Sequoia Financial Advisors LLC Makes New Investment in Bank of New York Mellon Corporation $BNY

Sequoia Financial Advisors LLC acquired a new stake in Bank of New York Mellon Corporation (NYSE:BNY) in the 2nd quarter, HoldingsChannel.com reports. The firm acquired 63,485 shares of the bank’s stock, valued at approximately $9,181,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. California State Teachers Retirement System bought a new position in Bank of New York Mellon in the 2nd quarter valued at $22,603,252,000. BlackRock Inc. bought a new position in Bank of New York Mellon in the 2nd quarter worth approximately $8,321,111,000. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Bank of New York Mellon by 18,044.4% in 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 period. Bank of America Corp DE bought a new position in Bank of New York Mellon in the 2nd quarter worth about $2,499,438,000. Finally, Norges Bank purchased a new position in Bank of New York Mellon during the fourth quarter valued at approximately $1,398,624,000. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Insider Activity

In other news, VP Jose Minaya sold 3,520 shares of Bank of New York Mellon stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $162.64, for a total value of $572,492.80. Following the sale, the vice president directly owned 180,344 shares in the company, valued at approximately $29,331,148.16. This trade represents a 1.91% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Dermot Mcdonogh sold 31,800 shares of Bank of New York Mellon stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $155.26, for a total transaction of $4,937,268.00. The SEC filing for this sale provides additional information. Corporate insiders own 0.17% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on BNY. Zacks Research cut Bank of New York Mellon from a “strong-buy” rating to a “hold” rating in a research report on Monday. Keefe, Bruyette & Woods lifted their price target on Bank of New York Mellon from $166.00 to $177.00 and gave the company an “outperform” rating in a research report on Thursday, July 16th. Truist Financial boosted their price objective on Bank of New York Mellon from $160.00 to $178.00 and gave the stock a “buy” rating in a report on Thursday, July 16th. Barclays upped their price objective on shares of Bank of New York Mellon from $149.00 to $178.00 and gave the stock an “overweight” rating in a research report on Thursday, July 16th. Finally, Citigroup raised their target price on shares of 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. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $157.13.

Bank of New York Mellon Stock Up 0.1%

BNY opened at $162.60 on Friday. The business’s fifty day simple moving average is $158.92 and its 200 day simple moving average is $140.91. Bank of New York Mellon Corporation has a 52 week low of $103.11 and a 52 week high of $165.84. 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 stock has a market cap of $110.32 billion, a PE ratio of 18.93, a P/E/G ratio of 1.22 and a beta of 1.05.

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 the consensus estimate of $2.16 by $0.30. The firm had revenue of $5.70 billion during the quarter, compared to analyst estimates 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 revenue was up 13.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.93 earnings per share. As a group, research analysts expect that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current fiscal 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.