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

Key Points

• Corient Private Wealth initiated a stake of 354,192 BNY shares worth approximately $51.2 million, while institutional investors collectively own 85.31% of the company.
• BNY reported stronger-than-expected quarterly results, with EPS of $2.46 versus the $2.16 consensus and revenue of $5.70 billion, up 13.3% year over year.
• Shares opened at $162.28, near their 12-month high of $165.68. Analysts maintain a consensus “Moderate Buy” rating, with an average price target of $157.13.

Corient Private Wealth LP bought a new stake in Bank of New York Mellon Corporation (NYSE:BNY - Free Report) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 354,192 shares of the bank's stock, valued at approximately $51,219,000. Corient Private Wealth LP owned approximately 0.05% of Bank of New York Mellon as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. acquired a new position in shares of Bank of New York Mellon in the 2nd quarter worth approximately $8,321,111,000. Northwestern Mutual Wealth Management Co. increased its stake in Bank of New York Mellon by 18,044.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 19,670,202 shares of the bank's stock valued at $2,283,514,000 after purchasing an additional 19,561,793 shares during the last quarter. Bank of America Corp DE acquired a new stake in shares of Bank of New York Mellon during the second quarter worth $2,499,438,000. Norges Bank bought a new position in shares of Bank of New York Mellon in the 4th quarter worth about $1,398,624,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Bank of New York Mellon by 639.5% in the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,076,729 shares of the bank's stock valued at $771,080,000 after buying an additional 6,119,749 shares during the period. 85.31% of the stock is owned by institutional investors.

Bank of New York Mellon Trading Down 0.5%

Shares of NYSE:BNY opened at $162.28 on Friday. The company has a 50 day moving average of $155.35 and a 200-day moving average of $137.89. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.76. The firm has a market cap of $110.11 billion, a P/E ratio of 18.89, a P/E/G ratio of 1.16 and a beta of 1.06. Bank of New York Mellon Corporation has a twelve month low of $102.63 and a twelve month high of $165.68.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last posted 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 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 business's revenue for the quarter was up 13.3% on a year-over-year basis. During the same quarter last year, the business earned $1.93 earnings per share. As a group, analysts anticipate that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current fiscal year.

Insider Activity at Bank of New York Mellon

In other news, CFO Dermot Mcdonogh sold 31,800 shares of the business's stock in a transaction 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 transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.17% of the company's stock.

Wall Street Analyst Weigh In

BNY has been the topic of a number of research reports. Wall Street Zen upgraded Bank of New York Mellon to a "hold" rating in a research report on Saturday, May 23rd. 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. Barclays boosted their price target on shares of Bank of New York Mellon from $149.00 to $178.00 and gave the company an "overweight" rating in a report on Thursday, July 16th. Truist Financial increased their price objective on shares of Bank of New York Mellon from $160.00 to $178.00 and gave the stock a "buy" rating in a report on Thursday, July 16th. Finally, 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 research note on Thursday, July 16th. Two 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. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price 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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