Commerce Bank Makes New Investment in Bank of New York Mellon Corporation $BNY

Commerce Bank purchased a new position in shares of Bank of New York Mellon Corporation (NYSE:BNY) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 52,805 shares of the bank’s stock, valued at approximately $7,636,000.

A number of other institutional investors also recently made changes to their positions in BNY. Abound Financial LLC purchased a new position in Bank of New York Mellon in the 4th quarter worth $25,000. MCF Advisors LLC increased its holdings in shares of 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 buying an additional 101 shares during the period. Burnham & Co LLC bought a new stake in shares of Bank of New York Mellon in the 2nd quarter valued at about $29,000. Heritage Wealth Advisors purchased a new stake in Bank of New York Mellon during the 4th quarter valued at about $31,000. Finally, Wilkerson Advisory Group LLC bought a new position in Bank of New York Mellon during the 4th quarter worth approximately $31,000. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on BNY shares. Citigroup raised their target price on shares of Bank of New York Mellon from $167.00 to $172.00 and gave the stock a “neutral” rating in a report on Monday, July 20th. Royal Bank Of Canada upped 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 research report on Thursday, July 16th. Keefe, Bruyette & Woods boosted their target price on Bank of New York Mellon from $166.00 to $177.00 and gave the company an “outperform” rating in a research note on Thursday, July 16th. Argus boosted their price objective on shares of Bank of New York Mellon from $153.00 to $180.00 and gave the company a “buy” rating in a research report on Wednesday, July 22nd. Finally, Wall Street Zen raised shares of Bank of New York Mellon to a “hold” rating in a research note on Saturday, May 23rd. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, Bank of New York Mellon currently has a consensus rating of “Moderate Buy” and an average target price of $157.13.

Bank of New York Mellon Trading Up 0.1%

Bank of New York Mellon stock opened at $158.72 on Monday. Bank of New York Mellon Corporation has a 12 month low of $101.71 and a 12 month high of $165.68. The company has a market capitalization of $107.69 billion, a price-to-earnings ratio of 18.48, a price-to-earnings-growth ratio of 1.12 and a beta of 1.06. The business’s fifty day simple moving average is $153.85 and its two-hundred day simple moving average is $136.72. 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 (NYSE:BNY) last issued its quarterly 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 firm had revenue of $5.70 billion during the quarter, compared to the consensus estimate of $5.35 billion. During the same period last year, the company earned $1.93 earnings per share. The company’s revenue was up 13.3% on a year-over-year basis. As a group, equities analysts predict that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Dermot Mcdonogh sold 31,800 shares of the stock in a transaction that occurred on 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 SEC, which is accessible through this hyperlink. Corporate 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.