Exchange Bank Makes New $1.06 Million Investment in Bank of New York Mellon Corporation $BNY

Key Points

• Exchange Bank acquired a new $1.06 million stake in Bank of New York Mellon during the second quarter, purchasing 7,354 shares. Institutional investors collectively own 85.31% of BNY’s stock.
• BNY reported stronger-than-expected quarterly results, with EPS of $2.46 versus the $2.16 consensus and revenue of $5.70 billion, up 13.3% year over year.
• Analyst sentiment is favorable, with the stock carrying a “Moderate Buy” consensus rating and several firms raising price targets to as high as $178, although the consensus target of $157.13 is below the reported $164.19 share price.

Exchange Bank bought a new stake in Bank of New York Mellon Corporation (NYSE:BNY - Free Report) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm bought 7,354 shares of the bank's stock, valued at approximately $1,063,000.

Several other hedge funds and other institutional investors also recently modified their holdings of BNY. Abound Financial LLC acquired a new stake in Bank of New York Mellon in the fourth quarter valued at about $25,000. MCF Advisors LLC raised its stake in Bank of New York Mellon by 74.8% during the fourth quarter. MCF Advisors LLC now owns 236 shares of the bank's stock worth $27,000 after acquiring an additional 101 shares in the last quarter. Luken Investment Analytics LLC bought a new position in shares of Bank of New York Mellon in the second quarter worth about $27,000. Burnham & Co LLC bought a new position in shares of Bank of New York Mellon in the second quarter worth about $29,000. Finally, EFG International AG acquired a new stake in shares of Bank of New York Mellon in the 2nd quarter valued at approximately $29,000. Institutional investors own 85.31% of the company's stock.

Bank of New York Mellon Stock Up 1.3%

Shares of NYSE BNY opened at $164.19 on Friday. The company has a 50 day simple moving average of $157.03 and a 200 day simple moving average of $139.31. 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 Corporation has a 1 year low of $102.63 and a 1 year high of $165.68. The firm has a market cap of $111.40 billion, a PE ratio of 19.11, a price-to-earnings-growth ratio of 1.22 and a beta of 1.05.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last posted 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. Bank of New York Mellon had a net margin of 15.52% and a return on equity of 16.00%. The firm had revenue of $5.70 billion for the quarter, compared to analyst estimates of $5.35 billion. During the same period in the previous year, the firm posted $1.93 EPS. The company's revenue for the quarter was up 13.3% compared to the same quarter last year. On average, research analysts forecast that Bank of New York Mellon Corporation will post 9.26 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Barclays upped their price objective on shares of Bank of New York Mellon from $149.00 to $178.00 and gave the stock an "overweight" rating in a research report on Thursday, July 16th. Erste Group Bank assumed coverage on shares of Bank of New York Mellon in a research note on Wednesday, July 15th. They set a "buy" rating on the stock. Zacks Research upgraded shares of Bank of New York Mellon from a "hold" rating to a "strong-buy" rating in a report on Wednesday, July 22nd. Wells Fargo & Company increased their price target on Bank of New York Mellon from $152.00 to $162.00 and gave the company an "equal weight" rating in a research note on Thursday, July 16th. Finally, Truist Financial raised their price objective on Bank of New York Mellon from $160.00 to $178.00 and gave the company a "buy" rating in a report on Thursday, July 16th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, Bank of New York Mellon currently has an average rating of "Moderate Buy" and a consensus price target of $157.13.

Insiders Place Their Bets

In related news, VP Jose Minaya sold 3,520 shares of the business's stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $162.64, for a total value of $572,492.80. Following the sale, the vice president owned 180,344 shares of the company's stock, valued at $29,331,148.16. The trade was a 1.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Dermot Mcdonogh sold 31,800 shares of the stock in a transaction 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 disclosure for this sale is available in the SEC filing. 0.17% of the stock is currently owned by 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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