Northwestern Mutual Wealth Management Co. Purchases Shares of 91,513 Bank of New York Mellon Corporation $BNY

Key Points

• Northwestern Mutual Wealth Management purchased 91,513 shares of Bank of New York Mellon worth approximately $13.2 million in the second quarter. Institutional investors collectively own 85.31% of the company.
• Analysts remain broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $157.13; several firms recently raised their targets or upgraded the stock.
• BNY reported strong quarterly results, earning $2.46 per share versus the $2.16 estimate and generating $5.70 billion in revenue, up 13.3% year over year.

Northwestern Mutual Wealth Management Co. bought a new position in shares of Bank of New York Mellon Corporation (NYSE:BNY - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm bought 91,513 shares of the bank's stock, valued at approximately $13,234,000.

Other institutional investors have also recently bought and sold shares of the company. Quantbot Technologies LP bought a new stake in shares of Bank of New York Mellon during the second quarter worth $1,418,000. Evolve Private Wealth LLC acquired a new position in shares of Bank of New York Mellon during the second quarter valued at $522,000. Farringdon Capital Ltd. acquired a new position in Bank of New York Mellon during the 2nd quarter valued at about $238,000. Varma Mutual Pension Insurance Co bought a new position in Bank of New York Mellon in the second quarter valued at approximately $23,324,000. Finally, Westpac Banking Corp bought a new position in shares of Bank of New York Mellon in the 2nd quarter worth $8,167,000. Institutional investors own 85.31% of the company's stock.

Insiders Place Their Bets

In other Bank of New York Mellon 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 transaction of $4,937,268.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.17% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on BNY shares. Truist Financial boosted 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 raised their price objective 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. Erste Group Bank began coverage on Bank of New York Mellon in a report on Wednesday, July 15th. They set a "buy" rating on the stock. JPMorgan Chase & Co. boosted their target price on Bank of New York Mellon from $149.00 to $159.00 and gave the company an "overweight" rating in a research note on Tuesday, August 4th. Finally, Zacks Research upgraded Bank of New York Mellon from a "hold" rating to a "strong-buy" rating in a report on Wednesday, July 22nd. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $157.13.

Bank of New York Mellon Price Performance

BNY stock opened at $158.72 on Friday. The stock has a 50-day moving average price of $153.85 and a two-hundred day moving average price of $136.61. Bank of New York Mellon Corporation has a 1 year low of $101.71 and a 1 year high of $165.68. The stock has a market cap of $107.69 billion, a PE ratio of 18.48, a price-to-earnings-growth ratio of 1.12 and a beta of 1.06. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.76.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last posted its quarterly earnings data 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 company had revenue of $5.70 billion during the quarter, compared to analysts' expectations 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 revenue for the quarter was up 13.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.93 earnings per share. Equities analysts forecast 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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