Candriam S.C.A. reduced its stake in Bank of New York Mellon Corporation (NYSE:BNY – Free Report) by 14.1% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 433,582 shares of the bank’s stock after selling 71,045 shares during the period. Candriam S.C.A.’s holdings in Bank of New York Mellon were worth $62,938,000 as of its most recent SEC filing.
Other hedge funds have also bought and sold shares of the company. BlackRock Inc. bought a new position in shares of Bank of New York Mellon during the 2nd quarter valued at about $8,321,111,000. Bank of America Corp DE purchased a new position in shares of Bank of New York Mellon during the second quarter valued at about $2,499,438,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in shares of Bank of New York Mellon during the second quarter valued at about $1,214,193,000. Wellington Management Group LLP bought a new stake in shares of Bank of New York Mellon in the second quarter worth about $1,175,576,000. Finally, Amundi bought a new stake in shares of Bank of New York Mellon in the second quarter worth about $985,533,000. Hedge funds and other institutional investors own 85.31% of the company’s stock.
Analyst Upgrades and Downgrades
A number of research firms recently commented on BNY. Weiss Ratings downgraded Bank of New York Mellon from a “buy (a)” rating to a “buy (a-)” rating in a research report on Thursday, August 13th. Erste Group Bank started coverage on Bank of New York Mellon in a report on Wednesday, July 15th. They set a “buy” rating for the company. Royal Bank Of Canada raised 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. New Street Research set a $182.00 price objective on Bank of New York Mellon in a research note on Friday, October 16th. Finally, Keefe, Bruyette & Woods reaffirmed an “outperform” rating on shares of Bank of New York Mellon in a report on Friday, October 16th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $165.04.
Check Out Our Latest Stock Report on Bank of New York Mellon
Insider Activity
In other Bank of New York Mellon news, VP Jose Minaya sold 3,520 shares of the company’s stock in a transaction that occurred on Tuesday, October 27th. The stock was sold at an average price of $147.81, for a total transaction of $520,291.20. Following the sale, the vice president directly owned 173,304 shares in the company, valued at $25,616,064.24. This represents a 1.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Robin A. Vince sold 40,620 shares of the company’s stock in a transaction that occurred on Monday, October 26th. The shares were sold at an average price of $147.81, for a total value of $6,004,042.20. Following the sale, the chief executive officer owned 585,174 shares in the company, valued at approximately $86,494,568.94. This trade represents a 6.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 60,560 shares of company stock valued at $9,007,119. 0.17% of the stock is currently owned by company insiders.
Bank of New York Mellon Price Performance
BNY stock opened at $147.92 on Friday. Bank of New York Mellon Corporation has a 52 week low of $105.42 and a 52 week high of $165.84. The firm has a market capitalization of $99.54 billion, a P/E ratio of 16.34, a price-to-earnings-growth ratio of 0.98 and a beta of 1.02. The company has a fifty day simple moving average of $150.26 and a two-hundred day simple moving average of $139.94. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.86.
Bank of New York Mellon (NYSE:BNY – Get Free Report) last posted its earnings results on Thursday, October 15th. The bank reported $2.37 earnings per share for the quarter, topping analysts’ consensus estimates of $2.26 by $0.11. The firm had revenue of $5.68 billion for the quarter. Bank of New York Mellon had a net margin of 16.32% and a return on equity of 16.57%. The business’s revenue was up 11.7% on a year-over-year basis. Analysts anticipate that Bank of New York Mellon Corporation will post 9.39 earnings per share for the current fiscal year.
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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