Kingsview Wealth Management LLC purchased a new stake in shares of Bank of New York Mellon Corporation (NYSE:BNY – Free Report) during the 2nd quarter, Holdings Channel.com reports. The fund purchased 17,895 shares of the bank’s stock, valued at approximately $2,588,000.
Other hedge funds have also modified their holdings of the company. BlackRock Inc. bought a new stake in shares of Bank of New York Mellon during the 2nd quarter valued at $8,321,111,000. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Bank of New York Mellon by 18,044.4% during 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 buying an additional 19,561,793 shares in the last quarter. Bank of America Corp DE bought a new position in Bank of New York Mellon in the 2nd quarter worth $2,499,438,000. Norges Bank bought a new position in Bank of New York Mellon in the 4th quarter worth $1,398,624,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Bank of New York Mellon by 639.5% in 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 worth $771,080,000 after buying an additional 6,119,749 shares in the last quarter. 85.31% of the stock is currently owned by institutional investors.
Insiders Place Their Bets
In other Bank of New York Mellon news, CFO Dermot Mcdonogh sold 31,800 shares of the firm’s stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $155.26, for a total transaction of $4,937,268.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.17% of the stock is owned by corporate insiders.
Bank of New York Mellon Stock Up 0.2%
Bank of New York Mellon (NYSE:BNY – Get Free Report) last issued its earnings results on Wednesday, July 15th. The bank reported $2.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.16 by $0.30. The firm had revenue of $5.70 billion for the quarter, compared to analysts’ expectations of $5.35 billion. Bank of New York Mellon had a return on equity of 16.00% and a net margin of 15.52%.The business’s revenue was up 13.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.93 earnings per share. Analysts forecast that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current fiscal year.
Analyst Ratings Changes
A number of equities research analysts have commented on BNY shares. Argus raised their price target on Bank of New York Mellon from $153.00 to $180.00 and gave the company a “buy” rating in a report on Wednesday, July 22nd. JPMorgan Chase & Co. upped their price objective on Bank of New York Mellon from $149.00 to $159.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 4th. Truist Financial increased their target price on Bank of New York Mellon from $160.00 to $178.00 and gave the stock a “buy” rating in a research report on Thursday, July 16th. Keefe, Bruyette & Woods lifted their target price on Bank of New York Mellon from $166.00 to $177.00 and gave the company an “outperform” rating in a research note on Thursday, July 16th. Finally, Wells Fargo & Company boosted their price target on 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 research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Bank of New York Mellon currently has an average rating of “Moderate Buy” and an average target price of $157.13.
Get Our Latest Research Report on BNY
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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