Ethic Inc. Acquires 8,375 Shares of Bank of New York Mellon Corporation $BNY

Key Points

• Ethic Inc. increased its BNY holdings 4% in the third quarter, buying 8,375 shares to reach 215,465 shares valued at about $31.2 million.
• Institutional investors and hedge funds own 85.31% of BNY shares. Analysts’ consensus rating is “Moderate Buy,” with an average price target of $165.04.
• BNY reported quarterly EPS of $2.37, beating the $2.26 estimate, while revenue rose 11.7% year over year to $5.68 billion. Insiders sold a combined 60,560 shares over the last quarter.

Ethic Inc. increased its holdings in Bank of New York Mellon Corporation (NYSE:BNY - Free Report) by 4.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 215,465 shares of the bank's stock after purchasing an additional 8,375 shares during the quarter. Ethic Inc.'s holdings in Bank of New York Mellon were worth $31,163,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. BlackRock Inc. bought a new position in Bank of New York Mellon during the 2nd quarter worth $8,321,111,000. Bank of America Corp DE acquired a new position in Bank of New York Mellon during the 2nd quarter worth about $2,499,438,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in Bank of New York Mellon during the 2nd quarter worth about $1,214,193,000. Wellington Management Group LLP bought a new stake in shares of Bank of New York Mellon in the 2nd quarter valued at about $1,175,576,000. Finally, Amundi bought a new stake in shares of Bank of New York Mellon in the 2nd quarter valued at about $985,533,000. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on BNY. Zacks Research cut Bank of New York Mellon from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 7th. Wells Fargo & Company lifted their price objective on Bank of New York Mellon from $152.00 to $162.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 16th. Keefe, Bruyette & Woods reaffirmed an "outperform" rating on shares of Bank of New York Mellon in a research note on Friday, October 16th. JPMorgan Chase & Co. upped their target price on Bank of New York Mellon from $161.00 to $166.50 and gave the company an "overweight" rating in a report on Friday, October 30th. Finally, Truist Financial decreased their target price on shares of Bank of New York Mellon from $172.00 to $165.00 and set a "buy" rating for the company in a research report on Friday, October 16th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $165.04.

Bank of New York Mellon Price Performance

Shares of NYSE BNY opened at $147.92 on Friday. Bank of New York Mellon Corporation has a twelve month low of $105.42 and a twelve month high of $165.84. The firm has a fifty day simple moving average of $150.26 and a 200 day simple moving average of $139.94. The company has a market capitalization of $99.54 billion, a PE ratio of 16.34, a P/E/G ratio of 0.98 and a beta of 1.02. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.86.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last released its earnings results on Thursday, October 15th. The bank reported $2.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.26 by $0.11. The business had revenue of $5.68 billion for the quarter. Bank of New York Mellon had a net margin of 16.32% and a return on equity of 16.57%. The business's revenue for the quarter was up 11.7% compared to the same quarter last year. On average, sell-side analysts forecast that Bank of New York Mellon Corporation will post 9.39 EPS for the current year.

Insider Transactions at Bank of New York Mellon

In other news, CEO Robin Vince sold 9,380 shares of Bank of New York Mellon stock in a transaction dated Tuesday, October 27th. The stock was sold at an average price of $147.82, for a total value of $1,386,551.60. Following the completion of the transaction, the chief executive officer directly owned 575,794 shares of the company's stock, valued at approximately $85,113,869.08. This trade represents a 1.60% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Jose Minaya sold 3,520 shares of the business's stock in a transaction dated Tuesday, October 27th. The shares were sold at an average price of $147.81, for a total value of $520,291.20. Following the completion of the transaction, the vice president directly owned 173,304 shares in the company, valued at $25,616,064.24. This represents a 1.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 60,560 shares of company stock valued at $9,007,119. 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.

Want to see what other hedge funds are holding BNY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of New York Mellon Corporation (NYSE:BNY - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.