Connor Clark & Lunn Investment Management Ltd. Makes New Investment in Bank of New York Mellon Corporation $BNY

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Bank of New York Mellon Corporation (NYSE:BNY) in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund acquired 192,003 shares of the bank’s stock, valued at approximately $27,766,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Linscomb Wealth Inc. increased its stake in shares of Bank of New York Mellon by 2.5% in the fourth quarter. Linscomb Wealth Inc. now owns 3,240 shares of the bank’s stock worth $376,000 after acquiring an additional 80 shares during the period. Parkside Financial Bank & Trust lifted its position in Bank of New York Mellon by 3.2% during the fourth quarter. Parkside Financial Bank & Trust now owns 2,805 shares of the bank’s stock valued at $326,000 after purchasing an additional 88 shares during the period. Essex Financial Services Inc. boosted its holdings in Bank of New York Mellon by 0.5% in the fourth quarter. Essex Financial Services Inc. now owns 17,584 shares of the bank’s stock valued at $2,041,000 after purchasing an additional 89 shares during the last quarter. Maia Wealth LLC boosted its holdings in Bank of New York Mellon by 3.0% in the fourth quarter. Maia Wealth LLC now owns 3,049 shares of the bank’s stock valued at $350,000 after purchasing an additional 90 shares during the last quarter. Finally, Nemes Rush Group LLC grew its position in Bank of New York Mellon by 12.8% during the 4th quarter. Nemes Rush Group LLC now owns 813 shares of the bank’s stock worth $94,000 after purchasing an additional 92 shares during the period. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Bank of New York Mellon Price Performance

NYSE:BNY opened at $162.14 on Tuesday. Bank of New York Mellon Corporation has a 52 week low of $101.71 and a 52 week high of $165.68. 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 stock has a market capitalization of $110.01 billion, a PE ratio of 18.88, a price-to-earnings-growth ratio of 1.12 and a beta of 1.06. The stock’s 50-day moving average price is $154.24 and its 200-day moving average price is $137.02.

Bank of New York Mellon (NYSE:BNY) last released its quarterly earnings results on Wednesday, July 15th. The bank reported $2.46 earnings per share for the quarter, topping analysts’ consensus estimates of $2.16 by $0.30. Bank of New York Mellon had a return on equity of 16.00% and a net margin of 15.52%.The company 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 firm posted $1.93 EPS. Bank of New York Mellon’s quarterly revenue was up 13.3% compared to the same quarter last year. As a group, equities analysts expect that Bank of New York Mellon Corporation will post 9.26 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on BNY shares. Barclays boosted their price objective on 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. Bank of America raised their target price on 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. Keefe, Bruyette & Woods lifted their price target on Bank of New York Mellon from $166.00 to $177.00 and gave the company an “outperform” rating in a research report on Thursday, July 16th. Zacks Research raised Bank of New York Mellon from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 22nd. Finally, Truist Financial upped their price objective on Bank of New York Mellon from $160.00 to $178.00 and gave the stock a “buy” rating in a research report on Thursday, July 16th. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, Bank of New York Mellon currently has a consensus rating of “Moderate Buy” and a consensus target price of $157.13.

Insider Buying and Selling at Bank of New York Mellon

In other news, CFO Dermot Mcdonogh sold 31,800 shares of the stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $155.26, for a total transaction of $4,937,268.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.17% of the stock is currently owned by insiders.

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.