Perigon Wealth Management LLC Takes Position in Bank of New York Mellon Corporation $BNY

Perigon Wealth Management LLC bought a new stake in Bank of New York Mellon Corporation (NYSE:BNY) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 9,031 shares of the bank’s stock, valued at approximately $1,306,000.

Several other hedge funds have also recently added to or reduced their stakes in BNY. Abound Financial LLC bought a new stake in shares of Bank of New York Mellon in the 4th quarter valued at approximately $25,000. N.E.W. Advisory Services LLC bought a new position in shares of Bank of New York Mellon during the 2nd quarter worth approximately $32,000. MCF Advisors LLC lifted its position in shares of Bank of New York Mellon by 74.8% during the 4th quarter. MCF Advisors LLC now owns 236 shares of the bank’s stock worth $27,000 after buying an additional 101 shares during the period. Heritage Wealth Advisors acquired a new stake in Bank of New York Mellon in the 4th quarter valued at $31,000. Finally, Wilkerson Advisory Group LLC acquired a new stake in Bank of New York Mellon in the 4th quarter valued at $31,000. Institutional investors and hedge funds own 85.31% of the company’s stock.

Insider Activity

In related news, CFO Dermot Mcdonogh sold 31,800 shares of Bank of New York Mellon stock in a transaction dated 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 legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.17% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

BNY has been the topic of a number of analyst reports. JPMorgan Chase & Co. increased their price objective on 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. Citigroup boosted 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. Bank of America upped 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. 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. Finally, Keefe, Bruyette & Woods lifted their price target on shares of 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. Two 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. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $157.13.

Bank of New York Mellon Trading Down 0.3%

BNY stock opened at $163.80 on Wednesday. The business has a fifty day moving average price of $152.84 and a 200 day moving average price of $135.92. Bank of New York Mellon Corporation has a fifty-two week low of $99.67 and a fifty-two week high of $165.68. The stock has a market capitalization of $111.14 billion, a price-to-earnings ratio of 19.07, a P/E/G ratio of 1.16 and a beta of 1.06. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.72 and a quick ratio of 0.72.

Bank of New York Mellon (NYSE:BNY) last posted its quarterly earnings data on Wednesday, July 15th. The bank reported $2.46 EPS for the quarter, topping analysts’ consensus estimates of $2.16 by $0.30. The company had revenue of $5.70 billion for 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 business’s revenue was up 13.3% on a year-over-year basis. During the same quarter in the previous 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 fiscal year.

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.