Premier Path Wealth Partners LLC Makes New $4.32 Million Investment in Bank of New York Mellon Corporation $BNY

Key Points

• Premier Path Wealth Partners acquired 29,881 shares of Bank of New York Mellon worth approximately $4.32 million, while institutional investors collectively own 85.31% of the company.
• Analysts maintain a “Moderate Buy” consensus rating with an average price target of $157.13; targets from several firms range as high as $180.
• BNY exceeded quarterly expectations, reporting $2.46 in earnings per share versus $2.16 expected and $5.70 billion in revenue, up 13.3% year over year.

Premier Path Wealth Partners LLC acquired a new stake in shares of Bank of New York Mellon Corporation (NYSE:BNY - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 29,881 shares of the bank's stock, valued at approximately $4,321,000.

Other institutional investors have also recently made changes to their positions in the company. Linscomb Wealth Inc. increased its position in Bank of New York Mellon by 2.5% during the 4th quarter. Linscomb Wealth Inc. now owns 3,240 shares of the bank's stock valued at $376,000 after buying an additional 80 shares in the last quarter. Parkside Financial Bank & Trust raised its stake in Bank of New York Mellon by 3.2% in the fourth quarter. Parkside Financial Bank & Trust now owns 2,805 shares of the bank's stock valued at $326,000 after buying an additional 88 shares during the last quarter. Essex Financial Services Inc. boosted its holdings in Bank of New York Mellon by 0.5% in the fourth quarter. Essex Financial Services Inc. now owns 17,584 shares of the bank's stock worth $2,041,000 after acquiring an additional 89 shares in the last quarter. Maia Wealth LLC grew its stake in shares of Bank of New York Mellon by 3.0% during the fourth quarter. Maia Wealth LLC now owns 3,049 shares of the bank's stock worth $350,000 after acquiring an additional 90 shares during the last quarter. Finally, Nemes Rush Group LLC grew its stake in shares of Bank of New York Mellon by 12.8% during the fourth quarter. Nemes Rush Group LLC now owns 813 shares of the bank's stock worth $94,000 after acquiring an additional 92 shares during the last quarter. Institutional investors and hedge funds own 85.31% of the company's stock.

Wall Street Analyst Weigh In

BNY has been the subject of several research analyst reports. Wall Street Zen raised shares of Bank of New York Mellon to a "hold" rating in a research report on Saturday, May 23rd. Royal Bank Of Canada boosted their target price on shares of Bank of New York Mellon from $142.00 to $168.00 and gave the stock a "sector perform" rating in a research report on Thursday, July 16th. Argus upped their price target on shares of 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. Weiss Ratings cut shares of Bank of New York Mellon from a "buy (a)" rating to a "buy (a-)" rating in a report on Thursday, August 13th. Finally, Wells Fargo & Company lifted their price objective on shares of 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. Two equities 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 stock. Based on data from MarketBeat, Bank of New York Mellon currently has a consensus rating of "Moderate Buy" and a consensus target price of $157.13.

Insiders Place Their Bets

In other news, VP Jose Minaya sold 3,520 shares of the stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $162.64, for a total value of $572,492.80. Following the sale, the vice president owned 180,344 shares in the company, valued at $29,331,148.16. This represents a 1.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Dermot Mcdonogh sold 31,800 shares of the firm's stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $155.26, for a total transaction of $4,937,268.00. Additional details regarding this sale are available in the official SEC disclosure. 0.17% of the stock is owned by corporate insiders.

Bank of New York Mellon Trading Up 1.3%

Bank of New York Mellon stock opened at $164.19 on Friday. The stock has a 50-day moving average price of $157.03 and a 200 day moving average price of $139.31. The company has a market capitalization of $111.40 billion, a price-to-earnings ratio of 19.11, a price-to-earnings-growth ratio of 1.22 and a beta of 1.05. Bank of New York Mellon Corporation has a 52 week low of $102.63 and a 52 week high of $165.68. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.76.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last issued its quarterly earnings results 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. Bank of New York Mellon had a net margin of 15.52% and a return on equity of 16.00%. The company had revenue of $5.70 billion for the quarter, compared to the consensus estimate of $5.35 billion. During the same quarter in the prior year, the company earned $1.93 EPS. Bank of New York Mellon's quarterly revenue was up 13.3% on a year-over-year basis. Sell-side analysts anticipate that Bank of New York Mellon Corporation will post 9.26 EPS for the current 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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