Portfolio Design Labs LLC Takes $628,000 Position in Bank of New York Mellon Corporation $BNY

Portfolio Design Labs LLC acquired a new stake in shares of Bank of New York Mellon Corporation (NYSE:BNY) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 4,343 shares of the bank’s stock, valued at approximately $628,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Focus Partners Advisor Solutions LLC bought a new position in shares of Bank of New York Mellon in the second quarter worth about $1,128,000. CIBC Asset Management Inc raised its stake in Bank of New York Mellon by 53.8% during the 4th quarter. CIBC Asset Management Inc now owns 182,002 shares of the bank’s stock valued at $21,129,000 after purchasing an additional 63,627 shares during the period. Todd Asset Management LLC raised its stake in Bank of New York Mellon by 37.5% during the 4th quarter. Todd Asset Management LLC now owns 370,998 shares of the bank’s stock valued at $43,069,000 after purchasing an additional 101,142 shares during the period. Prospera Financial Services Inc lifted its holdings in Bank of New York Mellon by 106.5% in the 4th quarter. Prospera Financial Services Inc now owns 19,126 shares of the bank’s stock worth $2,220,000 after purchasing an additional 9,865 shares in the last quarter. Finally, Bellars Harris Wealth Management LLC purchased a new position in Bank of New York Mellon in the 2nd quarter worth approximately $10,324,000. 85.31% of the stock is owned by hedge funds and other institutional investors.

Bank of New York Mellon Stock Performance

NYSE BNY opened at $157.61 on Friday. The company has a market cap of $106.94 billion, a P/E ratio of 18.35, a P/E/G ratio of 1.13 and a beta of 1.06. 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 business’s 50 day moving average price is $153.55 and its 200-day moving average price is $136.46. Bank of New York Mellon Corporation has a fifty-two week low of $100.44 and a fifty-two week high of $165.68.

Bank of New York Mellon (NYSE:BNY) last issued its quarterly earnings results on Wednesday, July 15th. The bank reported $2.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.16 by $0.30. The company had revenue of $5.70 billion during the quarter, compared to the consensus estimate of $5.35 billion. Bank of New York Mellon had a return on equity of 16.00% and a net margin of 15.52%.Bank of New York Mellon’s revenue was up 13.3% on a year-over-year basis. During the same period last year, the company earned $1.93 earnings per share. 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 other news, CFO Dermot Mcdonogh sold 31,800 shares of the 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 sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.17% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on BNY. Erste Group Bank assumed coverage on shares of Bank of New York Mellon in a report on Wednesday, July 15th. They set a “buy” rating for the company. Bank of America boosted their target price on shares of 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. JPMorgan Chase & Co. upped their target price on shares of 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. Truist Financial raised their target price on shares of Bank of New York Mellon from $160.00 to $178.00 and gave the company a “buy” rating in a research note on Thursday, July 16th. Finally, Wall Street Zen upgraded shares of Bank of New York Mellon to a “hold” rating in a report on Saturday, May 23rd. Two 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’s stock. According to MarketBeat, Bank of New York Mellon presently has a consensus rating of “Moderate Buy” and an average target price of $157.13.

Bank of New York Mellon Company 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.