S Bank Fund Management Ltd Takes $789,000 Position in The Bank of New York Mellon Corporation $BK

Key Points

• S Bank Fund Management Ltd has established a new position in The Bank of New York Mellon Corporation valued at $789,000, acquiring 8,663 shares in the second quarter.
• A variety of institutional investors, including Goldman Sachs and Wellington Management Group, significantly increased their holdings in the bank during the first quarter.
• Analysts have shown a positive outlook on the stock, with multiple firms raising their price targets and issuing a consensus rating of "Moderate Buy".

S Bank Fund Management Ltd bought a new stake in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 8,663 shares of the bank's stock, valued at approximately $789,000.

A number of other hedge funds also recently modified their holdings of BK. Nuveen LLC purchased a new stake in shares of Bank of New York Mellon in the first quarter valued at $773,627,000. AustralianSuper Pty Ltd purchased a new stake in shares of Bank of New York Mellon during the first quarter worth $92,502,000. Goldman Sachs Group Inc. raised its holdings in shares of Bank of New York Mellon by 26.3% during the first quarter. Goldman Sachs Group Inc. now owns 5,053,744 shares of the bank's stock worth $423,858,000 after acquiring an additional 1,052,145 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of Bank of New York Mellon by 257.6% during the first quarter. Wellington Management Group LLP now owns 1,236,255 shares of the bank's stock worth $103,685,000 after acquiring an additional 890,593 shares in the last quarter. Finally, AQR Capital Management LLC raised its holdings in shares of Bank of New York Mellon by 37.7% during the first quarter. AQR Capital Management LLC now owns 3,244,204 shares of the bank's stock worth $266,349,000 after acquiring an additional 887,361 shares in the last quarter. Hedge funds and other institutional investors own 85.31% of the company's stock.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. The Goldman Sachs Group increased their price objective on Bank of New York Mellon from $106.00 to $120.00 and gave the stock a "buy" rating in a report on Monday, October 6th. TD Cowen assumed coverage on Bank of New York Mellon in a report on Thursday, September 25th. They set a "buy" rating on the stock. Weiss Ratings restated a "buy (b+)" rating on shares of Bank of New York Mellon in a report on Wednesday, October 8th. Morgan Stanley raised their target price on Bank of New York Mellon from $101.00 to $116.00 and gave the company an "overweight" rating in a report on Monday, September 29th. Finally, BMO Capital Markets assumed coverage on Bank of New York Mellon in a report on Friday, October 3rd. They set an "outperform" rating and a $125.00 target price on the stock. Ten research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $106.77.

Bank of New York Mellon Trading Up 1.7%

Shares of NYSE:BK opened at $108.94 on Thursday. The company has a market cap of $76.83 billion, a P/E ratio of 16.63, a P/E/G ratio of 1.00 and a beta of 1.13. The stock's 50-day moving average is $105.45 and its 200-day moving average is $94.16. The Bank of New York Mellon Corporation has a 52-week low of $70.46 and a 52-week high of $110.87. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.72 and a current ratio of 0.72.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its quarterly earnings results on Tuesday, March 26th. The bank reported $1.30 earnings per share (EPS) for the quarter. The company had revenue of $4.38 billion for the quarter. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%. Equities research analysts predict that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current year.

Insiders Place Their Bets

In related news, EVP J Kevin Mccarthy sold 20,000 shares of Bank of New York Mellon stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $98.45, for a total transaction of $1,969,000.00. Following the sale, the executive vice president directly owned 35,115 shares of the company's stock, valued at $3,457,071.75. This trade represents a 36.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.14% of the stock is currently owned by company insiders.

Bank of New York Mellon Company Profile

The Bank of New York Mellon Corporation provides a range of financial products and services in the United States and internationally. The company operates through Securities Services, Market and Wealth Services, Investment and Wealth Management, and other segments. The Securities Services segment offers custody, trust and depositary, accounting, exchange-traded funds, middle-office solutions, transfer agency, services for private equity and real estate funds, foreign exchange, securities lending, liquidity/lending services, and data analytics.

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