Laidlaw Wealth Management LLC Invests $562,000 in Bank of New York Mellon Corporation $BNY

Laidlaw Wealth Management LLC acquired a new stake in Bank of New York Mellon Corporation (NYSE:BNY) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 3,885 shares of the bank’s stock, valued at approximately $562,000. Bank of New York Mellon accounts for about 1.7% of Laidlaw Wealth Management LLC’s holdings, making the stock its 18th biggest holding.

A number of other large investors have also added to or reduced their stakes in the business. BlackRock Inc. bought a new stake in Bank of New York Mellon during the 2nd quarter worth approximately $8,321,111,000. Northwestern Mutual Wealth Management Co. increased its position in Bank of New York Mellon by 18,044.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 19,670,202 shares of the bank’s stock valued at $2,283,514,000 after acquiring an additional 19,561,793 shares during the period. Bank of America Corp DE bought a new position in shares of Bank of New York Mellon during the second quarter valued at $2,499,438,000. Norges Bank bought a new position in shares of Bank of New York Mellon during the fourth quarter valued at $1,398,624,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in shares of Bank of New York Mellon during the second quarter worth $1,214,193,000. Institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Stock Performance

Shares of BNY opened at $160.27 on Wednesday. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.76. The stock has a market capitalization of $108.74 billion, a P/E ratio of 18.66, a price-to-earnings-growth ratio of 1.21 and a beta of 1.06. The firm’s fifty day simple moving average is $156.29 and its two-hundred day simple moving average is $138.65. Bank of New York Mellon Corporation has a 12 month low of $102.63 and a 12 month high of $165.68.

Bank of New York Mellon (NYSE:BNY) last posted its quarterly earnings data on Wednesday, July 15th. The bank reported $2.46 earnings per share for the quarter, topping the consensus estimate of $2.16 by $0.30. The firm had revenue of $5.70 billion during the quarter, compared to analyst estimates of $5.35 billion. Bank of New York Mellon had a return on equity of 16.00% and a net margin of 15.52%.The business’s quarterly revenue was up 13.3% on a year-over-year basis. During the same period last year, the company posted $1.93 EPS. As a group, analysts predict that Bank of New York Mellon Corporation will post 9.26 EPS for the current year.

Insider Activity

In other Bank of New York Mellon news, CFO Dermot Mcdonogh sold 31,800 shares of the business’s stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $155.26, for a total value of $4,937,268.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Jose Minaya sold 3,520 shares of the business’s stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $162.64, for a total value of $572,492.80. Following the completion of the transaction, the vice president directly owned 180,344 shares in the company, valued at approximately $29,331,148.16. This trade represents a 1.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.17% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on BNY shares. Barclays increased their price objective on Bank of New York Mellon from $149.00 to $178.00 and gave the company an “overweight” rating in a report on Thursday, July 16th. Bank of America lifted their target price on Bank of New York Mellon from $165.00 to $175.00 and gave the stock a “buy” rating in a report on Monday, July 20th. Truist Financial upped their price target on Bank of New York Mellon from $160.00 to $178.00 and gave the company a “buy” rating in a research report on Thursday, July 16th. Zacks Research raised Bank of New York Mellon from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 22nd. Finally, Wall Street Zen upgraded Bank of New York Mellon to a “hold” rating in a research report 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 issued a Hold rating to the company’s stock. According to MarketBeat.com, Bank of New York Mellon currently has an average rating of “Moderate Buy” and an average target price of $157.13.

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.