Beacon Investment Advisory Services Inc. Makes New Investment in Bank of New York Mellon Corporation $BNY

Beacon Investment Advisory Services Inc. bought a new stake in Bank of New York Mellon Corporation (NYSE:BNY) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 11,317 shares of the bank’s stock, valued at approximately $1,637,000.

Several other large investors also recently modified their holdings of the business. California State Teachers Retirement System acquired a new stake in shares of Bank of New York Mellon during the second quarter worth about $22,603,252,000. BlackRock Inc. acquired a new position in shares of Bank of New York Mellon in the 2nd quarter valued at approximately $8,321,111,000. Northwestern Mutual Wealth Management Co. increased its stake in Bank of New York Mellon by 18,044.4% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 19,670,202 shares of the bank’s stock worth $2,283,514,000 after purchasing an additional 19,561,793 shares in the last quarter. Bank of America Corp DE bought a new stake in Bank of New York Mellon during the 2nd quarter worth approximately $2,499,438,000. Finally, Norges Bank bought a new stake in Bank of New York Mellon during the 4th quarter worth approximately $1,398,624,000. 85.31% of the stock is currently owned by institutional investors.

Insider Transactions at Bank of New York Mellon

In related news, VP Jose Minaya sold 3,520 shares of the stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $162.64, for a total transaction of $572,492.80. Following the completion of the transaction, the vice president directly owned 180,344 shares of the company’s stock, valued at approximately $29,331,148.16. This represents a 1.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, 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 value of $4,937,268.00. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.17% of the company’s stock.

Bank of New York Mellon Price Performance

NYSE BNY opened at $162.91 on Wednesday. The firm’s 50 day moving average is $158.26 and its 200-day moving average is $140.28. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.76. The company has a market capitalization of $110.53 billion, a PE ratio of 18.97, a price-to-earnings-growth ratio of 1.24 and a beta of 1.05. Bank of New York Mellon Corporation has a 12-month low of $102.63 and a 12-month high of $165.84.

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, topping the consensus estimate of $2.16 by $0.30. Bank of New York Mellon had a net margin of 15.52% and a return on equity of 16.00%. The business had revenue of $5.70 billion during the quarter, compared to analysts’ expectations of $5.35 billion. During the same quarter in the prior year, the company posted $1.93 earnings per share. The firm’s revenue was up 13.3% on a year-over-year basis. Equities research analysts anticipate that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on BNY. Erste Group Bank initiated coverage on shares of Bank of New York Mellon in a research note on Wednesday, July 15th. They issued a “buy” rating on the stock. Wells Fargo & Company increased their price objective on shares of Bank of New York Mellon from $152.00 to $162.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 16th. Bank of America raised their price objective on shares of 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. JPMorgan Chase & Co. boosted their price objective on shares of Bank of New York Mellon from $149.00 to $159.00 and gave the company an “overweight” rating in a research report on Tuesday, August 4th. Finally, Keefe, Bruyette & Woods upped their target price on shares of Bank of New York Mellon from $166.00 to $177.00 and gave the stock an “outperform” rating in a research note on Thursday, July 16th. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $157.13.

About Bank of New York Mellon

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.