NewEdge Advisors LLC Takes $72.72 Million Position in Bank of New York Mellon Corporation $BNY

Key Points

• NewEdge Advisors initiated a $72.72 million position in Bank of New York Mellon during the second quarter, purchasing 502,866 shares. Hedge funds and institutional investors collectively own 85.31% of the company.
• BNY reported strong quarterly results, with earnings per share of $2.46 beating estimates by $0.30 and revenue rising 13.3% year over year to $5.70 billion.
• Analysts generally remain positive, giving BNY a “Moderate Buy” consensus rating and an average price target of $157.13, while the stock recently traded near its 52-week high at $162.91.

NewEdge Advisors LLC bought a new position in Bank of New York Mellon Corporation (NYSE:BNY - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 502,866 shares of the bank's stock, valued at approximately $72,719,000. NewEdge Advisors LLC owned about 0.07% of Bank of New York Mellon as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in BNY. Luken Investment Analytics LLC purchased a new stake in Bank of New York Mellon during the 2nd quarter valued at $27,000. EFG International AG purchased a new position in shares of Bank of New York Mellon in the second quarter valued at about $29,000. Burnham & Co LLC bought a new position in shares of Bank of New York Mellon during the second quarter valued at about $29,000. Abound Financial LLC purchased a new stake in shares of Bank of New York Mellon during the fourth quarter worth about $25,000. Finally, N.E.W. Advisory Services LLC bought a new stake in shares of Bank of New York Mellon in the second quarter worth about $32,000. 85.31% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Bank of New York Mellon news, VP Jose Minaya sold 3,520 shares of the stock in a transaction 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 transaction, the vice president owned 180,344 shares in the company, valued at approximately $29,331,148.16. This represents a 1.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 value of $4,937,268.00. The SEC filing for this sale provides additional information. 0.17% of the stock is currently owned by corporate insiders.

Bank of New York Mellon Stock Down 1.2%

BNY stock opened at $162.91 on Wednesday. Bank of New York Mellon Corporation has a fifty-two week low of $102.63 and a fifty-two week high of $165.84. The company has a market capitalization of $110.53 billion, a price-to-earnings ratio of 18.97, a price-to-earnings-growth ratio of 1.24 and a beta of 1.05. The business's 50 day moving average price is $158.26 and its two-hundred day moving average price is $140.28. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.72 and a current ratio of 0.72.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last released its earnings results on Wednesday, July 15th. The bank reported $2.46 EPS for the quarter, beating analysts' consensus estimates 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 company had revenue of $5.70 billion during the quarter, compared to analysts' expectations of $5.35 billion. During the same quarter last year, the business posted $1.93 EPS. The firm's revenue for the quarter was up 13.3% compared to the same quarter last year. As a group, analysts forecast that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts recently issued reports on BNY shares. Zacks Research upgraded Bank of New York Mellon from a "hold" rating to a "strong-buy" rating in a report on Wednesday, July 22nd. Barclays lifted their price objective on Bank of New York Mellon from $149.00 to $178.00 and gave the stock an "overweight" rating in a research report on Thursday, July 16th. Truist Financial boosted their target price 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. Wall Street Zen upgraded Bank of New York Mellon to a "hold" rating in a report on Saturday, May 23rd. Finally, Royal Bank Of Canada raised their price target on Bank of New York Mellon from $142.00 to $168.00 and gave the stock a "sector perform" rating in a research note on Thursday, July 16th. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $157.13.

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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