TD Waterhouse Canada Inc. Makes New $89.28 Million Investment in Bank of New York Mellon Corporation $BNY

Key Points

• TD Waterhouse Canada purchased 611,028 shares of Bank of New York Mellon worth approximately $89.3 million, while institutional investors collectively own 85.31% of the company.
• Analysts remain broadly positive, with the stock carrying a consensus “Moderate Buy” rating and an average price target of $157.13; several firms recently raised their targets to as high as $177.
• BNY reported strong quarterly results, posting $2.46 in EPS and $5.70 billion in revenue, beating estimates and representing 13.3% year-over-year revenue growth.

TD Waterhouse Canada Inc. bought a new position in 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 Securities and Exchange Commission (SEC). The firm bought 611,028 shares of the bank's stock, valued at approximately $89,285,000. TD Waterhouse Canada Inc. owned approximately 0.09% of Bank of New York Mellon as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Focus Partners Advisor Solutions LLC bought a new stake in shares of Bank of New York Mellon during the 2nd quarter valued at $1,128,000. CIBC Asset Management Inc boosted its stake in Bank of New York Mellon by 53.8% in the 4th quarter. CIBC Asset Management Inc now owns 182,002 shares of the bank's stock worth $21,129,000 after purchasing an additional 63,627 shares during the period. Todd Asset Management LLC boosted its stake in Bank of New York Mellon by 37.5% in the 4th quarter. Todd Asset Management LLC now owns 370,998 shares of the bank's stock worth $43,069,000 after purchasing an additional 101,142 shares during the period. Bellars Harris Wealth Management LLC purchased a new position in Bank of New York Mellon during the 2nd quarter valued at about $10,324,000. Finally, Prospera Financial Services Inc increased its position in shares of Bank of New York Mellon by 106.5% during the fourth quarter. Prospera Financial Services Inc now owns 19,126 shares of the bank's stock valued at $2,220,000 after buying an additional 9,865 shares during the period. Institutional investors own 85.31% of the company's stock.

Insider Transactions at Bank of New York Mellon

In other news, CFO Dermot Mcdonogh sold 31,800 shares of the 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 sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Jose Minaya sold 3,520 shares of the firm's stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $162.64, for a total value of $572,492.80. Following the transaction, the vice president directly owned 180,344 shares in the company, valued at approximately $29,331,148.16. This represents a 1.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.17% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

BNY has been the topic of a number of recent analyst reports. Zacks Research upgraded Bank of New York Mellon from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, July 22nd. 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. Bank of America upped their target price on Bank of New York Mellon from $165.00 to $175.00 and gave the stock a "buy" rating in a research note on Monday, July 20th. Royal Bank Of Canada raised their price target on Bank of New York Mellon from $142.00 to $168.00 and gave the company a "sector perform" rating in a report on Thursday, July 16th. Finally, Keefe, Bruyette & Woods lifted their price target on Bank of New York Mellon from $166.00 to $177.00 and gave the company an "outperform" rating in a research report on Thursday, July 16th. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, Bank of New York Mellon has a consensus rating of "Moderate Buy" and an average price target of $157.13.

Bank of New York Mellon Stock Performance

NYSE BNY opened at $164.19 on Friday. Bank of New York Mellon Corporation has a 52-week low of $102.63 and a 52-week high of $165.68. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.72 and a current ratio of 0.72. The company has a market capitalization of $111.40 billion, a P/E ratio of 19.11, a P/E/G ratio of 1.22 and a beta of 1.05. The company has a fifty day moving average of $157.03 and a 200-day moving average of $139.31.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last released its earnings results on Wednesday, July 15th. The bank reported $2.46 EPS for the quarter, beating analysts' consensus estimates 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 business had revenue of $5.70 billion for the quarter, compared to analysts' expectations of $5.35 billion. During the same quarter in the prior year, the firm earned $1.93 earnings per share. The firm's revenue was up 13.3% on a year-over-year basis. As a group, equities research analysts predict that Bank of New York Mellon Corporation will post 9.26 EPS for the current fiscal 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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