Flputnam Investment Management Co. Makes New Investment in Bank of New York Mellon Corporation $BNY

Key Points

• Flputnam Investment Management purchased 61,997 shares of Bank of New York Mellon in the second quarter, valued at approximately $8.97 million. Institutional investors collectively own 85.31% of the company.
• BNY reported quarterly earnings of $2.46 per share, exceeding estimates of $2.16, while revenue rose 13.3% year over year to $5.70 billion.
• Analysts maintain a favorable outlook, with the stock receiving a “Moderate Buy” consensus rating and several firms raising price targets to as high as $178.

Flputnam Investment Management Co. bought a new position in Bank of New York Mellon Corporation (NYSE:BNY - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 61,997 shares of the bank's stock, valued at approximately $8,965,000.

Other institutional investors have also modified their holdings of the company. Northwestern Mutual Wealth Management Co. lifted its position in shares of Bank of New York Mellon by 18,044.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 19,670,202 shares of the bank's stock worth $2,283,514,000 after purchasing an additional 19,561,793 shares during the last quarter. Norges Bank bought a new stake in Bank of New York Mellon in the fourth quarter valued at about $1,398,624,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Bank of New York Mellon by 639.5% during the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,076,729 shares of the bank's stock valued at $771,080,000 after buying an additional 6,119,749 shares in the last quarter. Bank of New York Mellon Corp acquired a new stake in Bank of New York Mellon during the second quarter valued at approximately $492,663,000. Finally, Eurizon Capital SGR S.p.A. bought a new position in Bank of New York Mellon during the 4th quarter worth approximately $227,437,000. Institutional investors and hedge funds own 85.31% of the company's stock.

Bank of New York Mellon Trading Up 0.0%

Bank of New York Mellon stock opened at $163.30 on Monday. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.76. The firm has a 50-day moving average price of $151.97 and a two-hundred day moving average price of $135.28. The firm has a market capitalization of $110.80 billion, a price-to-earnings ratio of 19.01, a PEG ratio of 1.16 and a beta of 1.06. Bank of New York Mellon Corporation has a 52-week low of $99.67 and a 52-week high of $163.77.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last posted its earnings results on Wednesday, July 15th. The bank reported $2.46 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts' expectations of $5.35 billion. During the same quarter in the prior year, the firm earned $1.93 EPS. Bank of New York Mellon's quarterly revenue was up 13.3% on a year-over-year basis. Sell-side analysts expect that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on BNY. Truist Financial lifted their target price on Bank of New York Mellon from $160.00 to $178.00 and gave the stock a "buy" rating in a research report on Thursday, July 16th. Keefe, Bruyette & Woods upped their price target on 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. Bank of America raised their price objective on Bank of New York Mellon from $165.00 to $175.00 and gave the stock a "buy" rating in a research note on Monday, July 20th. Erste Group Bank started coverage on shares of Bank of New York Mellon in a report on Wednesday, July 15th. They issued a "buy" rating for the company. Finally, Barclays boosted their target price on shares of Bank of New York Mellon from $149.00 to $178.00 and gave the company an "overweight" rating in a research note on Thursday, July 16th. Two equities 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. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $157.13.

Insider Activity

In related news, CFO Dermot Mcdonogh sold 31,800 shares of the stock in a transaction that occurred 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 document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.17% of the company's stock.

Bank of New York Mellon Company 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.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source