Saudi Central Bank Invests $6.95 Million in Bank of New York Mellon Corporation $BNY

Key Points

• Saudi Central Bank acquired 48,083 shares of Bank of New York Mellon in the second quarter, valued at approximately $6.95 million. Institutional investors collectively own 85.31% of the company.
• Analysts maintain a generally positive outlook, with the stock carrying a consensus “Moderate Buy” rating and an average price target of $157.13. Truist raised its target to $178, while RBC lifted its target to $168.
• BNY reported quarterly earnings of $2.46 per share, beating estimates by $0.30, while revenue rose 13.3% year over year to $5.70 billion. The stock recently opened at $165.05, near its 52-week high of $165.84.

Saudi Central Bank acquired a new position in Bank of New York Mellon Corporation (NYSE:BNY - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 48,083 shares of the bank's stock, valued at approximately $6,953,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Fortitude Advisory Group L.L.C. purchased a new stake in Bank of New York Mellon in the second quarter valued at approximately $764,000. Angeles Wealth Management LLC purchased a new position in Bank of New York Mellon in the 2nd quarter worth approximately $796,000. Azimuth Capital Investment Management LLC purchased a new position in Bank of New York Mellon in the 2nd quarter worth approximately $30,307,000. HF Advisory Group LLC bought a new position in shares of Bank of New York Mellon in the 2nd quarter worth $736,000. Finally, Compass Financial Management LLC purchased a new stake in shares of Bank of New York Mellon during the 2nd quarter valued at $761,000. 85.31% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on BNY. Royal Bank Of Canada upped 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. Erste Group Bank started coverage on Bank of New York Mellon in a research report on Wednesday, July 15th. They set a "buy" rating on the stock. Truist Financial lifted their price target on Bank of New York Mellon from $160.00 to $178.00 and gave the stock a "buy" rating in a research note on Thursday, July 16th. Wells Fargo & Company upped their price objective on Bank of New York Mellon from $152.00 to $162.00 and gave the stock an "equal weight" rating in a report on Thursday, July 16th. Finally, Wall Street Zen upgraded Bank of New York Mellon to a "hold" rating in a research report on Saturday, May 23rd. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $157.13.

Insider Activity

In other news, VP Jose Minaya sold 3,520 shares of Bank of New York Mellon stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $162.64, for a total value of $572,492.80. Following the transaction, the vice president owned 180,344 shares in the company, valued at approximately $29,331,148.16. The trade was a 1.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Dermot Mcdonogh sold 31,800 shares of the business's stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $155.26, for a total value of $4,937,268.00. The disclosure for this sale is available in the SEC filing. 0.17% of the stock is currently owned by insiders.

Bank of New York Mellon Price Performance

BNY stock opened at $165.05 on Friday. The firm has a market cap of $111.99 billion, a P/E ratio of 19.21, a P/E/G ratio of 1.24 and a beta of 1.05. The firm's fifty day moving average is $157.46 and its 200 day moving average is $139.49. Bank of New York Mellon Corporation has a 52 week low of $102.63 and a 52 week high of $165.84. 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 (NYSE:BNY - Get Free Report) last posted 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 business had revenue of $5.70 billion during the quarter, compared to the consensus estimate of $5.35 billion. During the same period in the previous year, the firm posted $1.93 earnings per share. The firm's revenue for the quarter was up 13.3% on a year-over-year basis. Research analysts predict that Bank of New York Mellon Corporation will post 9.26 earnings per share 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.

Want to see what other hedge funds are holding BNY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of New York Mellon Corporation (NYSE:BNY - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source