Diversify Advisory Services LLC Buys Shares of 16,877 Bank of New York Mellon Corporation $BNY

Diversify Advisory Services LLC bought a new stake in Bank of New York Mellon Corporation (NYSE:BNY) during the 2nd quarter, Holdings Channel reports. The fund bought 16,877 shares of the bank’s stock, valued at approximately $2,663,000.

Several other hedge funds also recently bought and sold shares of the company. Abound Financial LLC acquired a new stake in Bank of New York Mellon during the 4th quarter worth $25,000. N.E.W. Advisory Services LLC bought a new stake in Bank of New York Mellon in the 2nd quarter valued at $32,000. MCF Advisors LLC boosted its stake in Bank of New York Mellon by 74.8% in the 4th quarter. MCF Advisors LLC now owns 236 shares of the bank’s stock worth $27,000 after purchasing an additional 101 shares during the period. MidFirst Bank acquired a new position in Bank of New York Mellon in the 2nd quarter worth $38,000. Finally, Heritage Wealth Advisors bought a new position in Bank of New York Mellon during the 4th quarter worth about $31,000. 85.31% of the stock is currently owned by institutional investors and hedge funds.

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 dated Wednesday, July 29th. The shares were sold at an average price of $155.26, for a total value of $4,937,268.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.17% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several analysts have issued reports on BNY shares. Citigroup lifted their price target on Bank of New York Mellon from $167.00 to $172.00 and gave the company a “neutral” rating in a research note on Monday, July 20th. Wells Fargo & Company increased their price objective on Bank of New York Mellon from $152.00 to $162.00 and gave the stock an “equal weight” rating in a report on Thursday, July 16th. Erste Group Bank assumed coverage on Bank of New York Mellon in a research report on Wednesday, July 15th. They issued a “buy” rating on the stock. Zacks Research upgraded Bank of New York Mellon from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 22nd. Finally, JPMorgan Chase & Co. upped their price target on Bank of New York Mellon from $149.00 to $159.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 4th. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $157.13.

Bank of New York Mellon Price Performance

NYSE:BNY opened at $163.80 on Wednesday. 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 firm has a market capitalization of $111.14 billion, a price-to-earnings ratio of 19.07, a P/E/G ratio of 1.16 and a beta of 1.06. Bank of New York Mellon Corporation has a 12-month low of $99.67 and a 12-month high of $165.68. The stock’s 50 day moving average price is $152.84 and its two-hundred day moving average price is $135.92.

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

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.