Beverly Hills Private Wealth LLC lowered its position in Bank of New York Mellon Corporation (NYSE:BNY – Free Report) by 31.8% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 8,735 shares of the bank’s stock after selling 4,080 shares during the quarter. Beverly Hills Private Wealth LLC’s holdings in Bank of New York Mellon were worth $1,263,000 as of its most recent SEC filing.
Several other institutional investors also recently modified their holdings of the company. BlackRock Inc. bought a new stake in shares of Bank of New York Mellon during the second quarter valued at approximately $8,321,111,000. Bank of America Corp DE acquired a new position in shares of Bank of New York Mellon in the second quarter valued at $2,499,438,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in Bank of New York Mellon in the second quarter worth $1,214,193,000. Wellington Management Group LLP bought a new position in Bank of New York Mellon in the second quarter worth $1,175,576,000. Finally, Amundi bought a new position in Bank of New York Mellon in the second quarter worth $985,533,000. Institutional investors and hedge funds own 85.31% of the company’s stock.
Analyst Upgrades and Downgrades
A number of equities research analysts have weighed in on the stock. Weiss Ratings downgraded shares of Bank of New York Mellon from a “buy (a)” rating to a “buy (a-)” rating in a research note on Thursday, August 13th. Keefe, Bruyette & Woods restated an “outperform” rating on shares of Bank of New York Mellon in a research note on Friday, October 16th. Barclays increased their price objective on shares of Bank of New York Mellon from $149.00 to $178.00 and gave the company an “overweight” rating in a research note on Thursday, July 16th. Erste Group Bank initiated coverage on shares of Bank of New York Mellon in a report on Wednesday, July 15th. They set a “buy” rating for the company. Finally, New Street Research set a $182.00 target price on shares of Bank of New York Mellon in a research report on Friday, October 16th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, Bank of New York Mellon currently has an average rating of “Moderate Buy” and an average target price of $165.04.
Check Out Our Latest Stock Analysis on BNY
Bank of New York Mellon Trading Up 0.1%
Shares of BNY opened at $147.92 on Monday. Bank of New York Mellon Corporation has a 1 year low of $105.42 and a 1 year high of $165.84. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.86. The stock has a 50 day simple moving average of $150.26 and a 200-day simple moving average of $139.94. The stock has a market cap of $99.54 billion, a PE ratio of 16.34, a PEG ratio of 0.98 and a beta of 1.02.
Bank of New York Mellon (NYSE:BNY – Get Free Report) last posted its earnings results on Thursday, October 15th. The bank reported $2.37 EPS for the quarter, topping the consensus estimate of $2.26 by $0.11. The business had revenue of $5.68 billion during the quarter. Bank of New York Mellon had a return on equity of 16.57% and a net margin of 16.32%. The business’s revenue was up 11.7% on a year-over-year basis. On average, sell-side analysts predict that Bank of New York Mellon Corporation will post 9.39 EPS for the current fiscal year.
Insiders Place Their Bets
In other Bank of New York Mellon news, VP Jose Minaya sold 3,520 shares of the stock in a transaction 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 completion of the transaction, 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Robin Vince sold 9,380 shares of the stock in a transaction on Tuesday, October 27th. The stock was sold at an average price of $147.82, for a total value of $1,386,551.60. Following the transaction, the chief executive officer owned 575,794 shares of the company’s stock, valued at $85,113,869.08. This represents a 1.60% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 60,560 shares of company stock worth $9,007,119 over the last quarter. Company insiders own 0.17% of the company’s stock.
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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