Wedmont Private Capital Invests $1.35 Million in Bank of New York Mellon Corporation $BNY

Wedmont Private Capital acquired a new stake in Bank of New York Mellon Corporation (NYSE:BNY) in the second quarter, HoldingsChannel.com reports. The fund acquired 8,886 shares of the bank’s stock, valued at approximately $1,350,000.

Other institutional investors also recently added to or reduced their stakes in the company. Abound Financial LLC acquired a new stake in shares of Bank of New York Mellon in the 4th quarter valued at approximately $25,000. MCF Advisors LLC lifted its holdings 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 valued at $27,000 after acquiring an additional 101 shares during the period. Luken Investment Analytics LLC purchased a new stake in shares of Bank of New York Mellon during the 2nd quarter worth $27,000. Burnham & Co LLC acquired a new position in shares of Bank of New York Mellon during the 2nd quarter worth $29,000. Finally, EFG International AG purchased a new position in shares of Bank of New York Mellon in the 2nd quarter valued at about $29,000. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Insider Transactions at Bank of New York Mellon

In other news, CFO Dermot Mcdonogh sold 31,800 shares of the business’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 value of $4,937,268.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Jose Minaya sold 3,520 shares of the company’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 transaction of $572,492.80. Following the transaction, the vice president directly owned 180,344 shares in the company, valued at $29,331,148.16. The trade was 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.

Analyst Ratings Changes

BNY has been the topic of a number of research analyst reports. Zacks Research upgraded shares of Bank of New York Mellon from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 22nd. Bank of America raised their price objective on 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. Argus upped their target price on Bank of New York Mellon from $153.00 to $180.00 and gave the company a “buy” rating in a report on Wednesday, July 22nd. Truist Financial raised 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. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Bank of New York Mellon from $149.00 to $159.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 4th. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, Bank of New York Mellon has an average rating of “Moderate Buy” and an average target price of $157.13.

Bank of New York Mellon Stock Performance

Bank of New York Mellon stock opened at $165.05 on Tuesday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.72 and a current ratio of 0.72. The stock has a fifty day moving average of $157.89 and a two-hundred day moving average of $139.97. The company has a market capitalization of $111.99 billion, a price-to-earnings ratio of 19.21, a PEG ratio of 1.24 and a beta of 1.05. Bank of New York Mellon Corporation has a fifty-two week low of $102.63 and a fifty-two week high of $165.84.

Bank of New York Mellon (NYSE:BNY) last posted its quarterly earnings data on Wednesday, July 15th. The bank reported $2.46 EPS for the quarter, beating analysts’ consensus estimates of $2.16 by $0.30. The business 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 business’s revenue for the quarter was up 13.3% compared to the same quarter last year. During the same quarter last year, the company earned $1.93 earnings per share. On average, analysts anticipate that Bank of New York Mellon Corporation will post 9.26 EPS for the current fiscal year.

Bank of New York Mellon 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.