Ferguson Wellman Capital Management Inc. Invests $3.58 Million in Bank of New York Mellon Corporation $BNY

Key Points

• Ferguson Wellman Capital Management acquired 24,759 shares of Bank of New York Mellon worth approximately $3.58 million during the second quarter. Institutional investors collectively own 85.31% of the company.
• Analysts maintain a favorable outlook, with the stock receiving a consensus “Moderate Buy” rating and an average price target of $157.13; several firms recently raised their targets to between $162 and $180.
• BNY reported quarterly earnings of $2.46 per share, beating estimates by $0.30, while revenue rose 13.3% year over year to $5.70 billion. Shares recently opened at $162.50, near their 12-month high of $165.68.

Ferguson Wellman Capital Management Inc. purchased 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 13F filing with the Securities and Exchange Commission. The institutional investor purchased 24,759 shares of the bank's stock, valued at approximately $3,580,000.

Several other hedge funds have also added to or reduced their stakes in BNY. Linscomb Wealth Inc. raised its position in shares of Bank of New York Mellon by 2.5% in 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 during the period. Parkside Financial Bank & Trust grew its stake in 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 valued at $326,000 after buying an additional 88 shares during the last quarter. Essex Financial Services Inc. grew its stake in 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 valued at $2,041,000 after buying an additional 89 shares during the last quarter. Maia Wealth LLC raised its holdings in Bank of New York Mellon by 3.0% in the 4th quarter. Maia Wealth LLC now owns 3,049 shares of the bank's stock valued at $350,000 after acquiring an additional 90 shares during the period. Finally, Nemes Rush Group LLC lifted its position in Bank of New York Mellon by 12.8% during the fourth quarter. Nemes Rush Group LLC now owns 813 shares of the bank's stock worth $94,000 after acquiring an additional 92 shares during the last quarter. Institutional investors and hedge funds own 85.31% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on BNY. Argus boosted their price objective on Bank of New York Mellon from $153.00 to $180.00 and gave the stock a "buy" rating in a report on Wednesday, July 22nd. Barclays lifted their price target on Bank of New York Mellon from $149.00 to $178.00 and gave the stock an "overweight" rating in a report on Thursday, July 16th. Bank of America boosted their price target on Bank of New York Mellon from $165.00 to $175.00 and gave the company a "buy" rating in a research note on Monday, July 20th. Wells Fargo & Company upped their price objective on Bank of New York Mellon from $152.00 to $162.00 and gave the company an "equal weight" rating in a report on Thursday, July 16th. Finally, Wall Street Zen upgraded Bank of New York Mellon to a "hold" rating in a research report on Saturday, May 23rd. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $157.13.

Insiders Place Their Bets

In other Bank of New York Mellon news, CFO Dermot Mcdonogh sold 31,800 shares of Bank of New York Mellon stock in a transaction on Wednesday, July 29th. The stock was 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 Securities & Exchange Commission, which is available through this link. 0.17% of the stock is owned by corporate insiders.

Bank of New York Mellon Stock Performance

Shares of NYSE:BNY opened at $162.50 on Friday. Bank of New York Mellon Corporation has a 12-month low of $102.63 and a 12-month high of $165.68. The company's 50 day moving average price is $155.73 and its two-hundred day moving average price is $138.06. The firm has a market cap of $110.26 billion, a PE ratio of 18.92, a PEG ratio of 1.15 and a beta of 1.06. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.76.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last released its quarterly earnings results on Wednesday, July 15th. The bank reported $2.46 earnings per share for the quarter, beating analysts' consensus estimates of $2.16 by $0.30. The company had revenue of $5.70 billion during the quarter, compared to the consensus estimate 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 quarterly revenue was up 13.3% on a year-over-year basis. During the same period in the previous year, the business earned $1.93 earnings per share. Equities research analysts predict 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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