Empirical Finance LLC Invests $3.78 Million in Bank of New York Mellon Corporation $BNY

Empirical Finance LLC bought 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 Securities and Exchange Commission (SEC). The fund bought 26,113 shares of the bank’s stock, valued at approximately $3,776,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in BNY. Nykredit A S purchased a new stake in Bank of New York Mellon during the 2nd quarter valued at approximately $29,813,000. Parkside Financial Bank & Trust purchased a new position in shares of Bank of New York Mellon in the second quarter worth $438,000. Range Advisory LLC boosted its position in shares of Bank of New York Mellon by 17.6% during the second quarter. Range Advisory LLC now owns 2,830 shares of the bank’s stock worth $409,000 after acquiring an additional 423 shares during the last quarter. Brown Lisle Cummings Inc. bought a new position in shares of Bank of New York Mellon during the second quarter worth $1,012,000. Finally, Cornerstone Financial Management LLC grew its stake in Bank of New York Mellon by 11.4% during the second quarter. Cornerstone Financial Management LLC now owns 784 shares of the bank’s stock valued at $113,000 after acquiring an additional 80 shares in the last quarter. 85.31% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Bank of New York Mellon news, VP Jose Minaya sold 3,520 shares of the firm’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 completion of the sale, the vice president owned 180,344 shares of the company’s stock, valued at $29,331,148.16. This trade represents a 1.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Dermot Mcdonogh sold 31,800 shares of the business’s stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $155.26, for a total value of $4,937,268.00. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.17% of the company’s stock.

Bank of New York Mellon Trading Down 1.2%

NYSE BNY traded down $1.93 on Tuesday, hitting $162.91. 2,406,021 shares of the stock were exchanged, compared to its average volume of 3,649,098. 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 stock has a fifty day moving average price of $157.89 and a two-hundred day moving average price of $139.97. The firm has a market capitalization of $110.54 billion, a P/E ratio of 18.97, a P/E/G ratio of 1.24 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 $165.84.

Bank of New York Mellon (NYSE:BNY) last announced its earnings results on Wednesday, July 15th. The bank reported $2.46 earnings per share for the quarter, beating the consensus estimate of $2.16 by $0.30. The business had revenue of $5.70 billion for 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 business’s revenue for the quarter was up 13.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.93 earnings per share. Research analysts forecast that Bank of New York Mellon Corporation will post 9.26 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on BNY shares. Wall Street Zen upgraded shares of Bank of New York Mellon to a “hold” rating in a report on Saturday, May 23rd. Royal Bank Of Canada increased their price objective on shares of Bank of New York Mellon from $142.00 to $168.00 and gave the company a “sector perform” rating in a report on Thursday, July 16th. Citigroup lifted their target price on Bank of New York Mellon from $167.00 to $172.00 and gave the stock a “neutral” rating in a report on Monday, July 20th. Weiss Ratings cut Bank of New York Mellon from a “buy (a)” rating to a “buy (a-)” rating in a report on Thursday, August 13th. Finally, Barclays increased their target price 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. Two research 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 data from MarketBeat.com, the stock 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.