Nykredit A S Buys New Stake in Bank of New York Mellon Corporation $BNY

Key Points

• Nykredit A S acquired 206,162 shares of Bank of New York Mellon in the second quarter, representing an investment of approximately $29.8 million. Institutional investors and hedge funds collectively own 85.31% of the stock.
• 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 to between $159 and $180.
• BNY Mellon exceeded quarterly expectations, reporting $2.46 in EPS versus the $2.16 estimate and $5.70 billion in revenue, up 13.3% year over year. Shares recently traded at $153.45, near the upper end of their 52-week range.

Nykredit A S purchased a new position in shares of Bank of New York Mellon Corporation (NYSE:BNY - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 206,162 shares of the bank's stock, valued at approximately $29,813,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Parkside Financial Bank & Trust acquired a new stake in shares of Bank of New York Mellon in the second quarter worth $438,000. Range Advisory LLC increased its stake in shares of Bank of New York Mellon by 17.6% during the second quarter. Range Advisory LLC now owns 2,830 shares of the bank's stock valued at $409,000 after acquiring an additional 423 shares during the period. Brown Lisle Cummings Inc. acquired a new stake in Bank of New York Mellon during the second quarter valued at approximately $1,012,000. Cornerstone Financial Management LLC raised its holdings in shares of Bank of New York Mellon by 11.4% during the second quarter. Cornerstone Financial Management LLC now owns 784 shares of the bank's stock valued at $113,000 after acquiring an additional 80 shares during the period. Finally, Corient Private Wealth LP acquired a new stake in Bank of New York Mellon during the 2nd quarter worth about $48,434,000. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have commented on BNY shares. JPMorgan Chase & Co. increased their price target on Bank of New York Mellon from $149.00 to $159.00 and gave the company an "overweight" rating in a report on Tuesday, August 4th. Keefe, Bruyette & Woods upped their price target on shares of Bank of New York Mellon from $166.00 to $177.00 and gave the company an "outperform" rating in a report on Thursday, July 16th. Citigroup raised 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 report on Monday, July 20th. Argus increased their target price 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. Finally, Bank of America raised their price target on shares of Bank of New York Mellon from $165.00 to $175.00 and gave the stock a "buy" rating in a research report on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $157.13.

Insider Buying and Selling

In related news, VP Jose Minaya sold 3,520 shares of the company's stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $162.64, for a total transaction of $572,492.80. Following the completion of the sale, 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 sale was disclosed in a filing with the SEC, 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. Additional details regarding this sale are available in the official SEC disclosure. 0.17% of the stock is currently owned by insiders.

Bank of New York Mellon Price Performance

Shares of NYSE BNY opened at $153.45 on Friday. 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 business has a 50-day moving average of $159.58 and a 200-day moving average of $142.32. The stock has a market capitalization of $104.12 billion, a price-to-earnings ratio of 17.86, a PEG ratio of 1.15 and a beta of 1.05. Bank of New York Mellon Corporation has a fifty-two week low of $103.11 and a fifty-two week high of $165.84.

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 (EPS) for the quarter, topping analysts' consensus estimates 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%.The business's revenue was up 13.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.93 earnings per share. As a group, sell-side analysts predict that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current fiscal year.

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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