Envestnet Portfolio Solutions Inc. Takes Position in Bank of New York Mellon Corporation $BNY

Key Points

• Envestnet Portfolio Solutions acquired 78,107 shares of Bank of New York Mellon worth approximately $11.3 million during the second quarter. Institutional investors now own 85.31% of the company.
• Analyst sentiment remains favorable, with an average rating of “Moderate Buy” and an average price target of $157.13; several firms recently raised their targets to as high as $177.
• BNY exceeded quarterly expectations, reporting $2.46 in EPS versus the $2.16 consensus and $5.70 billion in revenue, up 13.3% year over year. The stock opened at $149.38, compared with a 52-week range of $103.11 to $165.84.

Envestnet Portfolio Solutions Inc. acquired a new position in Bank of New York Mellon Corporation (NYSE:BNY - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 78,107 shares of the bank's stock, valued at approximately $11,295,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. Abound Financial LLC purchased a new position in Bank of New York Mellon in the 4th quarter worth about $25,000. MCF Advisors LLC boosted its position in Bank of New York Mellon by 74.8% during the 4th quarter. MCF Advisors LLC now owns 236 shares of the bank's stock worth $27,000 after acquiring an additional 101 shares during the period. Luken Investment Analytics LLC purchased a new position in Bank of New York Mellon during the 2nd quarter valued at about $27,000. Burnham & Co LLC acquired a new stake in shares of Bank of New York Mellon during the second quarter worth approximately $29,000. Finally, EFG International AG purchased a new position in Bank of New York Mellon during the second quarter valued at approximately $29,000. 85.31% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently issued reports on BNY. 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 report on Tuesday, August 4th. Weiss Ratings downgraded Bank of New York Mellon from a "buy (a)" rating to a "buy (a-)" rating in a report on Thursday, August 13th. Erste Group Bank started coverage on shares of Bank of New York Mellon in a research note on Wednesday, July 15th. They issued a "buy" rating for the company. Citigroup increased 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 research report on Monday, July 20th. Finally, Keefe, Bruyette & Woods lifted their price target on shares of Bank of New York Mellon from $166.00 to $177.00 and gave the company an "outperform" rating in a research report on Thursday, July 16th. One research 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 data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $157.13.

Insider Transactions at Bank of New York Mellon

In related news, CFO Dermot Mcdonogh sold 31,800 shares of the company's stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $155.26, for a total value of $4,937,268.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Jose Minaya sold 3,520 shares of the stock in a transaction dated 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 transaction, the vice president directly owned 180,344 shares of the company's stock, valued at $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. 0.17% of the stock is currently owned by company insiders.

Bank of New York Mellon Price Performance

NYSE:BNY opened at $149.38 on Thursday. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.72 and a quick ratio of 0.72. The stock has a market cap of $101.35 billion, a P/E ratio of 17.39, a PEG ratio of 1.13 and a beta of 1.05. The company has a fifty day moving average price of $159.28 and a 200 day moving average price of $143.18. Bank of New York Mellon Corporation has a one year low of $103.11 and a one year high of $165.84.

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, beating 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 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 prior year, the business earned $1.93 earnings per share. Analysts anticipate that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current 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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