Studio Investment Management LLC Acquires New Holdings in Bank of New York Mellon Corporation $BNY

Studio Investment Management LLC bought a new stake in Bank of New York Mellon Corporation (NYSE:BNY) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 4,546 shares of the bank’s stock, valued at approximately $657,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of BNY. Abound Financial LLC bought a new position in Bank of New York Mellon in the fourth quarter valued at about $25,000. MCF Advisors LLC grew its holdings in shares of Bank of New York Mellon by 74.8% during 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 last quarter. Luken Investment Analytics LLC bought a new stake in shares of Bank of New York Mellon during the second quarter worth about $27,000. Burnham & Co LLC acquired a new position in shares of Bank of New York Mellon in the second quarter valued at approximately $29,000. Finally, EFG International AG acquired a new position in shares of Bank of New York Mellon in the second quarter valued at approximately $29,000. Institutional investors own 85.31% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on BNY shares. Weiss Ratings downgraded shares of Bank of New York Mellon from a “buy (a)” rating to a “buy (a-)” rating in a research report on Thursday, August 13th. Truist Financial lifted their price target on shares of Bank of New York Mellon from $160.00 to $178.00 and gave the stock a “buy” rating in a report on Thursday, July 16th. Wall Street Zen raised shares of Bank of New York Mellon to a “hold” rating in a research note on Saturday, May 23rd. Wells Fargo & Company increased their price objective on Bank of New York Mellon from $152.00 to $162.00 and gave the company an “equal weight” rating in a report on Thursday, July 16th. Finally, Zacks Research raised Bank of New York Mellon from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 22nd. Two 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’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $157.13.

Bank of New York Mellon Stock Performance

Shares of Bank of New York Mellon stock opened at $165.05 on Monday. 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 business has a 50-day moving average price of $157.46 and a two-hundred day moving average price of $139.65. Bank of New York Mellon Corporation has a 1-year low of $102.63 and a 1-year high of $165.84. The company has a market cap of $111.99 billion, a P/E ratio of 19.21, a PEG ratio of 1.24 and a beta of 1.05.

Bank of New York Mellon (NYSE:BNY) last announced its earnings results on Wednesday, July 15th. The bank reported $2.46 EPS for the quarter, beating the consensus estimate of $2.16 by $0.30. The company had revenue of $5.70 billion for 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 firm’s revenue for the quarter was up 13.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.93 EPS. As a group, analysts anticipate that Bank of New York Mellon Corporation will post 9.26 EPS for the current year.

Insider Buying and Selling

In other news, CFO Dermot Mcdonogh sold 31,800 shares of the firm’s 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Jose Minaya sold 3,520 shares of Bank of New York Mellon stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $162.64, for a total transaction of $572,492.80. Following the completion of the sale, the vice president owned 180,344 shares of the company’s stock, valued at $29,331,148.16. This represents a 1.91% decrease in their position. The SEC filing for this sale provides additional information. 0.17% of the stock is currently owned by corporate insiders.

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.