Westpac Banking Corp Acquires New Position in Bank of New York Mellon Corporation $BNY

Key Points

• Westpac Banking Corp acquired 56,478 BNY shares during the second quarter, valued at approximately $8.17 million. Institutional investors collectively own 85.31% of the company.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $157.13; several firms recently raised their targets to between $168 and $180.
• BNY reported stronger-than-expected quarterly results, posting adjusted EPS of $2.46 versus estimates of $2.16 and revenue of $5.70 billion, up 13.3% year over year.

Westpac Banking Corp acquired a new stake in shares of Bank of New York Mellon Corporation (NYSE:BNY - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 56,478 shares of the bank's stock, valued at approximately $8,167,000.

A number of other large investors also recently bought and sold shares of BNY. BlackRock Inc. acquired a new position in shares of Bank of New York Mellon in the 2nd quarter worth approximately $8,321,111,000. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Bank of New York Mellon by 18,044.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 19,670,202 shares of the bank's stock valued at $2,283,514,000 after acquiring an additional 19,561,793 shares during the last quarter. Norges Bank acquired a new stake in shares of Bank of New York Mellon during the 4th quarter valued at approximately $1,398,624,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Bank of New York Mellon by 639.5% during the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,076,729 shares of the bank's stock valued at $771,080,000 after acquiring an additional 6,119,749 shares in the last quarter. Finally, Deutsche Bank AG bought a new position in Bank of New York Mellon during the second quarter worth $576,055,000. Institutional investors own 85.31% of the company's stock.

Analyst Upgrades and Downgrades

BNY has been the subject of a number of research reports. Royal Bank Of Canada lifted their price objective on shares of Bank of New York Mellon from $142.00 to $168.00 and gave the stock a "sector perform" rating in a report on Thursday, July 16th. Erste Group Bank began coverage on shares of Bank of New York Mellon in a report on Wednesday, July 15th. They set a "buy" rating on the stock. Argus raised their price target on shares of Bank of New York Mellon from $153.00 to $180.00 and gave the stock a "buy" rating in a research report on Wednesday, July 22nd. Truist Financial lifted their price target 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. Finally, Weiss Ratings downgraded shares of Bank of New York Mellon from a "buy (a)" rating to a "buy (a-)" rating in a research report on Thursday, August 13th. 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. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $157.13.

Insider Transactions at Bank of New York Mellon

In other news, CFO Dermot Mcdonogh sold 31,800 shares of the business's stock in a transaction on 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 Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.17% of the company's stock.

Bank of New York Mellon Trading Up 0.9%

Shares of NYSE BNY opened at $158.72 on Friday. Bank of New York Mellon Corporation has a 12-month low of $101.71 and a 12-month high of $165.68. The company has a market cap of $107.69 billion, a price-to-earnings ratio of 18.48, a price-to-earnings-growth ratio of 1.12 and a beta of 1.06. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.76. The stock's 50 day simple moving average is $153.85 and its 200 day simple moving average is $136.61.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last issued its quarterly earnings data on Wednesday, July 15th. The bank reported $2.46 EPS for the quarter, topping 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 firm had revenue of $5.70 billion during the quarter, compared to the consensus estimate of $5.35 billion. During the same period in the prior year, the business earned $1.93 EPS. The firm's revenue was up 13.3% on a year-over-year basis. Equities research analysts expect that Bank of New York Mellon Corporation will post 9.26 EPS 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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