National Pension Service Invests $321.48 Million in Bank of New York Mellon Corporation $BNY

Key Points

• National Pension Service acquired 2.22 million shares of Bank of New York Mellon worth approximately $321.5 million, giving it a 0.33% stake. Institutional investors and hedge funds collectively own 85.31% of the company.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $157.13; several firms recently raised their targets to between $172 and $180.
• BNY reported strong quarterly results, posting $2.46 in EPS versus the $2.16 estimate and $5.70 billion in revenue, up 13.3% year over year. Shares opened at $163.08, near the company’s 52-week high of $165.84.

National Pension Service bought a new stake in Bank of New York Mellon Corporation (NYSE:BNY - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor bought 2,223,062 shares of the bank's stock, valued at approximately $321,477,000. National Pension Service owned 0.33% of Bank of New York Mellon as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Linscomb Wealth Inc. increased its position in Bank of New York Mellon by 2.5% during the fourth quarter. Linscomb Wealth Inc. now owns 3,240 shares of the bank's stock worth $376,000 after buying an additional 80 shares during the last quarter. Cornerstone Financial Management LLC lifted its position in shares of Bank of New York Mellon by 11.4% in the second quarter. Cornerstone Financial Management LLC now owns 784 shares of the bank's stock valued at $113,000 after buying an additional 80 shares during the last quarter. Parkside Financial Bank & Trust lifted its position in shares of Bank of New York Mellon by 3.2% in the fourth quarter. Parkside Financial Bank & Trust now owns 2,805 shares of the bank's stock valued at $326,000 after buying an additional 88 shares during the last quarter. Essex Financial Services Inc. boosted its stake in shares of Bank of New York Mellon by 0.5% during the 4th quarter. Essex Financial Services Inc. now owns 17,584 shares of the bank's stock worth $2,041,000 after acquiring an additional 89 shares during the period. Finally, Maia Wealth LLC boosted its stake in shares of Bank of New York Mellon by 3.0% during the 4th quarter. Maia Wealth LLC now owns 3,049 shares of the bank's stock worth $350,000 after acquiring an additional 90 shares during the period. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

BNY has been the topic of a number of research analyst reports. Citigroup increased their price target on Bank of New York Mellon from $167.00 to $172.00 and gave the company a "neutral" rating in a research note on Monday, July 20th. Truist Financial upped their price objective on shares of Bank of New York Mellon from $160.00 to $178.00 and gave the company a "buy" rating in a report on Thursday, July 16th. Wells Fargo & Company increased their price objective on shares of Bank of New York Mellon from $152.00 to $162.00 and gave the company an "equal weight" rating in a research report on Thursday, July 16th. Barclays raised their target price 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, Argus lifted 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 report on Wednesday, July 22nd. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, Bank of New York Mellon has an average rating of "Moderate Buy" and an average price target of $157.13.

Bank of New York Mellon Stock Performance

Shares of NYSE BNY opened at $163.08 on Thursday. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.72 and a quick ratio of 0.72. The firm has a market cap of $110.65 billion, a price-to-earnings ratio of 18.98, a P/E/G ratio of 1.22 and a beta of 1.05. The stock's fifty day moving average price is $158.60 and its two-hundred day moving average price is $140.59. Bank of New York Mellon Corporation has a one year low of $102.63 and a one year high of $165.84.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last announced its earnings results on Wednesday, July 15th. The bank reported $2.46 earnings per share (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 during the quarter, compared to analysts' expectations of $5.35 billion. During the same quarter in the previous year, the business posted $1.93 earnings per share. Bank of New York Mellon's quarterly revenue was up 13.3% on a year-over-year basis. On average, equities analysts forecast that Bank of New York Mellon Corporation will post 9.26 EPS for the current year.

Insider Activity

In other Bank of New York Mellon news, VP Jose Minaya sold 3,520 shares of the business's stock in a transaction dated Thursday, August 27th. The shares were 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 owned 180,344 shares of the company's stock, valued at $29,331,148.16. The trade was a 1.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Dermot Mcdonogh sold 31,800 shares of the stock in a transaction that occurred 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 SEC filing for this sale provides additional information. 0.17% of the stock is owned by insiders.

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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