Man Group plc Invests $118.73 Million in Bank of New York Mellon Corporation $BNY

Man Group plc bought a new stake in shares of Bank of New York Mellon Corporation (NYSE:BNY) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 821,058 shares of the bank’s stock, valued at approximately $118,733,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in BNY. Abound Financial LLC purchased a new stake in Bank of New York Mellon in the fourth quarter worth $25,000. MCF Advisors LLC increased its position in Bank of New York Mellon by 74.8% during the 4th quarter. MCF Advisors LLC now owns 236 shares of the bank’s stock valued at $27,000 after purchasing an additional 101 shares during the period. Burnham & Co LLC purchased a new position in Bank of New York Mellon during the 2nd quarter valued at $29,000. EFG International AG bought a new position in Bank of New York Mellon in the 2nd quarter worth $29,000. Finally, Heritage Wealth Advisors bought a new position in Bank of New York Mellon in the 4th quarter worth $31,000. Institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Stock Performance

Shares of Bank of New York Mellon stock opened at $163.76 on Wednesday. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.76. The firm has a market capitalization of $111.11 billion, a P/E ratio of 19.06, a P/E/G ratio of 1.15 and a beta of 1.06. The business has a fifty day simple moving average of $154.63 and a two-hundred day simple moving average of $137.32. Bank of New York Mellon Corporation has a 12 month low of $102.55 and a 12 month high of $165.68.

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, beating analysts’ consensus estimates of $2.16 by $0.30. The firm had revenue of $5.70 billion for the quarter, compared to analysts’ expectations 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 quarterly revenue was up 13.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.93 EPS. On average, equities analysts forecast that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current fiscal year.

Insider Transactions at Bank of New York Mellon

In related news, CFO Dermot Mcdonogh sold 31,800 shares of the business’s stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $155.26, for a total transaction of $4,937,268.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.17% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on BNY shares. Wall Street Zen raised shares of Bank of New York Mellon to a “hold” rating in a research report on Saturday, May 23rd. Erste Group Bank assumed coverage on shares of Bank of New York Mellon in a research report on Wednesday, July 15th. They set a “buy” rating on the stock. Keefe, Bruyette & Woods increased their price target 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. Royal Bank Of Canada raised their price objective on shares of Bank of New York Mellon from $142.00 to $168.00 and gave the stock a “sector perform” rating in a report on Thursday, July 16th. Finally, Truist Financial lifted their price objective 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. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $157.13.

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.