Mraz Amerine & Associates Inc. Purchases Shares of 19,700 Bank of New York Mellon Corporation $BNY

Key Points

• Mraz Amerine & Associates purchased 19,700 shares of Bank of New York Mellon in the second quarter, valued at approximately $2.85 million. Institutional investors collectively own 85.31% of the company.
• Analysts maintain a positive outlook, with the stock carrying a consensus “Moderate Buy” rating and an average price target of $157.13; recent targets range as high as $180.
• BNY exceeded quarterly expectations, reporting $2.46 in earnings per share and $5.70 billion in revenue, with revenue up 13.3% year over year. Shares recently traded at $162.91, near the company’s 52-week high.

Mraz Amerine & Associates Inc. purchased a new stake in Bank of New York Mellon Corporation (NYSE:BNY - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 19,700 shares of the bank's stock, valued at approximately $2,849,000.

A number of other large investors have also recently made changes to their positions in the business. Abound Financial LLC purchased a new stake in shares of Bank of New York Mellon in the fourth quarter worth approximately $25,000. MCF Advisors LLC lifted its holdings in Bank of New York Mellon by 74.8% during the fourth 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. Luken Investment Analytics LLC purchased a new position in Bank of New York Mellon in the 2nd quarter valued at approximately $27,000. Burnham & Co LLC bought a new stake in shares of Bank of New York Mellon during the 2nd quarter valued at $29,000. Finally, EFG International AG purchased a new stake in shares of Bank of New York Mellon in the second quarter worth about $29,000. 85.31% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on BNY shares. Wall Street Zen upgraded shares of Bank of New York Mellon to a "hold" rating in a research report on Saturday, May 23rd. Weiss Ratings cut Bank of New York Mellon from a "buy (a)" rating to a "buy (a-)" rating in a report on Thursday, August 13th. Argus lifted their price objective on Bank of New York Mellon from $153.00 to $180.00 and gave the company a "buy" rating in a research report on Wednesday, July 22nd. Bank of America upped their target price on shares of Bank of New York Mellon from $165.00 to $175.00 and gave the stock a "buy" rating in a research report on Monday, July 20th. Finally, Zacks Research upgraded Bank of New York Mellon from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 22nd. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, Bank of New York Mellon currently has a consensus rating of "Moderate Buy" and an average target price of $157.13.

Insider Buying and Selling at Bank of New York Mellon

In related news, CFO Dermot Mcdonogh sold 31,800 shares of the firm's stock in a transaction 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Jose Minaya sold 3,520 shares of Bank of New York Mellon stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $162.64, for a total value of $572,492.80. Following the completion of the sale, the vice president directly owned 180,344 shares in the company, valued at approximately $29,331,148.16. The trade was a 1.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.17% of the stock is owned by company insiders.

Bank of New York Mellon Stock Performance

Shares of Bank of New York Mellon stock traded down $1.93 during trading hours on Tuesday, reaching $162.91. 2,406,021 shares of the stock traded hands, compared to its average volume of 3,649,098. Bank of New York Mellon Corporation has a one year low of $102.63 and a one year high of $165.84. The firm has a market capitalization of $110.54 billion, a price-to-earnings ratio of 18.97, a P/E/G ratio of 1.24 and a beta of 1.05. 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 company has a 50 day moving average price of $158.26 and a 200 day moving average price of $140.28.

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 earnings per share for the quarter, topping the consensus estimate of $2.16 by $0.30. The business 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 was up 13.3% compared to the same quarter last year. During the same quarter last year, the company posted $1.93 EPS. On average, equities research analysts expect that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current fiscal 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.