Meeder Advisory Services Inc. Invests $3.69 Million in Bank of New York Mellon Corporation $BNY

Key Points

• Meeder Advisory Services acquired 25,513 shares of Bank of New York Mellon worth approximately $3.69 million during the second quarter. Institutional investors collectively own 85.31% of the company.
• BNY reported quarterly earnings of $2.46 per share, beating estimates by $0.30, while revenue rose 13.3% year over year to $5.70 billion.
• Analysts remain broadly positive, with multiple firms raising price targets; the stock carries a consensus “Moderate Buy” rating and an average target of $157.13.

Meeder Advisory Services Inc. acquired a new stake in Bank of New York Mellon Corporation (NYSE:BNY - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 25,513 shares of the bank's stock, valued at approximately $3,689,000.

Several other institutional investors have also recently added to or reduced their stakes in BNY. Focus Partners Advisor Solutions LLC purchased a new stake in shares of Bank of New York Mellon in the 2nd quarter valued at about $1,128,000. CIBC Asset Management Inc increased its holdings in shares of Bank of New York Mellon by 53.8% in the 4th quarter. CIBC Asset Management Inc now owns 182,002 shares of the bank's stock valued at $21,129,000 after acquiring an additional 63,627 shares during the period. Todd Asset Management LLC raised its position in Bank of New York Mellon by 37.5% in the 4th quarter. Todd Asset Management LLC now owns 370,998 shares of the bank's stock valued at $43,069,000 after purchasing an additional 101,142 shares during the last quarter. Prospera Financial Services Inc raised its position in Bank of New York Mellon by 106.5% in the 4th quarter. Prospera Financial Services Inc now owns 19,126 shares of the bank's stock valued at $2,220,000 after purchasing an additional 9,865 shares during the last quarter. Finally, Bellars Harris Wealth Management LLC acquired a new stake in Bank of New York Mellon during the 2nd quarter worth $10,324,000. Hedge funds and other institutional investors own 85.31% of the company's stock.

Insiders Place Their Bets

In related news, CFO Dermot Mcdonogh sold 31,800 shares of the company'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 document filed with the SEC, which is available at this link. 0.17% of the stock is owned by corporate insiders.

Bank of New York Mellon Stock Down 0.3%

Shares of NYSE:BNY opened at $163.80 on Wednesday. Bank of New York Mellon Corporation has a fifty-two week low of $99.67 and a fifty-two week high of $165.68. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.76. The firm's 50-day simple moving average is $152.84 and its 200-day simple moving average is $135.92. The company has a market cap of $111.14 billion, a price-to-earnings ratio of 19.07, a PEG ratio of 1.16 and a beta of 1.06.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last posted its quarterly earnings results 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 net margin of 15.52% and a return on equity of 16.00%. The firm had revenue of $5.70 billion during the quarter, compared to analysts' expectations of $5.35 billion. During the same period in the prior year, the company posted $1.93 earnings per share. The firm's revenue for the quarter was up 13.3% on a year-over-year basis. As a group, equities research analysts predict that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms have commented on BNY. Bank of America lifted their price objective on shares of 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. Keefe, Bruyette & Woods raised their price target on 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. Truist Financial upped their price objective on Bank of New York Mellon from $160.00 to $178.00 and gave the company a "buy" rating in a research note on Thursday, July 16th. Argus increased their price objective on 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. Finally, Royal Bank Of Canada lifted their target price on Bank of New York Mellon from $142.00 to $168.00 and gave the company a "sector perform" rating in a research note on Thursday, July 16th. 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 stock has an average rating of "Moderate Buy" and a consensus target price of $157.13.

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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