Empirical Finance LLC Purchases New Holdings in Bank of New York Mellon Corporation $BNY

Key Points

• Empirical Finance LLC acquired 26,113 shares of Bank of New York Mellon during the second quarter, valued at approximately $3.8 million. Institutional investors collectively own 85.31% of the company.
• BNY reported strong quarterly results, with earnings of $2.46 per share versus the $2.16 consensus estimate and revenue of $5.70 billion, up 13.3% year over year.
• Analysts maintain a “Moderate Buy” consensus, with a target price of $157.13, while the stock recently traded at $162.91 near its 52-week high of $165.84.

Empirical Finance LLC 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 Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 26,113 shares of the bank's stock, valued at approximately $3,776,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of BNY. Linscomb Wealth Inc. increased its stake in shares of Bank of New York Mellon by 2.5% during the fourth quarter. Linscomb Wealth Inc. now owns 3,240 shares of the bank's stock valued at $376,000 after purchasing an additional 80 shares in the last quarter. Cornerstone Financial Management LLC boosted its position in shares of Bank of New York Mellon by 11.4% in the 2nd quarter. Cornerstone Financial Management LLC now owns 784 shares of the bank's stock worth $113,000 after purchasing an additional 80 shares in the last quarter. Parkside Financial Bank & Trust grew its stake in shares of Bank of New York Mellon by 3.2% in the 4th quarter. Parkside Financial Bank & Trust now owns 2,805 shares of the bank's stock worth $326,000 after buying an additional 88 shares during the last quarter. Essex Financial Services Inc. grew its stake in shares of Bank of New York Mellon by 0.5% in the 4th quarter. Essex Financial Services Inc. now owns 17,584 shares of the bank's stock worth $2,041,000 after buying an additional 89 shares during the last quarter. Finally, Maia Wealth LLC increased its position in 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 valued at $350,000 after buying an additional 90 shares in the last quarter. Hedge funds and other institutional investors own 85.31% of the company's stock.

Insider Buying and Selling

In related news, CFO Dermot Mcdonogh sold 31,800 shares of the firm's stock in a transaction that occurred on Wednesday, July 29th. The shares were 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 SEC, which is available at this link. Also, VP Jose Minaya sold 3,520 shares of Bank of New York Mellon stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $162.64, for a total transaction of $572,492.80. Following the completion of the sale, the vice president directly owned 180,344 shares of the company's stock, valued at approximately $29,331,148.16. This trade represents a 1.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.17% of the company's stock.

Bank of New York Mellon Stock Performance

Shares of Bank of New York Mellon stock traded down $1.93 during trading on Tuesday, hitting $162.91. 2,406,021 shares of the company's stock traded hands, compared to its average volume of 3,649,098. Bank of New York Mellon Corporation has a 1 year low of $102.63 and a 1 year high of $165.84. The business has a 50-day simple moving average of $157.89 and a 200-day simple moving average of $139.97. The stock has a market capitalization of $110.54 billion, a P/E ratio of 18.97, a PEG ratio of 1.24 and a beta of 1.05. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.72 and a quick ratio of 0.72.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last issued its earnings results on Wednesday, July 15th. The bank reported $2.46 earnings per share for the quarter, topping analysts' consensus estimates of $2.16 by $0.30. The business had revenue of $5.70 billion during the quarter, compared to analyst estimates of $5.35 billion. Bank of New York Mellon had a return on equity of 16.00% and a net margin of 15.52%.Bank of New York Mellon's revenue was up 13.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.93 EPS. As a group, analysts forecast that Bank of New York Mellon Corporation will post 9.26 EPS for the current year.

Analyst Ratings Changes

A number of research analysts have issued reports on BNY shares. JPMorgan Chase & Co. lifted their price objective on 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. Wall Street Zen raised shares of Bank of New York Mellon to a "hold" rating in a report on Saturday, May 23rd. Royal Bank Of Canada upped their target price on shares of Bank of New York Mellon from $142.00 to $168.00 and gave the stock a "sector perform" rating in a research note 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 company a "buy" rating in a report on Wednesday, July 22nd. Finally, Truist Financial raised 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 research report on Thursday, July 16th. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, Bank of New York Mellon presently has an average rating of "Moderate Buy" and a consensus target price of $157.13.

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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