Corient Private Wealth LP Makes New $48.43 Million Investment in Bank of New York Mellon Corporation $BNY

Key Points

• Corient Private Wealth acquired 334,931 shares of Bank of New York Mellon valued at approximately $48.43 million during the second quarter. Institutional investors collectively own 85.31% of the company.
• Analysts remain generally positive, with a consensus rating of “Moderate Buy” and an average price target of $157.13; several firms recently raised their targets to between $159 and $180.
• BNY reported stronger-than-expected quarterly results, posting $2.46 in adjusted EPS and $5.70 billion in revenue, up 13.3% year over year. The stock opened at $162.71, near its 12-month high of $165.84.

Corient Private Wealth LP acquired 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 Securities & Exchange Commission. The firm acquired 334,931 shares of the bank's stock, valued at approximately $48,434,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Linscomb Wealth Inc. boosted its stake in Bank of New York Mellon by 2.5% in the 4th quarter. Linscomb Wealth Inc. now owns 3,240 shares of the bank's stock worth $376,000 after buying an additional 80 shares during the last quarter. Parkside Financial Bank & Trust increased its stake in shares of Bank of New York Mellon by 3.2% during the 4th quarter. Parkside Financial Bank & Trust now owns 2,805 shares of the bank's stock valued at $326,000 after acquiring an additional 88 shares during the last quarter. Essex Financial Services Inc. increased its stake in shares of Bank of New York Mellon by 0.5% during the 4th quarter. Essex Financial Services Inc. now owns 17,584 shares of the bank's stock valued at $2,041,000 after acquiring an additional 89 shares during the last quarter. Maia Wealth LLC lifted its holdings in shares of Bank of New York Mellon by 3.0% during the 4th quarter. Maia Wealth LLC now owns 3,049 shares of the bank's stock worth $350,000 after acquiring an additional 90 shares during the period. Finally, Nemes Rush Group LLC lifted its holdings in shares of Bank of New York Mellon by 12.8% during the 4th quarter. Nemes Rush Group LLC now owns 813 shares of the bank's stock worth $94,000 after acquiring an additional 92 shares during the period. Hedge funds and other institutional investors own 85.31% of the company's stock.

Insider Activity

In other Bank of New York Mellon news, VP Jose Minaya sold 3,520 shares of the stock in a transaction that occurred 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 completion of the sale, the vice president owned 180,344 shares of the company's stock, valued at $29,331,148.16. This trade represents a 1.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Dermot Mcdonogh sold 31,800 shares of Bank of New York Mellon stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $155.26, for a total transaction of $4,937,268.00. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.17% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Royal Bank Of Canada boosted their target price on shares of Bank of New York Mellon from $142.00 to $168.00 and gave the company a "sector perform" rating in a report on Thursday, July 16th. Argus increased their price target on shares of Bank of New York Mellon from $153.00 to $180.00 and gave the stock a "buy" rating in a research note on Wednesday, July 22nd. Truist Financial lifted 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 report on Thursday, July 16th. Wells Fargo & Company boosted their price objective on shares of Bank of New York Mellon from $152.00 to $162.00 and gave the company an "equal weight" rating in a research note on Thursday, July 16th. Finally, JPMorgan Chase & Co. boosted 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 note on Tuesday, August 4th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, Bank of New York Mellon has a consensus rating of "Moderate Buy" and a consensus price target of $157.13.

Bank of New York Mellon Stock Up 0.1%

Shares of NYSE BNY opened at $162.71 on Friday. The stock has a fifty day moving average price of $159.25 and a 200 day moving average price of $141.06. 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 12-month low of $103.11 and a 12-month high of $165.84. The company has a market cap of $110.40 billion, a P/E ratio of 18.94, a P/E/G ratio of 1.22 and a beta of 1.05.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last issued its quarterly earnings data on Wednesday, July 15th. The bank reported $2.46 EPS for the quarter, topping analysts' consensus estimates 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 company had revenue of $5.70 billion for the quarter, compared to analysts' expectations of $5.35 billion. During the same quarter in the previous year, the firm posted $1.93 earnings per share. The firm's quarterly revenue was up 13.3% on a year-over-year basis. Research analysts anticipate that Bank of New York Mellon Corporation will post 9.26 EPS for the current fiscal 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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