Element Pointe Advisors LLC Makes New $2.17 Million Investment in Bank of New York Mellon Corporation $BNY

Key Points

• Element Pointe Advisors initiated a $2.17 million position in BNY during the second quarter, buying 15,010 shares. Institutional investors and hedge funds collectively own 85.31% of the company.
• Analysts remain generally positive, with a consensus “Moderate Buy” rating and a $157.13 price target; Truist and Barclays recently raised their targets to $178.
• BNY exceeded quarterly expectations, reporting $2.46 in EPS versus $2.16 expected and $5.70 billion in revenue. Revenue increased 13.3% year over year, while shares opened at $163.80 near their 12-month high.

Element Pointe Advisors LLC bought a new position in shares of Bank of New York Mellon Corporation (NYSE:BNY - Free Report) in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund bought 15,010 shares of the bank's stock, valued at approximately $2,171,000. Bank of New York Mellon accounts for approximately 0.3% of Element Pointe Advisors LLC's holdings, making the stock its 22nd biggest holding.

A number of other hedge funds have also modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Bank of New York Mellon by 0.9% during the fourth 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 stake in shares of Bank of New York Mellon in the 2nd quarter valued at $8,321,111,000. Northwestern Mutual Wealth Management Co. increased its position in shares of Bank of New York Mellon by 18,044.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 19,670,202 shares of the bank's stock valued at $2,283,514,000 after buying an additional 19,561,793 shares in the last quarter. Norges Bank acquired a new stake in Bank of New York Mellon during the 4th quarter worth $1,398,624,000. Finally, Invesco Ltd. lifted its holdings in 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 acquiring an additional 578,999 shares in the last quarter. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Bank of New York Mellon

In other news, CFO Dermot Mcdonogh sold 31,800 shares of the firm's 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.17% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. Truist Financial increased their price target on 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. Erste Group Bank initiated coverage on Bank of New York Mellon in a research report on Wednesday, July 15th. They issued a "buy" rating for the company. Barclays increased their target price on Bank of New York Mellon from $149.00 to $178.00 and gave the stock an "overweight" rating in a research note on Thursday, July 16th. Weiss Ratings lowered shares of Bank of New York Mellon from a "buy (a)" rating to a "buy (a-)" rating in a research note on Thursday, August 13th. Finally, Bank of America upped their price target on shares of Bank of New York Mellon from $165.00 to $175.00 and gave the company a "buy" rating in a report on Monday, July 20th. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $157.13.

Bank of New York Mellon Price Performance

Shares of BNY opened at $163.80 on Wednesday. The stock has a market capitalization of $111.14 billion, a P/E ratio of 19.07, 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 $99.67 and a twelve month high of $165.68. The company has a 50 day moving average of $152.84 and a 200-day moving average of $135.92. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.76.

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, topping 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 firm's revenue for the quarter was up 13.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.93 earnings per share. As a group, equities research analysts forecast 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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