Laidlaw Wealth Management LLC acquired a new position in shares of Bank of New York Mellon Corporation (NYSE:BNY – Free Report) during the second quarter, Holdings Channel reports. The fund acquired 3,885 shares of the bank’s stock, valued at approximately $562,000. Bank of New York Mellon accounts for approximately 1.7% of Laidlaw Wealth Management LLC’s portfolio, making the stock its 18th largest holding.
Other large investors also recently made changes to their positions in the company. Abound Financial LLC bought a new stake in Bank of New York Mellon in the 4th quarter valued at about $25,000. MCF Advisors LLC boosted its holdings in Bank of New York Mellon by 74.8% in the fourth quarter. MCF Advisors LLC now owns 236 shares of the bank’s stock worth $27,000 after acquiring an additional 101 shares in the last quarter. Luken Investment Analytics LLC bought a new position in Bank of New York Mellon in the second quarter worth approximately $27,000. Burnham & Co LLC acquired a new stake in Bank of New York Mellon in the second quarter valued at approximately $29,000. Finally, EFG International AG acquired a new stake in Bank of New York Mellon in the second quarter valued at approximately $29,000. 85.31% of the stock is currently owned by institutional investors and hedge funds.
Insider Activity at Bank of New York Mellon
In related news, VP Jose Minaya sold 3,520 shares of the stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $162.64, for a total transaction of $572,492.80. Following the completion of the sale, the vice president directly owned 180,344 shares of the company’s stock, valued at approximately $29,331,148.16. This trade represents a 1.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Dermot Mcdonogh sold 31,800 shares of Bank of New York Mellon 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 disclosure for this sale is available in the SEC filing. Corporate insiders own 0.17% of the company’s stock.
Bank of New York Mellon Stock Down 0.6%
Bank of New York Mellon (NYSE:BNY – Get Free Report) last posted its quarterly earnings data on Wednesday, July 15th. The bank reported $2.46 EPS for the quarter, beating the consensus estimate 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 firm had revenue of $5.70 billion during the quarter, compared to analyst estimates of $5.35 billion. During the same quarter last year, the business posted $1.93 EPS. The company’s revenue for the quarter was up 13.3% on a year-over-year basis. Research analysts predict that Bank of New York Mellon Corporation will post 9.26 EPS for the current fiscal year.
Wall Street Analysts Forecast Growth
A number of equities analysts have recently weighed in on BNY shares. Bank of America upped their target price on Bank of New York Mellon from $165.00 to $175.00 and gave the stock a “buy” rating in a research report on Monday, July 20th. Argus lifted 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 research report on Wednesday, July 22nd. Erste Group Bank started coverage on shares of Bank of New York Mellon in a report on Wednesday, July 15th. They set a “buy” rating on the stock. 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, Truist Financial lifted 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 given a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, Bank of New York Mellon presently has an average rating of “Moderate Buy” and a consensus target price of $157.13.
Get Our Latest Research Report on Bank of New York Mellon
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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