Eurizon Capital SGR S.p.A. Buys Shares of 1,956,924 Bank of New York Mellon Corporation $BNY

Key Points

• Eurizon Capital SGR S.p.A. disclosed a new fourth-quarter stake in Bank of New York Mellon, buying 1,956,924 shares valued at about $227.4 million. The position makes BNY its 24th-largest holding and about 0.28% of the bank.
• BNY reported strong quarterly earnings, posting $2.25 per share versus $1.94 expected, on revenue of $5.41 billion. Revenue rose 12.9% year over year, and analysts now expect full-year EPS of 8.78.
• The stock has attracted mixed but generally positive sentiment: several analysts raised price targets, though one recently downgraded it to Hold. Separately, insiders sold shares in recent months, including EVP Alejandro Perez and insider Kurtis R. Kurimsky.

Eurizon Capital SGR S.p.A. bought a new stake in Bank of New York Mellon Corporation (NYSE:BNY - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 1,956,924 shares of the bank's stock, valued at approximately $227,437,000. Bank of New York Mellon comprises 0.7% of Eurizon Capital SGR S.p.A.'s investment portfolio, making the stock its 24th biggest position. Eurizon Capital SGR S.p.A. owned about 0.28% of Bank of New York Mellon as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the stock. Hillsdale Investment Management Inc. lifted its holdings in shares of Bank of New York Mellon by 1.1% in the 4th quarter. Hillsdale Investment Management Inc. now owns 9,500 shares of the bank's stock worth $1,103,000 after acquiring an additional 100 shares during the last quarter. Zhang Financial LLC acquired a new position in shares of Bank of New York Mellon in the 4th quarter worth approximately $283,000. Fideuram Asset Management Ireland dac acquired a new position in shares of Bank of New York Mellon in the 4th quarter worth approximately $1,199,000. National Pension Service lifted its holdings in shares of Bank of New York Mellon by 10.9% in the 4th quarter. National Pension Service now owns 2,276,146 shares of the bank's stock worth $264,238,000 after acquiring an additional 222,868 shares during the last quarter. Finally, Linscomb Wealth Inc. lifted its holdings in shares of Bank of New York Mellon by 2.5% in the 4th quarter. Linscomb Wealth Inc. now owns 3,240 shares of the bank's stock worth $376,000 after acquiring an additional 80 shares during the last quarter. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Bank of New York Mellon Price Performance

Shares of BNY opened at $139.38 on Friday. Bank of New York Mellon Corporation has a fifty-two week low of $87.41 and a fifty-two week high of $141.65. The firm's 50 day moving average price is $130.07 and its 200 day moving average price is $121.47. The company has a market cap of $95.67 billion, a P/E ratio of 17.27, a PEG ratio of 1.03 and a beta of 1.08. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.82.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last announced its earnings results on Thursday, April 16th. The bank reported $2.25 earnings per share for the quarter, topping the consensus estimate of $1.94 by $0.31. Bank of New York Mellon had a net margin of 14.60% and a return on equity of 15.29%. The firm had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.14 billion. During the same period in the prior year, the firm earned $1.58 EPS. The firm's revenue for the quarter was up 12.9% on a year-over-year basis. On average, research analysts forecast that Bank of New York Mellon Corporation will post 8.78 earnings per share for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 8th. Shareholders of record on Monday, April 27th were given a $0.53 dividend. The ex-dividend date of this dividend was Monday, April 27th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.5%. Bank of New York Mellon's dividend payout ratio is currently 26.27%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on BNY shares. Weiss Ratings upgraded shares of Bank of New York Mellon from a "buy (a-)" rating to a "buy (a)" rating in a report on Monday, May 4th. Wall Street Zen upgraded shares of Bank of New York Mellon to a "hold" rating in a report on Saturday, May 23rd. Morgan Stanley upped their price objective on shares of Bank of New York Mellon from $135.00 to $139.00 and gave the stock an "equal weight" rating in a report on Friday, April 17th. Truist Financial upped their price objective on shares of Bank of New York Mellon from $140.00 to $148.00 and gave the stock a "buy" rating in a report on Friday, April 17th. Finally, Barclays upped their target price on shares of Bank of New York Mellon from $143.00 to $149.00 and gave the stock an "overweight" rating in a research note on Friday, April 17th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $138.08.

Insider Activity

In other Bank of New York Mellon news, EVP Alejandro Perez sold 12,504 shares of the stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $137.01, for a total value of $1,713,173.04. Following the sale, the executive vice president directly owned 62,613 shares of the company's stock, valued at approximately $8,578,607.13. This represents a 16.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Kurtis R. Kurimsky sold 5,290 shares of the stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $136.02, for a total transaction of $719,545.80. Following the completion of the sale, the insider directly owned 17,259 shares in the company, valued at approximately $2,347,569.18. This represents a 23.46% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 48,091 shares of company stock valued at $6,568,423. 0.17% of the stock is currently owned by company insiders.

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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