S&G Foundation Takes $36.30 Million Position in Bank of New York Mellon Corporation $BNY

Key Points

• S&G Foundation purchased 251,000 BNY shares worth approximately $36.3 million in the second quarter, making Bank of New York Mellon its eighth-largest holding at 1.7% of the portfolio.
• Institutional ownership remains high at 85.31%, while analysts maintain a “Moderate Buy” consensus with an average price target of $157.13.
• BNY exceeded quarterly expectations, reporting $2.46 in EPS and $5.70 billion in revenue, up 13.3% year over year; shares recently traded at $158.72.

S&G Foundation purchased a new position 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 fund purchased 251,000 shares of the bank's stock, valued at approximately $36,297,000. Bank of New York Mellon accounts for approximately 1.7% of S&G Foundation's holdings, making the stock its 8th biggest position.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Revolve Wealth Partners LLC bought a new position in Bank of New York Mellon in the fourth quarter valued at approximately $220,000. Sivia Capital Partners LLC grew its holdings in Bank of New York Mellon by 36.6% during the 2nd quarter. Sivia Capital Partners LLC now owns 3,394 shares of the bank's stock worth $309,000 after acquiring an additional 909 shares during the period. Jump Financial LLC bought a new stake in shares of Bank of New York Mellon during the 2nd quarter valued at $2,482,000. Treasurer of the State of North Carolina raised its position in shares of Bank of New York Mellon by 1.7% during the 2nd quarter. Treasurer of the State of North Carolina now owns 334,388 shares of the bank's stock valued at $30,466,000 after acquiring an additional 5,445 shares during the last quarter. Finally, Osterweis Capital Management Inc. lifted its stake in shares of Bank of New York Mellon by 11,890.0% in the 2nd quarter. Osterweis Capital Management Inc. now owns 1,199 shares of the bank's stock valued at $109,000 after purchasing an additional 1,189 shares during the period. 85.31% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts have recently issued reports on BNY shares. Weiss Ratings lowered Bank of New York Mellon from a "buy (a)" rating to a "buy (a-)" rating in a research report on Thursday, August 13th. Zacks Research upgraded Bank of New York Mellon from a "hold" rating to a "strong-buy" rating in a report on Wednesday, July 22nd. Argus increased their target price on 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. Royal Bank Of Canada raised their target price on Bank of New York Mellon from $142.00 to $168.00 and gave the stock a "sector perform" rating in a report on Thursday, July 16th. Finally, Citigroup boosted their target price on Bank of New York Mellon from $167.00 to $172.00 and gave the stock a "neutral" rating in a research report on Monday, July 20th. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $157.13.

Insider Activity

In other news, CFO Dermot Mcdonogh sold 31,800 shares of Bank of New York Mellon stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $155.26, for a total transaction of $4,937,268.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.17% of the stock is owned by company insiders.

Bank of New York Mellon Trading Up 0.9%

Shares of NYSE BNY opened at $158.72 on Friday. Bank of New York Mellon Corporation has a twelve month low of $101.71 and a twelve month high of $165.68. The stock has a market cap of $107.69 billion, a price-to-earnings ratio of 18.48, a P/E/G ratio of 1.12 and a beta of 1.06. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.76. The company's fifty day moving average is $153.85 and its 200-day moving average is $136.61.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last released its quarterly earnings data on Wednesday, July 15th. The bank reported $2.46 EPS for the quarter, beating analysts' consensus estimates of $2.16 by $0.30. The business had revenue of $5.70 billion during the quarter, compared to analysts' expectations of $5.35 billion. Bank of New York Mellon had a net margin of 15.52% and a return on equity of 16.00%. The firm's quarterly revenue was up 13.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.93 EPS. Equities research analysts predict that Bank of New York Mellon Corporation will post 9.26 EPS 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.

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