Trust Co. of Vermont Takes $1.76 Million Position in Bank of New York Mellon Corporation $BNY

Key Points

• Trust Co. of Vermont acquired 12,207 shares of Bank of New York Mellon worth approximately $1.76 million during the second quarter. Institutional investors collectively own 85.31% of the company.
• Analysts remain broadly bullish, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $157.13. Several firms recently raised their targets, including Argus to $180 and Barclays and Truist Financial to $178.
• BNY Mellon exceeded quarterly expectations, reporting $2.46 in EPS versus the $2.16 consensus and $5.70 billion in revenue. Revenue increased 13.3% year over year, while shares opened at $163.80 near their 52-week high.

Trust Co. of Vermont purchased a new stake 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 Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 12,207 shares of the bank's stock, valued at approximately $1,765,000.

A number of other hedge funds also recently added to or reduced their stakes in the company. Linscomb Wealth Inc. boosted its stake in Bank of New York Mellon by 2.5% during the 4th 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 increased 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 in the last quarter. Essex Financial Services Inc. raised its stake in shares of Bank of New York Mellon by 0.5% in the fourth 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 raised its stake in shares of Bank of New York Mellon by 3.0% in the fourth quarter. Maia Wealth LLC now owns 3,049 shares of the bank's stock worth $350,000 after purchasing an additional 90 shares during the last quarter. Finally, Nemes Rush Group LLC lifted its holdings in shares of Bank of New York Mellon by 12.8% during the fourth quarter. Nemes Rush Group LLC now owns 813 shares of the bank's stock valued at $94,000 after purchasing an additional 92 shares in the last quarter. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Bank of New York Mellon

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 can be accessed through this hyperlink. 0.17% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research firms recently commented on BNY. JPMorgan Chase & Co. increased their price objective on Bank of New York Mellon from $149.00 to $159.00 and gave the company an "overweight" rating in a research report on Tuesday, August 4th. Barclays boosted their target price on Bank of New York Mellon from $149.00 to $178.00 and gave the stock an "overweight" rating in a research report on Thursday, July 16th. Argus raised their price target on shares of Bank of New York Mellon from $153.00 to $180.00 and gave the company a "buy" rating in a report on Wednesday, July 22nd. Zacks Research upgraded shares of Bank of New York Mellon from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 22nd. Finally, Truist Financial boosted their price objective on shares of Bank of New York Mellon from $160.00 to $178.00 and gave the company a "buy" rating in a report on Thursday, July 16th. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $157.13.

Bank of New York Mellon Price Performance

Shares of Bank of New York Mellon stock opened at $163.80 on Wednesday. Bank of New York Mellon Corporation has a one year low of $99.67 and a one year high of $165.68. The stock's fifty day moving average is $152.84 and its 200 day moving average is $135.92. The stock has a market cap of $111.14 billion, a P/E ratio of 19.07, a P/E/G ratio of 1.16 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.

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 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.16 by $0.30. The business had revenue of $5.70 billion during the quarter, compared to analyst estimates of $5.35 billion. Bank of New York Mellon had a return on equity of 16.00% and a net margin of 15.52%.Bank of New York Mellon's revenue for the quarter was up 13.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.93 earnings per share. Sell-side analysts anticipate that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current year.

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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