Legal & General Group Plc Purchases New Position in Bank of New York Mellon Corporation $BNY

Legal & General Group Plc purchased a new stake in Bank of New York Mellon Corporation (NYSE:BNY) during the 2nd quarter, HoldingsChannel.com reports. The fund purchased 5,622,081 shares of the bank’s stock, valued at approximately $813,009,000.

Several other hedge funds have also recently bought and sold shares of BNY. Revolve Wealth Partners LLC acquired a new position in shares of Bank of New York Mellon in the fourth quarter valued at approximately $220,000. Sivia Capital Partners LLC lifted its holdings in Bank of New York Mellon by 36.6% during the 2nd quarter. Sivia Capital Partners LLC now owns 3,394 shares of the bank’s stock worth $309,000 after purchasing an additional 909 shares during the last quarter. Jump Financial LLC acquired a new stake in Bank of New York Mellon during the 2nd quarter worth approximately $2,482,000. Treasurer of the State of North Carolina boosted its stake in Bank of New York Mellon by 1.7% in the 2nd quarter. Treasurer of the State of North Carolina now owns 334,388 shares of the bank’s stock valued at $30,466,000 after purchasing an additional 5,445 shares during the period. Finally, Osterweis Capital Management Inc. boosted its stake in Bank of New York Mellon by 11,890.0% in the 2nd quarter. Osterweis Capital Management Inc. now owns 1,199 shares of the bank’s stock valued at $109,000 after purchasing an additional 1,189 shares during the period. 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 related news, CFO Dermot Mcdonogh sold 31,800 shares of the stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $155.26, for a total transaction of $4,937,268.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.17% of the company’s stock.

Bank of New York Mellon Trading Up 2.3%

Shares of NYSE:BNY opened at $162.14 on Tuesday. The company has a market capitalization of $110.01 billion, a P/E ratio of 18.88, a P/E/G ratio of 1.12 and a beta of 1.06. Bank of New York Mellon Corporation has a 1 year low of $101.71 and a 1 year high of $165.68. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.72 and a quick ratio of 0.72. The business’s 50 day simple moving average is $154.24 and its 200 day simple moving average is $137.02.

Bank of New York Mellon (NYSE:BNY) last announced its quarterly earnings data 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 firm had revenue of $5.70 billion during the quarter, compared to analysts’ expectations of $5.35 billion. Bank of New York Mellon had a return on equity of 16.00% and a net margin of 15.52%.The company’s quarterly revenue was up 13.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.93 EPS. On average, research analysts anticipate that Bank of New York Mellon Corporation will post 9.26 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Zacks Research upgraded Bank of New York Mellon from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 22nd. Truist Financial boosted 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 report on Thursday, July 16th. Wall Street Zen upgraded shares of Bank of New York Mellon to a “hold” rating in a research note on Saturday, May 23rd. Citigroup raised their price target on shares of Bank of New York Mellon from $167.00 to $172.00 and gave the stock a “neutral” rating in a research report on Monday, July 20th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Bank of New York Mellon from $149.00 to $159.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 4th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have issued a Hold rating to the company’s 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 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.