MassMutual Private Wealth & Trust FSB Buys 40,694 Shares of Bank of New York Mellon Corporation $BNY

Key Points

• MassMutual significantly increased its BNY stake by 164.8% in the third quarter, acquiring 40,694 additional shares and ending the period with 65,389 shares valued at approximately $9.46 million.
• Institutional ownership remains substantial at 85.31%, while analysts maintain a “Moderate Buy” consensus with an average price target of $159.14.
• BNY exceeded quarterly expectations, reporting $2.46 in EPS and $5.70 billion in revenue, up 13.3% year over year; however, company insiders sold 38,840 shares worth about $6.03 million over the past 90 days.

MassMutual Private Wealth & Trust FSB boosted its stake in shares of Bank of New York Mellon Corporation (NYSE:BNY - Free Report) by 164.8% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 65,389 shares of the bank's stock after acquiring an additional 40,694 shares during the period. MassMutual Private Wealth & Trust FSB's holdings in Bank of New York Mellon were worth $9,457,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of BNY. BlackRock Inc. purchased a new position in shares of Bank of New York Mellon in the second quarter valued at approximately $8,321,111,000. Bank of America Corp DE purchased a new stake in shares of Bank of New York Mellon during the second quarter worth approximately $2,499,438,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in Bank of New York Mellon in the 2nd quarter valued at $1,214,193,000. Wellington Management Group LLP purchased a new position in Bank of New York Mellon in the 2nd quarter valued at $1,175,576,000. Finally, Amundi acquired a new stake in Bank of New York Mellon during the 2nd quarter worth $985,533,000. Institutional investors and hedge funds own 85.31% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Citigroup increased their target price on shares of Bank of New York Mellon from $167.00 to $172.00 and gave the company a "neutral" rating in a research report on Monday, July 20th. Weiss Ratings lowered 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. Barclays upped their price objective 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. Argus raised their target price on shares of Bank of New York Mellon from $153.00 to $180.00 and gave the stock a "buy" rating in a research note on Wednesday, July 22nd. Finally, Royal Bank Of Canada boosted their target price on 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. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $159.14.

Insiders Place Their Bets

In related news, VP Jose Minaya sold 3,520 shares of the business's stock in a transaction on Monday, September 28th. The stock was sold at an average price of $148.79, for a total value of $523,740.80. Following the sale, the vice president owned 176,824 shares in the company, valued at approximately $26,309,642.96. The trade was a 1.95% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Dermot Mcdonogh sold 31,800 shares of Bank of New York Mellon stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $155.26, for a total transaction of $4,937,268.00. The disclosure for this sale is available in the SEC filing. Insiders sold 38,840 shares of company stock valued at $6,033,502 over the last ninety days. Insiders own 0.17% of the company's stock.

Bank of New York Mellon Stock Performance

Shares of Bank of New York Mellon stock opened at $145.34 on Monday. The firm has a market cap of $98.61 billion, a PE ratio of 16.92, a price-to-earnings-growth ratio of 1.09 and a beta of 1.06. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.76. Bank of New York Mellon Corporation has a 52 week low of $103.11 and a 52 week high of $165.84. The business's fifty day simple moving average is $157.61 and its 200-day simple moving average is $144.72.

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, beating analysts' consensus estimates 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 company had revenue of $5.70 billion for the quarter, compared to analysts' expectations of $5.35 billion. During the same quarter in the prior year, the company posted $1.93 earnings per share. Bank of New York Mellon's revenue for the quarter was up 13.3% compared to the same quarter last year. Equities analysts forecast that Bank of New York Mellon Corporation will post 9.28 earnings per share for the current year.

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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