Morningstar Investment Management LLC Invests $393,000 in The Bank of New York Mellon Corporation $BK

Key Points

• Morningstar Investment Management LLC has invested approximately $393,000 in The Bank of New York Mellon Corporation by purchasing 4,310 shares in the 2nd quarter.
• Many institutional investors have increased their holdings in BK, with 85.31% of the stock currently owned by such investors.
• Wall Street analysts have a consensus rating of "Moderate Buy" for BK, with an average price target of $106.77, indicating potential growth for the stock.

Morningstar Investment Management LLC bought a new position in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 4,310 shares of the bank's stock, valued at approximately $393,000.

Several other institutional investors and hedge funds have also made changes to their positions in BK. Canada Post Corp Registered Pension Plan purchased a new position in shares of Bank of New York Mellon during the first quarter valued at $1,035,000. TrueMark Investments LLC purchased a new position in shares of Bank of New York Mellon during the first quarter valued at $4,282,000. Wealth Enhancement Advisory Services LLC increased its stake in shares of Bank of New York Mellon by 29.1% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 223,438 shares of the bank's stock valued at $18,740,000 after buying an additional 50,368 shares during the period. Formidable Asset Management LLC purchased a new position in shares of Bank of New York Mellon during the first quarter valued at $247,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in shares of Bank of New York Mellon by 121.8% during the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 183,602 shares of the bank's stock valued at $15,399,000 after buying an additional 100,810 shares during the period. 85.31% of the stock is currently owned by institutional investors.

Insider Activity

In other news, EVP J Kevin Mccarthy sold 20,000 shares of the stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $98.45, for a total transaction of $1,969,000.00. Following the transaction, the executive vice president owned 35,115 shares in the company, valued at $3,457,071.75. This trade represents a 36.29% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.14% of the stock is owned by company insiders.

Bank of New York Mellon Price Performance

Shares of BK stock opened at $107.04 on Wednesday. The Bank of New York Mellon Corporation has a fifty-two week low of $70.46 and a fifty-two week high of $110.87. The firm has a market capitalization of $75.49 billion, a price-to-earnings ratio of 16.34, a PEG ratio of 0.99 and a beta of 1.13. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.72 and a current ratio of 0.72. The stock's 50-day simple moving average is $105.32 and its 200-day simple moving average is $94.06.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its earnings results on Tuesday, March 26th. The bank reported $1.30 EPS for the quarter. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%.The firm had revenue of $4.38 billion for the quarter. As a group, equities analysts forecast that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on BK shares. Wells Fargo & Company raised their price target on Bank of New York Mellon from $96.00 to $100.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 16th. Morgan Stanley boosted their target price on shares of Bank of New York Mellon from $101.00 to $116.00 and gave the stock an "overweight" rating in a report on Monday, September 29th. BMO Capital Markets initiated coverage on shares of Bank of New York Mellon in a report on Friday, October 3rd. They issued an "outperform" rating and a $125.00 target price for the company. TD Cowen initiated coverage on shares of Bank of New York Mellon in a report on Thursday, September 25th. They issued a "buy" rating for the company. Finally, The Goldman Sachs Group boosted their target price on shares of Bank of New York Mellon from $106.00 to $120.00 and gave the stock a "buy" rating in a report on Monday, October 6th. Ten investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $106.77.

About Bank of New York Mellon

The Bank of New York Mellon Corporation provides a range of financial products and services in the United States and internationally. The company operates through Securities Services, Market and Wealth Services, Investment and Wealth Management, and other segments. The Securities Services segment offers custody, trust and depositary, accounting, exchange-traded funds, middle-office solutions, transfer agency, services for private equity and real estate funds, foreign exchange, securities lending, liquidity/lending services, and data analytics.

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