Ieq Capital LLC Acquires Shares of 61,592 Bank of New York Mellon Corporation $BNY

Key Points

• Ieq Capital acquired 61,592 shares of Bank of New York Mellon in the second quarter, valued at approximately $8.9 million. Institutional investors collectively own 85.31% of the company.
• BNY reported quarterly earnings of $2.46 per share, beating estimates of $2.16, while revenue rose 13.3% year over year to $5.70 billion.
• Analysts maintain a “Moderate Buy” consensus, with an average price target of $157.13; targets from several firms were recently raised, although ratings range from Hold to Buy.

Ieq Capital LLC acquired 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 13F filing with the SEC. The fund acquired 61,592 shares of the bank's stock, valued at approximately $8,907,000.

Several other large investors have also recently bought and sold shares of BNY. Burnham & Co LLC acquired a new stake in Bank of New York Mellon in the second quarter worth about $29,000. Abound Financial LLC acquired a new position in Bank of New York Mellon during the 4th quarter valued at about $25,000. N.E.W. Advisory Services LLC acquired a new position in Bank of New York Mellon during the 2nd quarter valued at about $32,000. MCF Advisors LLC boosted its stake in shares of Bank of New York Mellon by 74.8% in the 4th quarter. MCF Advisors LLC now owns 236 shares of the bank's stock valued at $27,000 after purchasing an additional 101 shares during the last quarter. Finally, MidFirst Bank bought a new position in shares of Bank of New York Mellon in the 2nd quarter valued at about $38,000. Institutional investors and hedge funds own 85.31% of the company's stock.

Insider Transactions at Bank of New York Mellon

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 transaction 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. Insiders own 0.17% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on BNY. Wells Fargo & Company boosted their price target on shares of Bank of New York Mellon from $152.00 to $162.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 16th. Keefe, Bruyette & Woods raised their price objective 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. Citigroup lifted their target price on shares of Bank of New York Mellon from $167.00 to $172.00 and gave the stock a "neutral" rating in a report on Monday, July 20th. Wall Street Zen upgraded shares of Bank of New York Mellon to a "hold" rating in a research report on Saturday, May 23rd. Finally, Bank of America increased 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. Two investment 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 stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $157.13.

Bank of New York Mellon Price Performance

BNY stock opened at $158.72 on Monday. The stock has a 50-day moving average price of $153.85 and a two-hundred day moving average price of $136.72. Bank of New York Mellon Corporation has a 1 year low of $101.71 and a 1 year high of $165.68. The stock has a market cap of $107.69 billion, a PE ratio of 18.48, a price-to-earnings-growth ratio of 1.12 and a beta of 1.06. 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 issued its quarterly 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. The firm had revenue of $5.70 billion for the quarter, compared to analysts' expectations 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 company's revenue for the quarter was up 13.3% on a year-over-year basis. During the same period in the previous year, the firm posted $1.93 EPS. Equities analysts forecast that Bank of New York Mellon Corporation will post 9.26 EPS for the current fiscal year.

Bank of New York Mellon 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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