Meeder Asset Management Inc. Invests $28.21 Million in Bank of New York Mellon Corporation $BNY

Key Points

• Meeder Asset Management acquired 195,080 BNY shares in the second quarter, worth approximately $28.21 million and representing 1.4% of its portfolio. Institutional investors collectively own 85.31% of the company.
• Analysts raised their price targets, with ratings ranging from Hold to Strong Buy; BNY has a consensus rating of “Moderate Buy” and an average target price of $157.13.
• BNY’s latest quarterly results exceeded expectations, with EPS of $2.46 versus a $2.16 estimate and revenue of $5.70 billion, up 13.3% year over year. The stock opened at $164.42, near its 52-week high of $165.69.

Meeder Asset Management Inc. acquired a new position in shares of Bank of New York Mellon Corporation (NYSE:BNY - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 195,080 shares of the bank's stock, valued at approximately $28,211,000. Bank of New York Mellon comprises 1.4% of Meeder Asset Management Inc.'s holdings, making the stock its 16th largest position.

Other hedge funds also recently modified their holdings of the company. Tiemann Investment Advisors LLC acquired a new position in shares of Bank of New York Mellon during the 2nd quarter worth approximately $414,000. Citizens Financial Group Inc. RI bought a new stake in shares of Bank of New York Mellon during the 2nd quarter worth approximately $26,120,000. Texas Capital Bank Wealth Management Services Inc acquired a new stake in shares of Bank of New York Mellon in the 2nd quarter valued at approximately $542,000. Grandfield & Dodd LLC acquired a new stake in shares of Bank of New York Mellon in the 2nd quarter valued at approximately $259,000. Finally, Focused Alpha LLC bought a new position in shares of Bank of New York Mellon in the second quarter valued at $769,000. Institutional investors own 85.31% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on BNY shares. Wells Fargo & Company boosted their target price on shares of 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. JPMorgan Chase & Co. increased their price target on shares of Bank of New York Mellon from $149.00 to $159.00 and gave the company an "overweight" rating in a research note on Tuesday, August 4th. 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 report on Monday, July 20th. Barclays boosted their price objective on shares of Bank of New York Mellon from $149.00 to $178.00 and gave the stock an "overweight" rating in a research note on Thursday, July 16th. Finally, Keefe, Bruyette & Woods raised their target price 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 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, Bank of New York Mellon currently has a consensus rating of "Moderate Buy" and a consensus target price of $157.13.

Bank of New York Mellon Stock Up 0.7%

BNY stock opened at $164.42 on Tuesday. Bank of New York Mellon Corporation has a 1-year low of $99.67 and a 1-year high of $165.69. The business's 50 day simple moving average is $152.42 and its 200 day simple moving average is $135.60. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.76. The firm has a market capitalization of $111.56 billion, a PE ratio of 19.14, a PEG ratio of 1.16 and a beta of 1.06.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last announced its quarterly earnings results 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 business had revenue of $5.70 billion during the quarter, compared to the consensus estimate of $5.35 billion. During the same quarter last year, the firm posted $1.93 EPS. The company's quarterly revenue was up 13.3% on a year-over-year basis. As a group, research analysts anticipate that Bank of New York Mellon Corporation will post 9.26 EPS for the current year.

Insider Activity at Bank of New York Mellon

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 document filed with the SEC, which can be accessed through this hyperlink. 0.17% of the stock is currently owned by corporate 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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