190,603 Shares in Bank of New York Mellon Corporation $BNY Acquired by Arizona State Retirement System

Arizona State Retirement System bought a new stake in Bank of New York Mellon Corporation (NYSE:BNY) during the second quarter, HoldingsChannel.com reports. The fund bought 190,603 shares of the bank’s stock, valued at approximately $27,563,000.

Several other hedge funds have also modified their holdings of BNY. California State Teachers Retirement System purchased a new stake in shares of Bank of New York Mellon during the second quarter valued at approximately $22,603,252,000. BlackRock Inc. acquired a new stake in Bank of New York Mellon during the second quarter valued at approximately $8,321,111,000. Northwestern Mutual Wealth Management Co. lifted its stake in 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 worth $2,283,514,000 after purchasing an additional 19,561,793 shares during the last quarter. Bank of America Corp DE bought a new position in shares of Bank of New York Mellon in the 2nd quarter worth about $2,499,438,000. Finally, Norges Bank bought a new position in Bank of New York Mellon in the fourth quarter worth about $1,398,624,000. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently issued reports on BNY. Barclays boosted 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. Wall Street Zen raised Bank of New York Mellon to a “hold” rating in a research note on Saturday, May 23rd. Wells Fargo & Company increased their target price on shares of Bank of New York Mellon from $152.00 to $162.00 and gave the company an “equal weight” rating in a research note on Thursday, July 16th. Erste Group Bank started coverage on Bank of New York Mellon in a research report on Wednesday, July 15th. They issued a “buy” rating for the company. Finally, Argus lifted their price objective on shares of Bank of New York Mellon from $153.00 to $180.00 and gave the stock a “buy” rating in a research report on Wednesday, July 22nd. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, Bank of New York Mellon currently has a consensus rating of “Moderate Buy” and an average target price of $157.13.

Bank of New York Mellon Stock Down 1.2%

NYSE:BNY traded down $1.93 during mid-day trading on Tuesday, reaching $162.91. The stock had a trading volume of 2,406,021 shares, compared to its average volume of 3,649,098. The stock has a market cap of $110.54 billion, a P/E ratio of 18.97, a PEG ratio of 1.24 and a beta of 1.05. The business’s 50 day moving average is $157.89 and its 200 day moving average is $139.97. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.72 and a quick ratio of 0.72. Bank of New York Mellon Corporation has a fifty-two week low of $102.63 and a fifty-two week high of $165.84.

Bank of New York Mellon (NYSE:BNY) last released its quarterly earnings data on Wednesday, July 15th. The bank reported $2.46 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $5.70 billion during the quarter, compared to analyst estimates of $5.35 billion. During the same quarter in the previous year, the business earned $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, sell-side analysts predict that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current year.

Insider Buying and Selling at Bank of New York Mellon

In related 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 is available through this hyperlink. Also, VP Jose Minaya sold 3,520 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the vice president directly owned 180,344 shares in the company, valued at $29,331,148.16. This trade represents a 1.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.17% of the stock is currently owned by corporate insiders.

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.