HB Wealth Management LLC Acquires Shares of 43,139 Bank of New York Mellon Corporation $BNY

Key Points

• HB Wealth Management initiated a position in Bank of New York Mellon, purchasing 43,139 shares valued at approximately $6.24 million. Institutional investors collectively own 85.31% of the company.
• Analyst sentiment is favorable, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $157.13; several firms recently raised their targets to between $172 and $178.
• BNY reported quarterly EPS of $2.46, exceeding estimates of $2.16, while revenue rose 13.3% year over year to $5.70 billion. The stock opened at $165.05, near its 12-month high of $165.84.

HB Wealth Management LLC bought a new position in shares of Bank of New York Mellon Corporation (NYSE:BNY - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 43,139 shares of the bank's stock, valued at approximately $6,238,000.

A number of other large investors have also recently modified their holdings of the business. Linscomb Wealth Inc. raised its holdings in shares of Bank of New York Mellon by 2.5% during the 4th quarter. Linscomb Wealth Inc. now owns 3,240 shares of the bank's stock worth $376,000 after buying an additional 80 shares in the last quarter. Parkside Financial Bank & Trust boosted its stake in Bank of New York Mellon by 3.2% in the fourth 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 in the last quarter. Essex Financial Services Inc. boosted its stake in Bank of New York Mellon by 0.5% in the fourth 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 in the last quarter. Maia Wealth LLC grew its position in Bank of New York Mellon by 3.0% in the fourth 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 last quarter. Finally, Nemes Rush Group LLC grew its position in Bank of New York Mellon by 12.8% in the fourth quarter. Nemes Rush Group LLC now owns 813 shares of the bank's stock valued at $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.

Analyst Upgrades and Downgrades

BNY has been the subject of a number of research reports. Keefe, Bruyette & Woods increased their target price on shares of Bank of New York Mellon from $166.00 to $177.00 and gave the stock an "outperform" rating in a report on Thursday, July 16th. Citigroup lifted their price target on shares of Bank of New York Mellon from $167.00 to $172.00 and gave the company a "neutral" rating in a report on Monday, July 20th. 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. Wall Street Zen raised shares of Bank of New York Mellon to a "hold" rating in a research note on Saturday, May 23rd. Finally, Bank of America raised their target price on shares of Bank of New York Mellon from $165.00 to $175.00 and gave the company a "buy" rating in a research report on Monday, July 20th. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $157.13.

Insider Activity at Bank of New York Mellon

In other Bank of New York Mellon news, CFO Dermot Mcdonogh sold 31,800 shares of the company's stock in a transaction that occurred 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Jose Minaya sold 3,520 shares of the firm's stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $162.64, for a total transaction of $572,492.80. Following the transaction, the vice president directly owned 180,344 shares of the company's stock, valued at $29,331,148.16. The trade was a 1.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.17% of the stock is owned by company insiders.

Bank of New York Mellon Price Performance

Bank of New York Mellon stock opened at $165.05 on Monday. The stock has a 50-day moving average price of $157.46 and a two-hundred day moving average price of $139.65. Bank of New York Mellon Corporation has a 12 month low of $102.63 and a 12 month high of $165.84. The company has a market capitalization of $111.99 billion, a PE ratio of 19.21, a P/E/G ratio of 1.24 and a beta of 1.05. The company has a current ratio of 0.72, a quick 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, topping the consensus estimate of $2.16 by $0.30. Bank of New York Mellon had a return on equity of 16.00% and a net margin of 15.52%.The company had revenue of $5.70 billion for the quarter, compared to analysts' expectations of $5.35 billion. During the same period in the previous year, the business posted $1.93 earnings per share. The business's quarterly revenue was up 13.3% compared to the same quarter last year. Analysts expect that Bank of New York Mellon Corporation will post 9.26 EPS 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.

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.

Continue following MarketBeat

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

Add As Preferred Source