NewEdge Wealth LLC Invests $2.32 Million in Bank of New York Mellon Corporation $BNY

Key Points

• NewEdge Wealth acquired 16,020 BNY shares during the second quarter, valued at approximately $2.32 million. Institutional investors collectively own 85.31% of the company.
• Analysts raised their price targets, with a consensus rating of “Moderate Buy” and an average target of $157.13. Argus set the highest target at $180 and rated the stock a buy.
• BNY exceeded quarterly expectations, reporting $2.46 in EPS versus $2.16 expected and $5.70 billion in revenue. Revenue increased 13.3% year over year, while CFO Dermot McDonogh sold $4.94 million of company stock.

NewEdge Wealth LLC acquired a new position in shares of Bank of New York Mellon Corporation (NYSE:BNY - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 16,020 shares of the bank's stock, valued at approximately $2,317,000.

Other hedge funds also recently modified their holdings of the company. Abound Financial LLC acquired a new position in shares of Bank of New York Mellon in the 4th quarter valued at approximately $25,000. N.E.W. Advisory Services LLC bought a new position in Bank of New York Mellon in the second quarter valued at approximately $32,000. MCF Advisors LLC raised its position 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 in the last quarter. MidFirst Bank acquired a new position in Bank of New York Mellon during the second quarter valued at approximately $38,000. Finally, Heritage Wealth Advisors bought a new stake in Bank of New York Mellon during the fourth quarter worth $31,000. Institutional investors own 85.31% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on BNY. Citigroup raised their target price on Bank of New York Mellon from $167.00 to $172.00 and gave the company a "neutral" rating in a report on Monday, July 20th. Royal Bank Of Canada upped their price objective on Bank of New York Mellon from $142.00 to $168.00 and gave the stock a "sector perform" rating in a research report on Thursday, July 16th. Argus raised 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 note on Wednesday, July 22nd. Keefe, Bruyette & Woods lifted their target price on Bank of New York Mellon from $166.00 to $177.00 and gave the company an "outperform" rating in a research report on Thursday, July 16th. Finally, Wells Fargo & Company boosted their target price on Bank of New York Mellon from $152.00 to $162.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 16th. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $157.13.

Insider Activity

In other news, CFO Dermot Mcdonogh sold 31,800 shares of the company's stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $155.26, for a total value of $4,937,268.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.17% of the stock is owned by corporate insiders.

Bank of New York Mellon Stock Down 1.3%

Shares of NYSE:BNY opened at $157.61 on Friday. The company has a fifty day moving average of $153.55 and a 200-day moving average of $136.46. The company has a market capitalization of $106.94 billion, a PE ratio of 18.35, a price-to-earnings-growth ratio of 1.13 and a beta of 1.06. 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 Corporation has a 52-week low of $100.44 and a 52-week high of $165.68.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last issued its quarterly earnings data on Wednesday, July 15th. The bank reported $2.46 earnings per share for the quarter, topping analysts' consensus estimates of $2.16 by $0.30. The business had revenue of $5.70 billion for the quarter, compared to analyst estimates of $5.35 billion. Bank of New York Mellon had a return on equity of 16.00% and a net margin of 15.52%.Bank of New York Mellon's quarterly revenue was up 13.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.93 EPS. On average, equities analysts predict that Bank of New York Mellon Corporation will post 9.26 EPS for the current fiscal year.

About Bank of New York Mellon

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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