Wealthfront Advisers LLC Invests $14.56 Million in Bank of New York Mellon Corporation $BNY

Key Points

• Wealthfront Advisers acquired a new 100,681-share stake in Bank of New York Mellon worth approximately $14.56 million during the second quarter. Institutional investors collectively own 85.31% of the company.
• Analysts remain generally positive, with a consensus rating of “Moderate Buy” and an average price target of $157.13; several firms recently raised their targets to between $172 and $177.
• BNY reported stronger-than-expected quarterly results, posting $2.46 in earnings per share and $5.70 billion in revenue, up 13.3% year over year. The stock opened at $163.80, near its 52-week high of $165.68.

Wealthfront Advisers LLC bought a new stake in shares of Bank of New York Mellon Corporation (NYSE:BNY - Free Report) during the 2nd quarter, according to its most recent filing with the SEC. The fund bought 100,681 shares of the bank's stock, valued at approximately $14,559,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Abound Financial LLC acquired a new stake in Bank of New York Mellon during the fourth quarter valued at approximately $25,000. MCF Advisors LLC raised its holdings in shares of Bank of New York Mellon by 74.8% in the 4th quarter. MCF Advisors LLC now owns 236 shares of the bank's stock worth $27,000 after buying an additional 101 shares in the last quarter. Heritage Wealth Advisors acquired a new position in shares of Bank of New York Mellon in the 4th quarter worth approximately $31,000. Wilkerson Advisory Group LLC bought a new position in shares of Bank of New York Mellon during the 4th quarter worth approximately $31,000. Finally, N.E.W. Advisory Services LLC acquired a new stake in Bank of New York Mellon in the 2nd quarter valued at $32,000. Institutional investors own 85.31% of the company's stock.

Insider Transactions at Bank of New York Mellon

In related 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 sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.17% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Bank of America increased their price objective 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. 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. Citigroup upped their target price on shares of Bank of New York Mellon from $167.00 to $172.00 and gave the stock a "neutral" rating in a report on Monday, July 20th. Wall Street Zen upgraded shares of Bank of New York Mellon to a "hold" rating in a research report on Saturday, May 23rd. Finally, Keefe, Bruyette & Woods lifted their price target on shares of Bank of New York Mellon from $166.00 to $177.00 and gave the company an "outperform" rating in a report on Thursday, July 16th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $157.13.

Bank of New York Mellon Trading Down 0.3%

Shares of BNY opened at $163.80 on Wednesday. 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 cap of $111.14 billion, a price-to-earnings ratio of 19.07, a PEG ratio of 1.16 and a beta of 1.06. The stock has a fifty day moving average price of $152.84 and a two-hundred day moving average price of $135.92. Bank of New York Mellon Corporation has a 52-week low of $99.67 and a 52-week high of $165.68.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last announced its 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 company 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 business earned $1.93 earnings per share. The business's revenue for the quarter was up 13.3% on a year-over-year basis. 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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