Tocqueville Asset Management L.P. Invests $2.35 Million in Bank of New York Mellon Corporation $BNY

Key Points

• Tocqueville Asset Management purchased 16,268 shares of Bank of New York Mellon worth approximately $2.35 million during the second quarter. Institutional investors collectively own 85.31% of the company.
• BNY reported strong quarterly results, with earnings of $2.46 per share and revenue of $5.70 billion, exceeding analyst estimates; revenue increased 13.3% year over year.
• Analysts maintain a generally positive outlook, with the stock carrying a “Moderate Buy” consensus rating and a $157.13 average price target, while shares recently opened at $157.61.

Tocqueville Asset Management L.P. bought a new stake in Bank of New York Mellon Corporation (NYSE:BNY - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 16,268 shares of the bank's stock, valued at approximately $2,353,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Abound Financial LLC purchased a new position in Bank of New York Mellon in the fourth quarter valued at about $25,000. MCF Advisors LLC boosted its position in shares of Bank of New York Mellon by 74.8% in the fourth quarter. MCF Advisors LLC now owns 236 shares of the bank's stock worth $27,000 after buying an additional 101 shares during the period. Heritage Wealth Advisors purchased a new stake in shares of Bank of New York Mellon in the fourth quarter worth about $31,000. Wilkerson Advisory Group LLC acquired a new stake in shares of Bank of New York Mellon in the fourth quarter valued at about $31,000. Finally, N.E.W. Advisory Services LLC acquired a new stake in shares of Bank of New York Mellon in the second quarter valued at about $32,000. Institutional investors and hedge funds own 85.31% of the company's stock.

Bank of New York Mellon Stock Down 1.3%

Shares of NYSE BNY opened at $157.61 on Friday. Bank of New York Mellon Corporation has a 1 year low of $100.44 and a 1 year high of $165.68. The firm has a market cap of $106.94 billion, a price-to-earnings ratio of 18.35, a PEG ratio of 1.13 and a beta of 1.06. 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 stock's 50-day simple moving average is $153.55 and its 200-day simple moving average is $136.46.

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

Analyst Upgrades and Downgrades

BNY has been the topic of several recent research reports. JPMorgan Chase & Co. boosted 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 report on Tuesday, August 4th. Erste Group Bank began coverage on shares of Bank of New York Mellon in a research report on Wednesday, July 15th. They issued a "buy" rating for the company. Wall Street Zen upgraded shares of Bank of New York Mellon to a "hold" rating in a research note on Saturday, May 23rd. Bank of America boosted their target price on shares of Bank of New York Mellon from $165.00 to $175.00 and gave the stock a "buy" rating in a research report on Monday, July 20th. Finally, Weiss Ratings downgraded shares of Bank of New York Mellon from a "buy (a)" rating to a "buy (a-)" rating in a research note on Thursday, August 13th. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $157.13.

Insider Transactions at Bank of New York Mellon

In other Bank of New York Mellon news, CFO Dermot Mcdonogh sold 31,800 shares of the company's stock in a transaction that occurred 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.17% of the stock is owned by corporate insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source