CTC Alternative Strategies Ltd. bought a new position in Bank of New York Mellon Corporation (NYSE:BNY – Free Report) in the 2nd quarter, Holdings Channel.com reports. The institutional investor bought 4,300 shares of the bank’s stock, valued at approximately $622,000. Bank of New York Mellon comprises 0.9% of CTC Alternative Strategies Ltd.’s investment portfolio, making the stock its 24th largest holding.
Other large investors also recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in shares of Bank of New York Mellon in the second quarter valued at $8,321,111,000. Northwestern Mutual Wealth Management Co. boosted its stake in 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 worth $2,283,514,000 after buying an additional 19,561,793 shares during the last quarter. Bank of America Corp DE acquired a new stake in Bank of New York Mellon in the 2nd quarter worth about $2,499,438,000. Norges Bank purchased a new stake in Bank of New York Mellon in the 4th quarter valued at about $1,398,624,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in Bank of New York Mellon during the second quarter worth approximately $1,214,193,000. Hedge funds and other institutional investors own 85.31% of the company’s stock.
Analyst Ratings Changes
A number of equities research analysts have issued reports on BNY shares. Barclays boosted their price target on 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. Weiss Ratings lowered Bank of New York Mellon from a “buy (a)” rating to a “buy (a-)” rating in a research note on Thursday, August 13th. Truist Financial boosted their target price on Bank of New York Mellon from $160.00 to $178.00 and gave the stock a “buy” rating in a report on Thursday, July 16th. Keefe, Bruyette & Woods increased their target price on shares of Bank of New York Mellon from $166.00 to $177.00 and gave the stock an “outperform” rating in a research report on Thursday, July 16th. Finally, Citigroup raised their price target on shares of Bank of New York Mellon from $167.00 to $172.00 and gave the company a “neutral” rating in a report on Monday, July 20th. 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. According to data from MarketBeat.com, Bank of New York Mellon has a consensus rating of “Moderate Buy” and a consensus price target of $157.13.
Bank of New York Mellon Price Performance
Shares of NYSE BNY opened at $162.50 on Monday. The stock has a fifty day moving average price of $155.73 and a 200 day moving average price of $138.13. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.76. Bank of New York Mellon Corporation has a 12-month low of $102.63 and a 12-month high of $165.68. The company has a market cap of $110.26 billion, a P/E ratio of 18.92, a P/E/G ratio of 1.15 and a beta of 1.06.
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 company had revenue of $5.70 billion for the quarter, compared to analysts’ expectations of $5.35 billion. During the same quarter in the previous year, the firm posted $1.93 earnings per share. The firm’s quarterly revenue was up 13.3% on a year-over-year basis. Research analysts anticipate that Bank of New York Mellon Corporation will post 9.26 EPS for the current fiscal year.
Insider Buying and Selling
In related news, CFO Dermot Mcdonogh sold 31,800 shares of the company’s stock in a transaction 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.17% of the stock is currently owned by insiders.
Bank of New York Mellon Company 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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