Hudson Portfolio Management LLC Invests $3.14 Million in Bank of New York Mellon Corporation $BNY

Hudson Portfolio Management LLC purchased a new stake in Bank of New York Mellon Corporation (NYSE:BNY) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 21,708 shares of the bank’s stock, valued at approximately $3,139,000. Bank of New York Mellon comprises 2.4% of Hudson Portfolio Management LLC’s portfolio, making the stock its 8th biggest position.

A number of other hedge funds have also modified their holdings of the company. Revolve Wealth Partners LLC acquired a new position in shares of Bank of New York Mellon in the 4th quarter valued at $220,000. Sivia Capital Partners LLC raised its stake in Bank of New York Mellon by 36.6% during the 2nd quarter. Sivia Capital Partners LLC now owns 3,394 shares of the bank’s stock worth $309,000 after buying an additional 909 shares during the period. Jump Financial LLC bought a new position in Bank of New York Mellon during the second quarter worth about $2,482,000. Treasurer of the State of North Carolina lifted its holdings in Bank of New York Mellon by 1.7% during the second quarter. Treasurer of the State of North Carolina now owns 334,388 shares of the bank’s stock worth $30,466,000 after acquiring an additional 5,445 shares in the last quarter. Finally, Osterweis Capital Management Inc. grew its stake in Bank of New York Mellon by 11,890.0% in the second quarter. Osterweis Capital Management Inc. now owns 1,199 shares of the bank’s stock valued at $109,000 after acquiring an additional 1,189 shares during the period. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Bank of New York Mellon Stock Up 1.0%

NYSE:BNY opened at $162.09 on Thursday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.72 and a current ratio of 0.72. The company has a market cap of $109.98 billion, a PE ratio of 18.87, a PEG ratio of 1.21 and a beta of 1.05. Bank of New York Mellon Corporation has a 52-week low of $102.63 and a 52-week high of $165.68. The stock has a 50-day simple moving average of $156.65 and a 200 day simple moving average of $138.99.

Bank of New York Mellon (NYSE:BNY) last released its earnings results on Wednesday, July 15th. The bank reported $2.46 EPS for the quarter, beating the consensus estimate 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 firm had revenue of $5.70 billion for the quarter, compared to analysts’ expectations of $5.35 billion. During the same quarter in the previous year, the business posted $1.93 EPS. The business’s quarterly revenue was up 13.3% compared to the same quarter last year. On average, sell-side analysts expect that Bank of New York Mellon Corporation will post 9.26 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have issued reports on BNY. Bank of America increased their price target 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. Weiss Ratings lowered Bank of New York Mellon from a “buy (a)” rating to a “buy (a-)” rating in a research report on Thursday, August 13th. 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 research report on Thursday, July 16th. Erste Group Bank began coverage on shares of Bank of New York Mellon in a report on Wednesday, July 15th. They set a “buy” rating on the stock. Finally, Zacks Research upgraded shares of Bank of New York Mellon from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, Bank of New York Mellon presently has a consensus rating of “Moderate Buy” and an average target price of $157.13.

Insiders Place Their Bets

In other Bank of New York Mellon news, VP Jose Minaya sold 3,520 shares of Bank of New York Mellon stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $162.64, for a total value of $572,492.80. Following the sale, the vice president directly owned 180,344 shares in the company, valued at approximately $29,331,148.16. The trade was a 1.91% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Dermot Mcdonogh sold 31,800 shares of the business’s stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $155.26, for a total transaction of $4,937,268.00. The SEC filing for this sale provides additional information. Insiders own 0.17% of the company’s stock.

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.