IFP Advisors Inc Purchases Shares of 5,080 Bank of New York Mellon Corporation $BNY

IFP Advisors Inc bought a new position in shares of Bank of New York Mellon Corporation (NYSE:BNY) during the 2nd quarter, Holdings Channel.com reports. The firm bought 5,080 shares of the bank’s stock, valued at approximately $735,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in BNY. Focus Partners Advisor Solutions LLC acquired a new stake in shares of Bank of New York Mellon in the 2nd quarter worth about $1,128,000. Northwestern Mutual Wealth Management Co. acquired a new position in Bank of New York Mellon during the 2nd quarter valued at about $13,234,000. CIBC Asset Management Inc boosted its stake in Bank of New York Mellon by 53.8% during the 4th quarter. CIBC Asset Management Inc now owns 182,002 shares of the bank’s stock valued at $21,129,000 after purchasing an additional 63,627 shares during the period. Todd Asset Management LLC grew its position in Bank of New York Mellon by 37.5% in the 4th quarter. Todd Asset Management LLC now owns 370,998 shares of the bank’s stock worth $43,069,000 after purchasing an additional 101,142 shares during the last quarter. Finally, Bellars Harris Wealth Management LLC acquired a new stake in shares of Bank of New York Mellon in the second quarter valued at approximately $10,324,000. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Wall Street Analysts Forecast Growth

BNY has been the topic of several recent analyst reports. Bank of America lifted their target price 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 raised their price target 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. Weiss Ratings cut shares of Bank of New York Mellon from a “buy (a)” rating to a “buy (a-)” rating in a research note on Thursday, August 13th. Zacks Research downgraded shares of Bank of New York Mellon from a “strong-buy” rating to a “hold” rating in a report on Monday, September 7th. Finally, Keefe, Bruyette & Woods raised their target price on shares of Bank of New York Mellon from $166.00 to $177.00 and gave the company an “outperform” rating in a research note on Thursday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, Bank of New York Mellon currently has an average rating of “Moderate Buy” and an average target price of $157.13.

Insider Buying and Selling at Bank of New York Mellon

In other Bank of New York Mellon news, CFO Dermot Mcdonogh sold 31,800 shares of the firm’s stock in a transaction 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 SEC, which can be accessed through this link. Also, VP Jose Minaya sold 3,520 shares of the business’s stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $162.64, for a total value of $572,492.80. Following the transaction, the vice president owned 180,344 shares in the company, valued at $29,331,148.16. This 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.

Bank of New York Mellon Price Performance

BNY opened at $157.97 on Tuesday. The stock has a fifty day moving average price of $159.42 and a 200 day moving average price of $141.53. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.76. Bank of New York Mellon Corporation has a 1 year low of $103.11 and a 1 year high of $165.84. The stock has a market cap of $107.18 billion, a price-to-earnings ratio of 18.39, a PEG ratio of 1.22 and a beta of 1.05.

Bank of New York Mellon (NYSE:BNY) last posted 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. The company had revenue of $5.70 billion during the quarter, compared to the consensus estimate of $5.35 billion. Bank of New York Mellon had a net margin of 15.52% and a return on equity of 16.00%. The company’s revenue for the quarter was up 13.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.93 earnings per share. Analysts forecast that Bank of New York Mellon Corporation will post 9.26 EPS for the current fiscal year.

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.