Wellington Management Group LLP Takes Position in Bank of New York Mellon Corporation $BNY

Key Points

• Wellington Management Group acquired 8.13 million shares of Bank of New York Mellon in the second quarter, valued at approximately $1.18 billion and representing about 1.2% of the company. Institutional investors collectively own 85.31% of BNY.
• Analysts remain broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $157.13; several firms recently raised their targets, including Argus to $180.
• BNY exceeded quarterly expectations, reporting adjusted EPS of $2.46 versus the $2.16 consensus and revenue of $5.70 billion, up 13.3% year over year. Shares opened at $162.50, near their 12-month high of $165.68.

Wellington Management Group LLP bought a new position in Bank of New York Mellon Corporation (NYSE:BNY - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 8,129,285 shares of the bank's stock, valued at approximately $1,175,576,000. Wellington Management Group LLP owned approximately 1.20% of Bank of New York Mellon at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. EFG International AG bought a new stake in Bank of New York Mellon in the second quarter valued at $29,000. Burnham & Co LLC bought a new position in shares of Bank of New York Mellon during the second quarter valued at $29,000. Abound Financial LLC bought a new position in shares of Bank of New York Mellon during the fourth quarter valued at $25,000. N.E.W. Advisory Services LLC acquired a new stake in shares of Bank of New York Mellon in the 2nd quarter valued at $32,000. Finally, MCF Advisors LLC boosted its stake 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 valued at $27,000 after purchasing an additional 101 shares in the last quarter. Institutional investors own 85.31% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on BNY. Argus upped their target price 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. Royal Bank Of Canada lifted their price target on shares of 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. Keefe, Bruyette & Woods boosted 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 research report on Thursday, July 16th. Zacks Research raised 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, Wells Fargo & Company raised their price objective on shares of Bank of New York Mellon from $152.00 to $162.00 and gave the stock an "equal weight" rating in a report on Thursday, July 16th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $157.13.

Insiders Place Their Bets

In related news, CFO Dermot Mcdonogh sold 31,800 shares of the business's stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $155.26, for a total value of $4,937,268.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.17% of the stock is owned by company insiders.

Bank of New York Mellon Stock Up 0.2%

Shares of NYSE BNY opened at $162.50 on Friday. Bank of New York Mellon Corporation has a 12-month low of $102.63 and a 12-month high of $165.68. The firm's 50-day simple moving average is $155.73 and its 200 day simple moving average is $138.06. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.76. The company has a market cap of $110.26 billion, a price-to-earnings ratio of 18.92, a price-to-earnings-growth ratio of 1.15 and a beta of 1.06.

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

Bank of New York Mellon Company 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.

Want to see what other hedge funds are holding BNY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of New York Mellon Corporation (NYSE:BNY - Free Report).

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