RB Capital Management LLC Takes $2.18 Million Position in Bank of New York Mellon Corporation $BNY

Key Points

• RB Capital Management purchased 15,080 BNY shares in the second quarter, establishing a new position valued at approximately $2.18 million. Institutional investors collectively own 85.31% of the company.
• Analysts maintain a generally positive outlook, with BNY carrying a consensus rating of “Moderate Buy” and an average price target of $157.13; several firms recently raised their targets to between $168 and $178.
• BNY exceeded quarterly expectations, reporting $2.46 in EPS versus the $2.16 consensus estimate and $5.70 billion in revenue, up 13.3% year over year. Shares opened at $162.50, near their 52-week high of $165.68.

RB Capital Management LLC purchased a new stake in Bank of New York Mellon Corporation (NYSE:BNY - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 15,080 shares of the bank's stock, valued at approximately $2,181,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Linscomb Wealth Inc. lifted 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 purchasing an additional 80 shares during the period. Parkside Financial Bank & Trust raised its stake in shares of Bank of New York Mellon by 3.2% during the fourth quarter. Parkside Financial Bank & Trust now owns 2,805 shares of the bank's stock worth $326,000 after buying an additional 88 shares during the last quarter. Essex Financial Services Inc. lifted 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 valued at $2,041,000 after buying an additional 89 shares during the period. Maia Wealth LLC boosted its stake in Bank of New York Mellon by 3.0% in the fourth quarter. Maia Wealth LLC now owns 3,049 shares of the bank's stock valued at $350,000 after acquiring an additional 90 shares during the last quarter. Finally, Nemes Rush Group LLC grew its holdings in Bank of New York Mellon by 12.8% during the 4th 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 period. 85.31% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on BNY. Erste Group Bank assumed coverage on Bank of New York Mellon in a research note on Wednesday, July 15th. They issued a "buy" rating on the stock. Keefe, Bruyette & Woods increased their target price on Bank of New York Mellon from $166.00 to $177.00 and gave the company an "outperform" rating in a research note on Thursday, July 16th. Weiss Ratings cut Bank of New York Mellon from a "buy (a)" rating to a "buy (a-)" rating in a report on Thursday, August 13th. Royal Bank Of Canada upped their price target on Bank of New York Mellon from $142.00 to $168.00 and gave the company a "sector perform" rating in a research note on Thursday, July 16th. Finally, Barclays boosted their price objective on shares of Bank of New York Mellon from $149.00 to $178.00 and gave the company an "overweight" rating in a report on Thursday, July 16th. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $157.13.

Bank of New York Mellon Price Performance

Shares of BNY opened at $162.50 on Friday. The stock has a 50 day simple moving average of $155.73 and a 200 day simple moving average of $138.06. 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 debt-to-equity ratio of 0.76, a quick ratio of 0.72 and a current ratio of 0.72. The firm has a market capitalization of $110.26 billion, a PE ratio of 18.92, a P/E/G ratio of 1.15 and a beta of 1.06.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last announced its earnings results on Wednesday, July 15th. The bank reported $2.46 EPS 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 firm 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 company posted $1.93 EPS. The business's quarterly revenue was up 13.3% on a year-over-year basis. Sell-side analysts predict that Bank of New York Mellon Corporation will post 9.26 EPS for the current fiscal year.

Insider Activity

In related news, 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 transaction of $4,937,268.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.17% of the stock is owned by corporate insiders.

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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