Welch Capital Partners LLC NY acquired a new position 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. The fund acquired 3,701 shares of the bank’s stock, valued at approximately $535,000. Bank of New York Mellon comprises about 0.1% of Welch Capital Partners LLC NY’s investment portfolio, making the stock its 18th largest holding.
Several other hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in Bank of New York Mellon by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 71,319,884 shares of the bank’s stock worth $8,279,525,000 after buying an additional 647,847 shares during the period. BlackRock Inc. acquired a new position in shares of Bank of New York Mellon during the second quarter worth approximately $8,321,111,000. Northwestern Mutual Wealth Management Co. boosted its position in shares of Bank of New York Mellon by 18,044.4% in the fourth 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 period. Norges Bank bought a new stake in shares of Bank of New York Mellon in the fourth quarter valued at approximately $1,398,624,000. Finally, Invesco Ltd. grew its stake in shares of Bank of New York Mellon by 8.2% in the fourth quarter. Invesco Ltd. now owns 7,680,429 shares of the bank’s stock worth $891,621,000 after acquiring an additional 578,999 shares during the last quarter. Institutional investors own 85.31% of the company’s stock.
Wall Street Analyst Weigh In
A number of brokerages recently issued reports on BNY. Zacks Research raised shares of Bank of New York Mellon from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 22nd. Truist Financial increased 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. 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. Wells Fargo & Company boosted 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. Finally, Barclays upped their price objective on shares of Bank of New York Mellon from $149.00 to $178.00 and gave the company an “overweight” rating in a research report on Thursday, July 16th. Two investment 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. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $157.13.
Insider Buying and Selling
In related news, CFO Dermot Mcdonogh sold 31,800 shares of the business’s stock in a transaction 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 accessible through this link. 0.17% of the stock is currently owned by corporate insiders.
Bank of New York Mellon Stock Up 0.9%
Shares of BNY opened at $158.72 on Friday. 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 50-day moving average price of $153.85 and a two-hundred day moving average price of $136.61. The stock has a market cap of $107.69 billion, a price-to-earnings ratio of 18.48, a P/E/G ratio of 1.12 and a beta of 1.06. Bank of New York Mellon Corporation has a 12 month low of $101.71 and a 12 month high of $165.68.
Bank of New York Mellon (NYSE:BNY – Get Free Report) last released its quarterly earnings data on Wednesday, July 15th. The bank reported $2.46 earnings per share for the quarter, beating 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 analyst estimates of $5.35 billion. During the same period in the prior year, the company posted $1.93 EPS. The company’s revenue was up 13.3% compared to the same quarter last year. Equities analysts predict that Bank of New York Mellon Corporation will post 9.26 EPS for the current fiscal 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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