Silverlake Wealth Management LLC Acquires New Position in Bank of New York Mellon Corporation $BNY

Key Points

• Silverlake Wealth Management acquired 6,697 shares of Bank of New York Mellon valued at approximately $968,000. Institutional investors collectively own 85.31% of the company.
• Analysts maintain a favorable outlook, with a consensus “Moderate Buy” rating and an average price target of $157.13; JPMorgan and Truist recently raised their targets to $159 and $178, respectively.
• BNY exceeded quarterly expectations, reporting $2.46 in earnings per share versus a $2.16 consensus estimate and $5.70 billion in revenue, up 13.3% year over year. CFO Dermot McDonogh separately sold 31,800 shares for about $4.94 million.

Silverlake Wealth Management LLC acquired a new position in shares of 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 institutional investor acquired 6,697 shares of the bank's stock, valued at approximately $968,000.

Other large investors have also recently bought and sold shares of the company. Linscomb Wealth Inc. grew its holdings in shares of Bank of New York Mellon by 2.5% during the fourth 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 last quarter. Parkside Financial Bank & Trust lifted its holdings in shares of Bank of New York Mellon by 3.2% in the 4th quarter. Parkside Financial Bank & Trust now owns 2,805 shares of the bank's stock worth $326,000 after purchasing an additional 88 shares during the last quarter. Essex Financial Services Inc. lifted its holdings in shares of Bank of New York Mellon by 0.5% in the 4th quarter. Essex Financial Services Inc. now owns 17,584 shares of the bank's stock worth $2,041,000 after purchasing an additional 89 shares during the last quarter. Maia Wealth LLC boosted its position in Bank of New York Mellon by 3.0% during the 4th quarter. Maia Wealth LLC now owns 3,049 shares of the bank's stock valued at $350,000 after purchasing an additional 90 shares during the period. Finally, Nemes Rush Group LLC boosted its position 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 valued at $94,000 after purchasing an additional 92 shares during the period. Institutional investors own 85.31% of the company's stock.

Analysts Set New Price Targets

BNY has been the topic of several analyst reports. JPMorgan Chase & Co. increased their target price on Bank of New York Mellon from $149.00 to $159.00 and gave the stock an "overweight" rating in a research report on Tuesday, August 4th. Wall Street Zen raised shares of Bank of New York Mellon to a "hold" rating in a report on Saturday, May 23rd. Zacks Research raised shares of Bank of New York Mellon from a "hold" rating to a "strong-buy" rating in a report on Wednesday, July 22nd. Truist Financial upped their price target on shares of Bank of New York Mellon from $160.00 to $178.00 and gave the stock a "buy" rating in a research report on Thursday, July 16th. Finally, Erste Group Bank assumed coverage on shares of Bank of New York Mellon in a report on Wednesday, July 15th. They issued a "buy" rating on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, Bank of New York Mellon has an average rating of "Moderate Buy" and an average price target of $157.13.

Insider Activity

In other news, CFO Dermot Mcdonogh sold 31,800 shares of the 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.17% of the company's stock.

Bank of New York Mellon Stock Performance

Shares of NYSE BNY opened at $163.30 on Friday. Bank of New York Mellon Corporation has a 12-month low of $99.67 and a 12-month high of $163.77. The company has a market cap of $110.80 billion, a PE ratio of 19.01, a P/E/G ratio of 1.16 and a beta of 1.06. The stock has a 50 day simple moving average of $151.97 and a 200-day simple moving average of $135.17. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.76.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last posted its earnings results on Wednesday, July 15th. The bank reported $2.46 EPS for the quarter, beating the consensus estimate of $2.16 by $0.30. The firm had revenue of $5.70 billion for the quarter, compared to analysts' expectations 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 firm's revenue was up 13.3% compared to the same quarter last year. During the same period last year, the firm earned $1.93 EPS. On average, equities research analysts forecast 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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