Pallas Capital Advisors LLC Acquires Shares of 9,743 Bank of New York Mellon Corporation $BNY

Pallas Capital Advisors LLC acquired a new stake in shares of Bank of New York Mellon Corporation (NYSE:BNY) during the second quarter, Holdings Channel.com reports. The fund acquired 9,743 shares of the bank’s stock, valued at approximately $1,409,000.

A number of other institutional investors have also made changes to their positions in BNY. Linscomb Wealth Inc. grew its holdings in Bank of New York Mellon by 2.5% during the 4th quarter. Linscomb Wealth Inc. now owns 3,240 shares of the bank’s stock valued at $376,000 after purchasing an additional 80 shares in the last quarter. Parkside Financial Bank & Trust increased its stake in Bank of New York Mellon by 3.2% during the 4th quarter. Parkside Financial Bank & Trust now owns 2,805 shares of the bank’s stock worth $326,000 after buying an additional 88 shares during the period. Essex Financial Services Inc. lifted its holdings in Bank of New York Mellon by 0.5% in the 4th quarter. Essex Financial Services Inc. now owns 17,584 shares of the bank’s stock worth $2,041,000 after buying an additional 89 shares in the last quarter. Maia Wealth LLC lifted its holdings in Bank of New York Mellon by 3.0% in the 4th quarter. Maia Wealth LLC now owns 3,049 shares of the bank’s stock worth $350,000 after buying an additional 90 shares in the last quarter. Finally, Nemes Rush Group LLC boosted its position in Bank of New York Mellon by 12.8% in the 4th quarter. Nemes Rush Group LLC now owns 813 shares of the bank’s stock valued at $94,000 after buying an additional 92 shares during the last quarter. 85.31% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CFO Dermot Mcdonogh sold 31,800 shares of Bank of New York Mellon stock in a transaction that occurred 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.17% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

BNY has been the subject of several recent analyst reports. Bank of America raised their target price on Bank of New York Mellon from $165.00 to $175.00 and gave the company a “buy” rating in a research note on Monday, July 20th. Royal Bank Of Canada increased their price target on Bank of New York Mellon from $142.00 to $168.00 and gave the company a “sector perform” rating in a report on Thursday, July 16th. Barclays raised their price objective on Bank of New York Mellon from $149.00 to $178.00 and gave the company an “overweight” rating in a research note on Thursday, July 16th. JPMorgan Chase & Co. upped their target price on Bank of New York Mellon from $149.00 to $159.00 and gave the company an “overweight” rating in a research report on Tuesday, August 4th. Finally, Wall Street Zen raised shares of Bank of New York Mellon to a “hold” rating in a research report on Saturday, May 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $157.13.

Bank of New York Mellon Stock Performance

Shares of BNY stock opened at $163.80 on Wednesday. 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 one year low of $99.67 and a one year high of $165.68. The company’s 50-day simple moving average is $152.84 and its 200-day simple moving average is $135.92. The stock has a market capitalization of $111.14 billion, a price-to-earnings ratio of 19.07, a PEG ratio of 1.16 and a beta of 1.06.

Bank of New York Mellon (NYSE:BNY) last posted its quarterly earnings results on Wednesday, July 15th. The bank reported $2.46 EPS for the quarter, topping analysts’ consensus estimates of $2.16 by $0.30. The business 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 return on equity of 16.00% and a net margin of 15.52%.The company’s revenue for the quarter was up 13.3% compared to the same quarter last year. During the same period last year, the firm earned $1.93 earnings per share. Equities analysts anticipate that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current fiscal year.

About Bank of New York Mellon

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.