Norges Bank Acquires Shares of 12,047,759 Bank of New York Mellon Corporation $BNY

Key Points

• Norges Bank disclosed a new fourth-quarter position in Bank of New York Mellon, buying 12,047,759 shares valued at about $1.4 billion, giving it roughly 1.73% ownership.
• Several analysts recently turned more constructive on BNY, with multiple firms raising price targets; the stock now carries an average “Moderate Buy” rating and a consensus target of about $138.08.
• BNY reported better-than-expected Q1 results, including EPS of $2.25 versus estimates of $1.94 and revenue of $5.41 billion, while also paying a quarterly dividend of $0.53 per share.

Norges Bank bought a new position in shares of Bank of New York Mellon Corporation (NYSE:BNY - Free Report) during the 4th quarter, according to its most recent 13F filing with the SEC. The fund bought 12,047,759 shares of the bank's stock, valued at approximately $1,398,624,000. Norges Bank owned approximately 1.73% of Bank of New York Mellon as of its most recent filing with the SEC.

Several other institutional investors also recently made changes to their positions in BNY. Revolve Wealth Partners LLC purchased a new stake in shares of Bank of New York Mellon during the 4th quarter worth $220,000. Sivia Capital Partners LLC boosted its position in shares of Bank of New York Mellon by 36.6% during the 2nd quarter. Sivia Capital Partners LLC now owns 3,394 shares of the bank's stock worth $309,000 after purchasing an additional 909 shares in the last quarter. Jump Financial LLC purchased a new stake in shares of Bank of New York Mellon during the 2nd quarter worth $2,482,000. Treasurer of the State of North Carolina boosted its position in shares of Bank of New York Mellon by 1.7% during the 2nd quarter. Treasurer of the State of North Carolina now owns 334,388 shares of the bank's stock worth $30,466,000 after purchasing an additional 5,445 shares in the last quarter. Finally, Osterweis Capital Management Inc. boosted its position in shares of Bank of New York Mellon by 11,890.0% during the 2nd quarter. Osterweis Capital Management Inc. now owns 1,199 shares of the bank's stock worth $109,000 after purchasing an additional 1,189 shares in the last quarter. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP J Kevin Mccarthy sold 30,000 shares of the business's stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $136.50, for a total value of $4,095,000.00. Following the completion of the transaction, the executive vice president owned 50,238 shares of the company's stock, valued at approximately $6,857,487. The trade was a 37.39% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Kurtis R. Kurimsky sold 5,290 shares of the business's stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $136.02, for a total transaction of $719,545.80. Following the completion of the transaction, the insider directly owned 17,259 shares of the company's stock, valued at $2,347,569.18. The trade was a 23.46% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 48,091 shares of company stock worth $6,568,423. Company insiders own 0.17% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Morgan Stanley boosted their target price on shares of Bank of New York Mellon from $135.00 to $139.00 and gave the stock an "equal weight" rating in a research report on Friday, April 17th. Royal Bank Of Canada boosted their price objective on shares of Bank of New York Mellon from $130.00 to $142.00 and gave the stock a "sector perform" rating in a research report on Friday, April 17th. Weiss Ratings upgraded shares of Bank of New York Mellon from a "buy (a-)" rating to a "buy (a)" rating in a research report on Monday, May 4th. Truist Financial boosted their price objective on shares of Bank of New York Mellon from $140.00 to $148.00 and gave the stock a "buy" rating in a research report on Friday, April 17th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Bank of New York Mellon from $130.50 to $140.00 and gave the stock an "overweight" rating in a research report on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, Bank of New York Mellon has an average rating of "Moderate Buy" and an average price target of $138.08.

Bank of New York Mellon Price Performance

Bank of New York Mellon stock opened at $139.38 on Friday. Bank of New York Mellon Corporation has a 52 week low of $87.41 and a 52 week high of $141.65. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.82. The firm's 50-day simple moving average is $130.07 and its 200 day simple moving average is $121.47. The firm has a market capitalization of $95.67 billion, a PE ratio of 17.27, a P/E/G ratio of 1.02 and a beta of 1.08.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last released its quarterly earnings data on Thursday, April 16th. The bank reported $2.25 EPS for the quarter, topping the consensus estimate of $1.94 by $0.31. Bank of New York Mellon had a net margin of 14.60% and a return on equity of 15.29%. The business had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same period in the previous year, the firm earned $1.58 EPS. The business's revenue for the quarter was up 12.9% compared to the same quarter last year. On average, equities research analysts predict that Bank of New York Mellon Corporation will post 8.78 EPS for the current fiscal year.

Bank of New York Mellon Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 8th. Investors of record on Monday, April 27th were paid a $0.53 dividend. The ex-dividend date of this dividend was Monday, April 27th. This represents a $2.12 annualized dividend and a yield of 1.5%. Bank of New York Mellon's payout ratio is presently 26.27%.

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.

Want to see what other hedge funds are holding BNY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of New York Mellon Corporation (NYSE:BNY - Free Report).

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.