Hsbc Holdings PLC Invests $255.68 Million in Bank of New York Mellon Corporation $BNY

Key Points

• Hsbc Holdings PLC acquired 1.77 million shares of Bank of New York Mellon during the second quarter, valued at approximately $255.7 million and representing a 0.26% stake.
• BNY reported strong quarterly results, with earnings of $2.46 per share and revenue of $5.70 billion, exceeding analyst estimates; revenue increased 13.3% year over year.
• Institutional investors own 85.31% of the stock, while analysts maintain a “Moderate Buy” consensus; the shares recently traded near their 52-week high at $165.05.

Hsbc Holdings PLC acquired a new position in shares of Bank of New York Mellon Corporation (NYSE:BNY - Free Report) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 1,765,095 shares of the bank's stock, valued at approximately $255,681,000. Hsbc Holdings PLC owned 0.26% of Bank of New York Mellon as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in BNY. EFG International AG acquired a new position in shares of Bank of New York Mellon during the second quarter worth about $29,000. Burnham & Co LLC acquired a new stake in Bank of New York Mellon in the 2nd quarter valued at approximately $29,000. Abound Financial LLC bought a new stake in Bank of New York Mellon in the 4th quarter valued at approximately $25,000. N.E.W. Advisory Services LLC bought a new stake in Bank of New York Mellon in the 2nd quarter valued at approximately $32,000. Finally, MCF Advisors LLC boosted its position in Bank of New York Mellon by 74.8% during the 4th quarter. MCF Advisors LLC now owns 236 shares of the bank's stock worth $27,000 after acquiring an additional 101 shares during the last quarter. 85.31% of the stock is owned by institutional investors and hedge funds.

Bank of New York Mellon Trading Up 0.1%

Bank of New York Mellon stock opened at $165.05 on Monday. The stock has a 50-day simple moving average of $157.46 and a 200 day simple moving average of $139.65. The stock has a market capitalization of $111.99 billion, a P/E ratio of 19.21, a PEG ratio of 1.24 and a beta of 1.05. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.72 and a current ratio of 0.72. Bank of New York Mellon Corporation has a 52 week low of $102.63 and a 52 week high of $165.84.

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, beating 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 for the quarter, compared to analyst estimates of $5.35 billion. During the same quarter in the prior year, the company earned $1.93 earnings per share. The business's revenue for the quarter was up 13.3% compared to the same quarter last year. Analysts expect that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Erste Group Bank began coverage on shares of Bank of New York Mellon in a research note on Wednesday, July 15th. They set a "buy" rating for the company. Argus boosted their price objective on shares of Bank of New York Mellon from $153.00 to $180.00 and gave the stock a "buy" rating in a research report on Wednesday, July 22nd. Royal Bank Of Canada increased 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 report 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 research report on Thursday, August 13th. Finally, Keefe, Bruyette & Woods lifted their price target on shares of Bank of New York Mellon from $166.00 to $177.00 and gave the company an "outperform" rating in a research note on Thursday, July 16th. Two research 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. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $157.13.

Insider Buying and Selling

In other Bank of New York Mellon news, CFO Dermot Mcdonogh sold 31,800 shares of the firm's stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $155.26, for a total transaction of $4,937,268.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Jose Minaya sold 3,520 shares of Bank of New York Mellon stock in a transaction on Thursday, August 27th. The stock was 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 approximately $29,331,148.16. This trade represents a 1.91% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.17% of the stock is currently owned by insiders.

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.

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