L2 Asset Management LLC Takes $566,000 Position in Bank of New York Mellon Corporation $BNY

L2 Asset Management LLC purchased a new stake in Bank of New York Mellon Corporation (NYSE:BNY) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 3,913 shares of the bank’s stock, valued at approximately $566,000.

Other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in shares of Bank of New York Mellon in the 2nd quarter valued at $8,321,111,000. Northwestern Mutual Wealth Management Co. raised its position in shares of Bank of New York Mellon by 18,044.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 19,670,202 shares of the bank’s stock worth $2,283,514,000 after acquiring an additional 19,561,793 shares during the last quarter. Norges Bank acquired a new position in shares of Bank of New York Mellon during the fourth quarter valued at $1,398,624,000. Invesco Ltd. lifted its stake in shares of Bank of New York Mellon by 8.2% during the fourth quarter. Invesco Ltd. now owns 7,680,429 shares of the bank’s stock valued at $891,621,000 after acquiring an additional 578,999 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Bank of New York Mellon by 639.5% in the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,076,729 shares of the bank’s stock valued at $771,080,000 after acquiring an additional 6,119,749 shares during the last quarter. Institutional investors own 85.31% of the company’s stock.

Insider Activity 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 shares were sold at an average price of $155.26, for a total value of $4,937,268.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.17% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of analysts recently commented on the company. Citigroup lifted their price objective on 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. Wells Fargo & Company raised 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 note on Thursday, July 16th. Zacks Research upgraded shares of Bank of New York Mellon from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 22nd. Weiss Ratings downgraded shares of Bank of New York Mellon from a “buy (a)” rating to a “buy (a-)” rating in a research note on Thursday, August 13th. Finally, Truist Financial increased their price objective on shares of Bank of New York Mellon from $160.00 to $178.00 and gave the company a “buy” rating in a 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 MarketBeat, Bank of New York Mellon currently has a consensus rating of “Moderate Buy” and a consensus price target of $157.13.

Bank of New York Mellon Stock Up 1.0%

Shares of NYSE BNY opened at $163.76 on Wednesday. The stock has a market cap of $111.11 billion, a P/E ratio of 19.06, a P/E/G ratio of 1.15 and a beta of 1.06. The firm has a 50 day moving average price of $154.63 and a 200 day moving average price of $137.32. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.72 and a current ratio of 0.72. Bank of New York Mellon Corporation has a 52-week low of $102.55 and a 52-week high of $165.68.

Bank of New York Mellon (NYSE:BNY) last issued its earnings results on Wednesday, July 15th. The bank reported $2.46 EPS 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 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 quarterly revenue was up 13.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.93 earnings per share. Analysts expect that Bank of New York Mellon Corporation will post 9.26 EPS 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.