Portfolio Design Labs LLC Takes Position in Bank of New York Mellon Corporation $BNY

Portfolio Design Labs LLC purchased a new position in Bank of New York Mellon Corporation (NYSE:BNY) during the 2nd quarter, HoldingsChannel.com reports. The firm purchased 4,343 shares of the bank’s stock, valued at approximately $628,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Abound Financial LLC purchased a new position in Bank of New York Mellon during the 4th quarter valued at $25,000. MCF Advisors LLC increased its stake in Bank of New York Mellon by 74.8% in the fourth quarter. MCF Advisors LLC now owns 236 shares of the bank’s stock worth $27,000 after purchasing an additional 101 shares during the period. Heritage Wealth Advisors bought a new stake in shares of Bank of New York Mellon during the fourth quarter worth $31,000. Wilkerson Advisory Group LLC bought a new stake in shares of Bank of New York Mellon during the fourth quarter worth $31,000. Finally, N.E.W. Advisory Services LLC purchased a new stake in shares of Bank of New York Mellon during the second quarter valued at $32,000. 85.31% of the stock is owned by institutional investors.

Bank of New York Mellon Stock Performance

Shares of BNY stock opened at $157.61 on Friday. The company has a market capitalization of $106.94 billion, a P/E ratio of 18.35, a P/E/G ratio of 1.13 and a beta of 1.06. The business’s 50 day moving average is $153.55 and its two-hundred day moving average is $136.46. 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 $100.44 and a 12-month high of $165.68.

Bank of New York Mellon (NYSE:BNY) last released its earnings results on Wednesday, July 15th. The bank reported $2.46 earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $5.70 billion for the quarter, compared to the consensus estimate of $5.35 billion. During the same quarter last year, the business posted $1.93 earnings per share. The business’s quarterly revenue was up 13.3% compared to the same quarter last year. Analysts expect that Bank of New York Mellon Corporation will post 9.26 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently commented on BNY shares. Barclays raised their price target on shares of Bank of New York Mellon from $149.00 to $178.00 and gave the stock an “overweight” rating in a research note on Thursday, July 16th. Argus raised their target price on shares of Bank of New York Mellon from $153.00 to $180.00 and gave the stock a “buy” rating in a research report on Wednesday, July 22nd. Wall Street Zen raised shares of Bank of New York Mellon to a “hold” rating in a research report on Saturday, May 23rd. Bank of America lifted their price target on shares of Bank of New York Mellon from $165.00 to $175.00 and gave the company a “buy” rating in a research note on Monday, July 20th. Finally, Zacks Research raised shares of Bank of New York Mellon from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $157.13.

Insider Transactions at Bank of New York Mellon

In related news, CFO Dermot Mcdonogh sold 31,800 shares of the firm’s stock in a transaction dated Wednesday, July 29th. The shares were 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 can be accessed through this hyperlink. Insiders own 0.17% of the company’s stock.

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.