Connor Clark & Lunn Investment Management Ltd. Buys Shares of 192,003 Bank of New York Mellon Corporation $BNY

Connor Clark & Lunn Investment Management Ltd. purchased a new position in Bank of New York Mellon Corporation (NYSE:BNY) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 192,003 shares of the bank’s stock, valued at approximately $27,766,000.

A number of other hedge funds have also recently made changes to their positions in BNY. Abound Financial LLC bought a new position in Bank of New York Mellon in the fourth quarter worth about $25,000. MCF Advisors LLC boosted its holdings in shares of Bank of New York Mellon by 74.8% in the 4th quarter. MCF Advisors LLC now owns 236 shares of the bank’s stock valued at $27,000 after buying an additional 101 shares in the last quarter. Burnham & Co LLC purchased a new position in shares of Bank of New York Mellon in the 2nd quarter worth approximately $29,000. Heritage Wealth Advisors purchased a new position in shares of Bank of New York Mellon in the 4th quarter worth approximately $31,000. Finally, Wilkerson Advisory Group LLC bought a new position in shares of Bank of New York Mellon during the 4th quarter worth approximately $31,000. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Bank of New York Mellon Stock Up 2.3%

BNY stock opened at $162.14 on Tuesday. The firm has a 50 day moving average of $154.24 and a 200 day moving average of $137.02. The stock has a market capitalization of $110.01 billion, a PE ratio of 18.88, a price-to-earnings-growth ratio of 1.12 and a beta of 1.06. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.76. Bank of New York Mellon Corporation has a 52 week low of $101.71 and a 52 week high of $165.68.

Bank of New York Mellon (NYSE:BNY) last released its earnings results on Wednesday, July 15th. The bank reported $2.46 earnings per share for the quarter, topping the consensus estimate of $2.16 by $0.30. The company 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%. Bank of New York Mellon’s revenue was up 13.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.93 EPS. Sell-side analysts forecast that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms recently commented on BNY. 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 report on Thursday, July 16th. Argus lifted their price target on shares of Bank of New York Mellon from $153.00 to $180.00 and gave the stock a “buy” rating in a report on Wednesday, July 22nd. Wall Street Zen upgraded Bank of New York Mellon to a “hold” rating in a report on Saturday, May 23rd. Keefe, Bruyette & Woods increased their price objective on Bank of New York Mellon from $166.00 to $177.00 and gave the company an “outperform” rating in a report on Thursday, July 16th. Finally, Weiss Ratings cut Bank of New York Mellon from a “buy (a)” rating to a “buy (a-)” rating in a research report on Thursday, August 13th. Two equities 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 company. According to MarketBeat, Bank of New York Mellon currently has a consensus rating of “Moderate Buy” and a consensus price target of $157.13.

Insider Buying and Selling at Bank of New York Mellon

In related news, CFO Dermot Mcdonogh sold 31,800 shares of the company’s stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $155.26, for a total value of $4,937,268.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.17% of the stock is owned by company insiders.

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.