Morningstar Investment Management LLC Makes New $393,000 Investment in The Bank of New York Mellon Corporation $BK

Morningstar Investment Management LLC bought a new position in The Bank of New York Mellon Corporation (NYSE:BK) in the second quarter, Holdings Channel reports. The institutional investor bought 4,310 shares of the bank’s stock, valued at approximately $393,000.

A number of other hedge funds and other institutional investors have also modified their holdings of BK. Nuveen LLC acquired a new stake in shares of Bank of New York Mellon in the 1st quarter worth $773,627,000. AustralianSuper Pty Ltd acquired a new stake in shares of Bank of New York Mellon in the 1st quarter worth $92,502,000. Goldman Sachs Group Inc. grew its holdings in shares of Bank of New York Mellon by 26.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 5,053,744 shares of the bank’s stock worth $423,858,000 after purchasing an additional 1,052,145 shares during the period. Wellington Management Group LLP grew its holdings in shares of Bank of New York Mellon by 257.6% during the 1st quarter. Wellington Management Group LLP now owns 1,236,255 shares of the bank’s stock worth $103,685,000 after purchasing an additional 890,593 shares during the period. Finally, AQR Capital Management LLC grew its holdings in shares of Bank of New York Mellon by 37.7% during the 1st quarter. AQR Capital Management LLC now owns 3,244,204 shares of the bank’s stock worth $266,349,000 after purchasing an additional 887,361 shares during the period. 85.31% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Bank of New York Mellon

In other news, EVP J Kevin Mccarthy sold 20,000 shares of the business’s stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $98.45, for a total transaction of $1,969,000.00. Following the completion of the transaction, the executive vice president directly owned 35,115 shares of the company’s stock, valued at approximately $3,457,071.75. The trade was a 36.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.14% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Weiss Ratings reiterated a “buy (b+)” rating on shares of Bank of New York Mellon in a report on Wednesday, October 8th. TD Cowen assumed coverage on Bank of New York Mellon in a report on Thursday, September 25th. They set a “buy” rating for the company. BMO Capital Markets assumed coverage on Bank of New York Mellon in a report on Friday, October 3rd. They set an “outperform” rating and a $125.00 price target for the company. Morgan Stanley increased their price target on Bank of New York Mellon from $101.00 to $116.00 and gave the stock an “overweight” rating in a report on Monday, September 29th. Finally, Citigroup increased their price target on Bank of New York Mellon from $92.00 to $105.00 and gave the stock a “neutral” rating in a report on Friday, September 5th. Ten investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $106.77.

Bank of New York Mellon Stock Performance

Shares of Bank of New York Mellon stock opened at $107.04 on Wednesday. The Bank of New York Mellon Corporation has a one year low of $70.46 and a one year high of $110.87. The company has a market cap of $75.49 billion, a PE ratio of 16.34, a P/E/G ratio of 0.99 and a beta of 1.13. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.72 and a current ratio of 0.72. The business has a 50-day simple moving average of $105.32 and a 200-day simple moving average of $94.06.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Tuesday, March 26th. The bank reported $1.30 EPS for the quarter. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%.The business had revenue of $4.38 billion during the quarter. On average, equities research analysts forecast that The Bank of New York Mellon Corporation will post 6.96 EPS for the current fiscal year.

About Bank of New York Mellon

The Bank of New York Mellon Corporation provides a range of financial products and services in the United States and internationally. The company operates through Securities Services, Market and Wealth Services, Investment and Wealth Management, and other segments. The Securities Services segment offers custody, trust and depositary, accounting, exchange-traded funds, middle-office solutions, transfer agency, services for private equity and real estate funds, foreign exchange, securities lending, liquidity/lending services, and data analytics.