NewEdge Advisors LLC Invests $72.72 Million in Bank of New York Mellon Corporation $BNY

NewEdge Advisors LLC acquired a new stake in shares of Bank of New York Mellon Corporation (NYSE:BNY) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 502,866 shares of the bank’s stock, valued at approximately $72,719,000.

A number of other large investors have also added to or reduced their stakes in the stock. California State Teachers Retirement System bought a new stake in Bank of New York Mellon in the second quarter worth $22,603,252,000. BlackRock Inc. bought a new position in shares of Bank of New York Mellon during the second quarter valued at $8,321,111,000. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Bank of New York Mellon by 18,044.4% during the fourth 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 in the last quarter. Bank of America Corp DE purchased a new position in shares of Bank of New York Mellon in the 2nd quarter worth about $2,499,438,000. Finally, Norges Bank purchased a new position in shares of Bank of New York Mellon in the 4th quarter worth about $1,398,624,000. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Analysts Set New Price Targets

BNY has been the topic of several recent analyst reports. Truist Financial increased their price objective on shares of 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. Bank of America lifted their target price 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. Erste Group Bank began 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. Barclays increased their price target on shares of 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. Finally, 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. Two equities research 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. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $157.13.

Insiders Place Their Bets

In related news, VP Jose Minaya sold 3,520 shares of the company’s stock in a transaction 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 sale, the vice president owned 180,344 shares in the company, valued at approximately $29,331,148.16. This represents a 1.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Dermot Mcdonogh sold 31,800 shares of the stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $155.26, for a total value of $4,937,268.00. The SEC filing for this sale provides additional information. 0.17% of the stock is currently owned by insiders.

Bank of New York Mellon Stock Performance

Shares of BNY stock opened at $162.91 on Wednesday. The company has a 50 day moving average price of $158.26 and a 200-day moving average price of $140.28. Bank of New York Mellon Corporation has a 52 week low of $102.63 and a 52 week high of $165.84. The firm has a market capitalization of $110.53 billion, a PE ratio of 18.97, a P/E/G ratio of 1.24 and a beta of 1.05. The company has a quick ratio of 0.72, a current 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 data on Wednesday, July 15th. The bank reported $2.46 earnings per share for the quarter, beating analysts’ consensus estimates 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 company had revenue of $5.70 billion for the quarter, compared to the consensus estimate of $5.35 billion. During the same quarter in the prior year, the firm earned $1.93 earnings per share. The firm’s revenue for the quarter was up 13.3% compared to the same quarter last year. As a group, equities research analysts expect that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current 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.