Hikari Power Ltd Makes New $17.27 Million Investment in Bank of New York Mellon Corporation $BNY

Key Points

• Hikari Power Ltd acquired 119,445 shares of Bank of New York Mellon worth approximately $17.27 million, making BNY its ninth-largest holding and representing 2% of its portfolio.
• Institutional ownership remains high at 85.31%, with major investors including Vanguard, Norges Bank, Invesco and UBS increasing or initiating positions.
• BNY reported stronger-than-expected quarterly results, with EPS of $2.46 versus a $2.16 estimate and revenue up 13.3% year over year. Analysts maintain a “Moderate Buy” consensus with an average price target of $157.13.

Hikari Power Ltd acquired a new stake in Bank of New York Mellon Corporation (NYSE:BNY - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 119,445 shares of the bank's stock, valued at approximately $17,273,000. Bank of New York Mellon accounts for 2.0% of Hikari Power Ltd's investment portfolio, making the stock its 9th biggest position.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. increased its position in Bank of New York Mellon by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 71,319,884 shares of the bank's stock valued at $8,279,525,000 after acquiring an additional 647,847 shares during the period. Northwestern Mutual Wealth Management Co. lifted its position in Bank of New York Mellon by 18,044.4% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 19,670,202 shares of the bank's stock worth $2,283,514,000 after acquiring an additional 19,561,793 shares during the period. Norges Bank acquired a new stake in Bank of New York Mellon during the 4th quarter worth approximately $1,398,624,000. Invesco Ltd. grew its stake in shares of Bank of New York Mellon by 8.2% in the 4th quarter. Invesco Ltd. now owns 7,680,429 shares of the bank's stock valued at $891,621,000 after purchasing an additional 578,999 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Bank of New York Mellon by 639.5% in 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 purchasing an additional 6,119,749 shares during the period. 85.31% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on BNY. Wells Fargo & Company increased their price target on Bank of New York Mellon from $152.00 to $162.00 and gave the stock an "equal weight" rating in a report on Thursday, July 16th. Royal Bank Of Canada raised their target price on shares of Bank of New York Mellon from $142.00 to $168.00 and gave the stock a "sector perform" rating in a research note on Thursday, July 16th. Weiss Ratings downgraded shares of Bank of New York Mellon from a "buy (a)" rating to a "buy (a-)" rating in a report on Thursday. Keefe, Bruyette & Woods boosted their price target on shares of Bank of New York Mellon from $166.00 to $177.00 and gave the stock an "outperform" rating in a research note on Thursday, July 16th. Finally, Bank of America increased their price target on shares of Bank of New York Mellon from $165.00 to $175.00 and gave the stock a "buy" rating in a report on Monday, July 20th. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, Bank of New York Mellon currently has a consensus rating of "Moderate Buy" and a consensus price target of $157.13.

Insider Activity

In other news, CFO Dermot Mcdonogh sold 31,800 shares of the stock in a transaction dated 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 filing with the Securities & Exchange Commission, which is accessible through this link. 0.17% of the stock is owned by corporate insiders.

Bank of New York Mellon Trading Up 0.0%

Shares of BNY stock opened at $163.30 on Monday. The business's fifty day moving average price is $151.97 and its 200 day moving average price is $135.28. Bank of New York Mellon Corporation has a 1-year low of $99.67 and a 1-year high of $163.77. The firm has a market capitalization of $110.80 billion, a PE ratio of 19.01, a P/E/G ratio of 1.16 and a beta of 1.06. 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 (NYSE:BNY - Get Free Report) last released its quarterly earnings data on Wednesday, July 15th. The bank reported $2.46 earnings per share (EPS) 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 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 business posted $1.93 earnings per share. Bank of New York Mellon's revenue was up 13.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Bank of New York Mellon Corporation will post 9.26 EPS for the current fiscal 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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