Summit Financial Strategies Inc. Purchases New Shares in Bank of New York Mellon Corporation $BNY

Key Points

• Summit Financial Strategies purchased 8,478 shares of Bank of New York Mellon during the second quarter, valued at approximately $1.23 million. Institutional investors collectively own 85.31% of the company.
• BNY reported quarterly earnings of $2.46 per share, exceeding estimates of $2.16, while revenue rose 13.3% year over year to $5.70 billion.
• Analysts maintain a “Moderate Buy” consensus rating, with a consensus price target of $157.13. The stock recently traded at $162.91, near its 52-week high of $165.84.

Summit Financial Strategies Inc. purchased a new position in shares of Bank of New York Mellon Corporation (NYSE:BNY - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 8,478 shares of the bank's stock, valued at approximately $1,226,000.

A number of other institutional investors have also added to or reduced their stakes in BNY. California State Teachers Retirement System bought a new position in shares of Bank of New York Mellon during the 2nd quarter worth approximately $22,603,252,000. BlackRock Inc. bought a new position in shares of Bank of New York Mellon in the second quarter valued at approximately $8,321,111,000. Northwestern Mutual Wealth Management Co. increased its position in shares of Bank of New York Mellon by 18,044.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 19,670,202 shares of the bank's stock valued at $2,283,514,000 after acquiring an additional 19,561,793 shares during the last quarter. Bank of America Corp DE purchased a new stake in shares of Bank of New York Mellon during the second quarter valued at approximately $2,499,438,000. Finally, Norges Bank bought a new stake in Bank of New York Mellon during the fourth quarter worth $1,398,624,000. 85.31% of the stock is owned by institutional investors.

Bank of New York Mellon Price Performance

Shares of NYSE BNY opened at $162.91 on Wednesday. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.76. The stock has a fifty day simple moving average of $158.26 and a two-hundred day simple moving average of $140.28. Bank of New York Mellon Corporation has a 1-year low of $102.63 and a 1-year high of $165.84. The firm has a market cap of $110.53 billion, a price-to-earnings ratio of 18.97, a price-to-earnings-growth ratio of 1.24 and a beta of 1.05.

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

Insider Activity

In other Bank of New York Mellon news, CFO Dermot Mcdonogh sold 31,800 shares of the company's stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $155.26, for a total transaction of $4,937,268.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Jose Minaya sold 3,520 shares of the stock in a transaction dated 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. This represents a 1.91% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.17% of the company's stock.

Analyst Ratings Changes

BNY has been the topic of several research analyst reports. Royal Bank Of Canada boosted their price objective on 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. Truist Financial lifted their target price 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. Zacks Research downgraded shares of Bank of New York Mellon from a "strong-buy" rating to a "hold" rating in a report on Monday. Erste Group Bank began coverage on shares of Bank of New York Mellon in a research report on Wednesday, July 15th. They set a "buy" rating for the company. Finally, Argus raised their price objective on shares of Bank of New York Mellon from $153.00 to $180.00 and gave the stock a "buy" rating in a report on Wednesday, July 22nd. One 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, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $157.13.

Bank of New York Mellon 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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