Park National Corp OH Raises Stake in Bank of New York Mellon Corporation $BNY

Key Points

• Park National Corp OH increased its BNY stake by 1,500.1% in the third quarter, adding 180,881 shares to hold 192,939 shares valued at approximately $27.9 million.
• Institutional investors own 85.31% of BNY, while analysts maintain a “Moderate Buy” consensus with an average price target of $159.14.
• BNY’s latest quarterly results exceeded expectations, with EPS of $2.46 versus the $2.16 estimate and revenue of $5.70 billion; shares recently traded at $143.82.

Park National Corp OH raised its holdings in shares of Bank of New York Mellon Corporation (NYSE:BNY - Free Report) by 1,500.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 192,939 shares of the bank's stock after buying an additional 180,881 shares during the quarter. Park National Corp OH's holdings in Bank of New York Mellon were worth $27,905,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of BNY. Focus Partners Advisor Solutions LLC bought a new position in shares of Bank of New York Mellon during the 2nd quarter worth about $1,128,000. Northwestern Mutual Wealth Management Co. bought a new position in Bank of New York Mellon during the second quarter valued at about $13,234,000. Engineers Gate Manager LP bought a new position in Bank of New York Mellon during the second quarter valued at about $1,264,000. Corient Private Wealth LP bought a new stake in shares of Bank of New York Mellon in the 2nd quarter worth approximately $48,434,000. Finally, Bellars Harris Wealth Management LLC acquired a new stake in shares of Bank of New York Mellon during the 2nd quarter worth approximately $10,324,000. 85.31% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts recently commented on BNY shares. Keefe, Bruyette & Woods raised their target price on Bank of New York Mellon from $166.00 to $177.00 and gave the stock an "outperform" rating in a research report on Thursday, July 16th. Zacks Research cut shares of Bank of New York Mellon from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 7th. Truist Financial reduced their price objective on shares of Bank of New York Mellon from $178.00 to $172.00 and set a "buy" rating for the company in a report on Friday, September 25th. Erste Group Bank started coverage on shares of Bank of New York Mellon in a research note on Wednesday, July 15th. They set a "buy" rating for the company. Finally, Bank of America lifted their price objective on Bank of New York Mellon from $165.00 to $175.00 and gave the company a "buy" rating in a report on Monday, July 20th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $159.14.

Bank of New York Mellon Price Performance

Bank of New York Mellon stock traded down $1.58 during trading hours on Monday, hitting $143.82. 1,041,857 shares of the stock were exchanged, compared to its average volume of 3,687,306. The stock has a market capitalization of $97.58 billion, a P/E ratio of 16.74, a P/E/G ratio of 1.09 and a beta of 1.06. The business's 50-day moving average is $157.61 and its two-hundred day moving average is $144.72. 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 12 month low of $103.11 and a 12 month high of $165.84.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last posted its earnings results on Wednesday, July 15th. The bank reported $2.46 earnings per share (EPS) for the quarter, beating 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 net margin of 15.52% and a return on equity of 16.00%. 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 earnings per share. Equities research analysts expect that Bank of New York Mellon Corporation will post 9.28 EPS for the current fiscal year.

Insider Transactions at Bank of New York Mellon

In other Bank of New York Mellon news, VP Jose Minaya sold 3,520 shares of the stock in a transaction dated Monday, September 28th. The shares were sold at an average price of $148.79, for a total transaction of $523,740.80. Following the sale, the vice president owned 176,824 shares of the company's stock, valued at $26,309,642.96. This represents a 1.95% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Dermot Mcdonogh sold 31,800 shares of the business's stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $155.26, for a total transaction of $4,937,268.00. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 38,840 shares of company stock worth $6,033,502. Insiders own 0.17% of the company's stock.

Bank of New York Mellon 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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