Danica Pension Livsforsikringsaktieselskab Invests $12.74 Million in Bank of New York Mellon Corporation $BNY

Key Points

• Danica Pension purchased 88,105 shares of Bank of New York Mellon in the second quarter, valued at approximately $12.74 million. Institutional investors collectively own 85.31% of the company.
• Analysts maintain a positive outlook, with the stock receiving a consensus “Moderate Buy” rating 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 earnings per share and $5.70 billion in revenue, with year-over-year revenue growth of 13.3%.

Danica Pension Livsforsikringsaktieselskab purchased a new stake in Bank of New York Mellon Corporation (NYSE:BNY - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 88,105 shares of the bank's stock, valued at approximately $12,741,000.

Several other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in Bank of New York Mellon by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 71,319,884 shares of the bank's stock worth $8,279,525,000 after purchasing an additional 647,847 shares in the last quarter. BlackRock Inc. bought a new position in Bank of New York Mellon in the second quarter valued at about $8,321,111,000. Northwestern Mutual Wealth Management Co. boosted its stake in shares of 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 in the last quarter. Norges Bank acquired a new stake in shares of Bank of New York Mellon during the fourth quarter valued at about $1,398,624,000. Finally, Invesco Ltd. grew its holdings in shares of Bank of New York Mellon by 8.2% during the fourth quarter. Invesco Ltd. now owns 7,680,429 shares of the bank's stock worth $891,621,000 after purchasing an additional 578,999 shares during the last quarter. Institutional investors and hedge funds own 85.31% of the company's stock.

Wall Street Analysts Forecast Growth

BNY has been the subject of a number of research reports. Wall Street Zen upgraded shares of Bank of New York Mellon to a "hold" rating in a report on Saturday, May 23rd. Citigroup boosted their target price on shares of Bank of New York Mellon from $167.00 to $172.00 and gave the stock a "neutral" rating in a report on Monday, July 20th. Barclays raised 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 research note on Thursday, July 16th. Argus lifted 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 report on Wednesday, July 22nd. 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 stock an "overweight" rating in a research note on Tuesday, August 4th. Two equities research 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 stock. According to data from MarketBeat.com, Bank of New York Mellon currently has an average rating of "Moderate Buy" and a consensus price target of $157.13.

Bank of New York Mellon Stock Down 0.3%

Bank of New York Mellon stock opened at $163.80 on Wednesday. The firm has a market cap of $111.14 billion, a price-to-earnings ratio of 19.07, a PEG ratio of 1.16 and a beta of 1.06. Bank of New York Mellon Corporation has a 52-week low of $99.67 and a 52-week high of $165.68. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.72 and a current ratio of 0.72. The firm has a 50 day moving average price of $152.84 and a two-hundred day moving average price of $135.92.

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. Bank of New York Mellon had a net margin of 15.52% and a return on equity of 16.00%. The company 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 firm posted $1.93 EPS. The company's quarterly revenue was up 13.3% on a year-over-year basis. Equities analysts predict 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, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.17% of the company's stock.

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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