Elevation Point Wealth Partners LLC acquired a new stake in shares of Bank of New York Mellon Corporation (NYSE:BNY – Free Report) in the second quarter, Holdings Channel reports. The fund acquired 38,875 shares of the bank’s stock, valued at approximately $5,622,000.
Other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in Bank of New York Mellon in the second quarter worth $8,321,111,000. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Bank of New York Mellon by 18,044.4% during 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 acquired a new position in shares of Bank of New York Mellon during the fourth quarter valued at $1,398,624,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Bank of New York Mellon by 639.5% during the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,076,729 shares of the bank’s stock worth $771,080,000 after acquiring an additional 6,119,749 shares during the last quarter. Finally, Deutsche Bank AG bought a new position in shares of Bank of New York Mellon during the second quarter worth about $576,055,000. 85.31% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
Several analysts recently weighed in on the stock. Zacks Research upgraded shares of Bank of New York Mellon from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 22nd. Bank of America upped their target price on shares of 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. Wall Street Zen upgraded shares of Bank of New York Mellon to a “hold” rating in a research note on Saturday, May 23rd. Argus raised 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 note on Wednesday, July 22nd. Finally, Royal Bank Of Canada lifted their price target on 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. 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 stock. Based on data from MarketBeat.com, Bank of New York Mellon currently has a consensus rating of “Moderate Buy” and an average target price of $157.13.
Bank of New York Mellon Price Performance
Shares of NYSE BNY opened at $158.72 on Friday. The stock has a market cap of $107.69 billion, a P/E ratio of 18.48, a P/E/G ratio of 1.12 and a beta of 1.06. The firm’s 50-day simple moving average is $153.85 and its 200 day simple moving average is $136.61. Bank of New York Mellon Corporation has a fifty-two week low of $101.71 and a fifty-two week high of $165.68. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.76.
Bank of New York Mellon (NYSE:BNY – Get Free Report) last released its earnings results 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 for the quarter, compared to analysts’ expectations of $5.35 billion. During the same quarter last year, the company earned $1.93 EPS. Bank of New York Mellon’s quarterly revenue was up 13.3% on a year-over-year basis. Equities analysts expect that Bank of New York Mellon Corporation will post 9.26 EPS for the current year.
Insider Activity
In other news, CFO Dermot Mcdonogh sold 31,800 shares of the 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 through the SEC website. 0.17% of the stock is owned by company insiders.
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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