Perigon Wealth Management LLC Acquires New Holdings in Bank of New York Mellon Corporation $BNY

Key Points

• Perigon Wealth Management acquired 9,031 shares of Bank of New York Mellon in the second quarter, valued at approximately $1.3 million. Other institutional investors also initiated positions, and institutions now own 85.31% of the stock.
• Analysts have raised their price targets, with the stock carrying a “Moderate Buy” consensus rating and an average target of $157.13. Ratings include two Strong Buys, ten Buys, and five Holds.
• BNY reported strong quarterly results, earning $2.46 per share versus the $2.16 consensus estimate, while revenue rose 13.3% year over year to $5.70 billion. Shares opened at $163.80, near the company’s 12-month high of $165.68, although CFO Dermot McDonogh sold 31,800 shares.

Perigon Wealth Management LLC bought a new position in Bank of New York Mellon Corporation (NYSE:BNY - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 9,031 shares of the bank's stock, valued at approximately $1,306,000.

A number of other large investors have also recently added to or reduced their stakes in BNY. Commerzbank Aktiengesellschaft FI acquired a new position in Bank of New York Mellon during the 2nd quarter worth $3,280,000. Trust Co. of Vermont bought a new stake in Bank of New York Mellon during the second quarter valued at about $1,765,000. Principle Wealth Partners LLC acquired a new stake in shares of Bank of New York Mellon in the second quarter valued at about $2,304,000. UP Strategic Wealth Investment Advisors LLC acquired a new stake in shares of Bank of New York Mellon in the second quarter valued at about $321,000. Finally, Focused Wealth Management Inc bought a new position in shares of Bank of New York Mellon in the second quarter worth about $249,000. Institutional investors own 85.31% of the company's stock.

Wall Street Analysts Forecast Growth

BNY has been the subject of several research analyst reports. Citigroup boosted their price objective on Bank of New York Mellon from $167.00 to $172.00 and gave the stock a "neutral" rating in a research report on Monday, July 20th. Wells Fargo & Company lifted their price target on Bank of New York Mellon from $152.00 to $162.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 16th. Barclays upped their price target on Bank of New York Mellon from $149.00 to $178.00 and gave the stock an "overweight" rating in a report on Thursday, July 16th. Royal Bank Of Canada increased their price objective on Bank of New York Mellon from $142.00 to $168.00 and gave the company a "sector perform" rating in a research report on Thursday, July 16th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Bank of New York Mellon from $149.00 to $159.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 4th. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $157.13.

Insider Activity at Bank of New York Mellon

In other news, CFO Dermot Mcdonogh sold 31,800 shares of Bank of New York Mellon 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.17% of the company's stock.

Bank of New York Mellon Stock Down 0.3%

NYSE BNY opened at $163.80 on Wednesday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.72 and a current ratio of 0.72. The firm has a 50-day simple moving average of $152.84 and a 200 day simple moving average of $135.92. Bank of New York Mellon Corporation has a twelve month low of $99.67 and a twelve month high of $165.68. The stock has a market cap of $111.14 billion, a PE ratio of 19.07, a PEG ratio of 1.16 and a beta of 1.06.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last released its earnings results 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. Bank of New York Mellon had a return on equity of 16.00% and a net margin of 15.52%.The business had revenue of $5.70 billion for the quarter, compared to the consensus estimate of $5.35 billion. During the same period last year, the business earned $1.93 earnings per share. The firm's revenue for the quarter was up 13.3% compared to the same quarter last year. On average, research analysts forecast that Bank of New York Mellon Corporation will post 9.26 EPS for the current 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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