth $17,527,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. BlackRock Inc. bought a new position in Bank of New York Mellon in the 2nd quarter worth approximately $8,321,111,000. Bank of America Corp DE bought a new stake in shares of Bank of New York Mellon during the second quarter valued at about $2,499,438,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in shares of Bank of New York Mellon during the second quarter valued at about $1,214,193,000. Wellington Management Group LLP acquired a new stake in Bank of New York Mellon in the second quarter worth about $1,175,576,000. Finally, Amundi acquired a new stake in Bank of New York Mellon in the second quarter worth about $985,533,000. Institutional investors own 85.31% of the company's stock.

Insiders Place Their Bets

In related news, VP Jose Minaya sold 3,520 shares of the stock in a transaction on Monday, September 28th. The stock was sold at an average price of $148.79, for a total value of $523,740.80. Following the completion of the transaction, the vice president owned 176,824 shares in the company, valued at $26,309,642.96. This trade represents a 1.95% decrease in their position. The transaction was disclosed in a document filed 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 stock was sold at an average price of $155.26, for a total value of $4,937,268.00. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 38,840 shares of company stock valued at $6,033,502 in the last quarter. 0.17% of the stock is currently owned by corporate insiders.

Bank of New York Mellon Price Performance

NYSE BNY opened at $143.60 on Wednesday. The stock has a market capitalization of $97.43 billion, a P/E ratio of 16.72, a P/E/G ratio of 1.08 and a beta of 1.06. Bank of New York Mellon Corporation has a 1 year low of $103.11 and a 1 year high of $165.84. The business's fifty day moving average is $157.06 and its two-hundred day moving average is $145.11. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.72 and a current ratio of 0.72.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last announced its quarterly earnings data on Wednesday, July 15th. The bank reported $2.46 EPS for the quarter, beating analysts' consensus estimates of $2.16 by $0.30. The company had revenue of $5.70 billion during the quarter, compared to the consensus estimate of $5.35 billion. Bank of New York Mellon had a return on equity of 16.00% and a net margin of 15.52%.The company's quarterly revenue was up 13.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.93 EPS. On average, research analysts forecast that Bank of New York Mellon Corporation will post 9.28 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Argus raised their target price on shares of 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. Royal Bank Of Canada boosted their target price on Bank of New York Mellon from $142.00 to $168.00 and gave the stock a "sector perform" rating in a report on Thursday, July 16th. Zacks Research downgraded Bank of New York Mellon from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 7th. JPMorgan Chase & Co. increased their price target on Bank of New York Mellon from $159.00 to $161.00 and gave the company an "overweight" rating in a research note on Friday, October 2nd. Finally, Bank of America lifted their price target on Bank of New York Mellon from $165.00 to $175.00 and gave the company a "buy" rating in a research report on Monday, July 20th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $161.23.

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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