Sequoia Financial Advisors LLC Buys New Shares in Bank of New York Mellon Corporation $BNY

Key Points

• Sequoia Financial Advisors acquired 63,485 shares of Bank of New York Mellon worth approximately $9.18 million in the second quarter. Institutional investors collectively own 85.31% of the company.
• Analysts maintain a positive outlook, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $157.13; several firms recently raised their targets to as high as $180.
• BNY exceeded quarterly expectations, reporting $2.46 in earnings per share versus a $2.16 estimate and $5.70 billion in revenue, up 13.3% year over year.

Sequoia Financial Advisors LLC purchased a new position in Bank of New York Mellon Corporation (NYSE:BNY - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 63,485 shares of the bank's stock, valued at approximately $9,181,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Van Hulzen Asset Management LLC acquired a new position in shares of Bank of New York Mellon during the second quarter valued at about $885,000. IPG Investment Advisors LLC acquired a new stake in shares of Bank of New York Mellon in the 2nd quarter valued at about $2,185,000. MCF Advisors LLC acquired a new stake in shares of Bank of New York Mellon in the 2nd quarter valued at about $59,000. Archford Capital Strategies LLC bought a new stake in Bank of New York Mellon in the 2nd quarter valued at about $3,653,000. Finally, National Pension Service bought a new stake in Bank of New York Mellon in the 2nd quarter valued at about $321,477,000. 85.31% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on BNY. JPMorgan Chase & Co. upped their price target on 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. Argus boosted their price objective on Bank of New York Mellon from $153.00 to $180.00 and gave the company a "buy" rating in a report on Wednesday, July 22nd. Wells Fargo & Company upped their target price 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. 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. Finally, Barclays lifted their price target on shares of Bank of New York Mellon from $149.00 to $178.00 and gave the company an "overweight" rating in a research report on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, Bank of New York Mellon presently has an average rating of "Moderate Buy" and an average target price of $157.13.

Bank of New York Mellon Price Performance

Shares of NYSE BNY opened at $162.60 on Friday. The stock has a market cap of $110.32 billion, a price-to-earnings ratio of 18.93, a PEG ratio of 1.22 and a beta of 1.05. 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 Corporation has a fifty-two week low of $103.11 and a fifty-two week high of $165.84. The firm's 50-day simple moving average is $158.92 and its 200 day simple moving average is $140.91.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last issued its quarterly earnings data on Wednesday, July 15th. The bank reported $2.46 EPS for the quarter, topping analysts' consensus estimates of $2.16 by $0.30. The firm had revenue of $5.70 billion during the quarter, compared to analyst estimates of $5.35 billion. Bank of New York Mellon had a return on equity of 16.00% and a net margin of 15.52%.The company's revenue for the quarter was up 13.3% on a year-over-year basis. During the same period in the previous year, the company posted $1.93 EPS. As a group, research analysts anticipate that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current fiscal year.

Insider Activity at Bank of New York Mellon

In related news, VP Jose Minaya sold 3,520 shares of Bank of New York Mellon stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $162.64, for a total transaction of $572,492.80. Following the transaction, the vice president owned 180,344 shares of the company's stock, valued at $29,331,148.16. The trade was a 1.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Dermot Mcdonogh sold 31,800 shares of the company's stock in a transaction on Wednesday, July 29th. The stock was 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 owned by 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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