NWK Group Inc. Makes New $9.97 Million Investment in Bank of New York Mellon Corporation $BNY

NWK Group Inc. acquired a new position in Bank of New York Mellon Corporation (NYSE:BNY) in the 2nd quarter, Holdings Channel reports. The firm acquired 68,982 shares of the bank’s stock, valued at approximately $9,975,000. Bank of New York Mellon makes up 3.1% of NWK Group Inc.’s holdings, making the stock its 14th biggest holding.

Several other large investors have also bought and sold shares of the company. Abound Financial LLC bought a new position in Bank of New York Mellon in the fourth quarter worth $25,000. MCF Advisors LLC boosted its holdings 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 valued at $27,000 after buying an additional 101 shares in the last quarter. Heritage Wealth Advisors bought a new stake in shares of Bank of New York Mellon during the 4th quarter valued at $31,000. Wilkerson Advisory Group LLC purchased a new stake in shares of Bank of New York Mellon in the 4th quarter worth about $31,000. Finally, N.E.W. Advisory Services LLC purchased a new stake in shares of Bank of New York Mellon in the 2nd quarter worth about $32,000. 85.31% of the stock is owned by institutional investors.

Bank of New York Mellon Price Performance

Shares of BNY opened at $159.88 on Thursday. Bank of New York Mellon Corporation has a twelve month low of $99.67 and a twelve month high of $165.68. The company has a market capitalization of $108.48 billion, a P/E ratio of 18.61, a price-to-earnings-growth ratio of 1.16 and a beta of 1.06. The firm has a 50 day moving average of $153.24 and a 200 day moving average of $136.19. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.76.

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 business had revenue of $5.70 billion for 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 was up 13.3% compared to the same quarter last year. During the same period last year, the business posted $1.93 EPS. As a group, equities research analysts anticipate that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages recently issued reports on BNY. Weiss Ratings cut shares of Bank of New York Mellon from a “buy (a)” rating to a “buy (a-)” rating in a research report on Thursday, August 13th. Wells Fargo & Company upped their price objective on shares of Bank of New York Mellon from $152.00 to $162.00 and gave the stock an “equal weight” rating in a report on Thursday, July 16th. Keefe, Bruyette & Woods raised their target price on shares of Bank of New York Mellon from $166.00 to $177.00 and gave the company an “outperform” rating in a research note on Thursday, July 16th. JPMorgan Chase & Co. lifted their target price on shares of Bank of New York Mellon from $149.00 to $159.00 and gave the company an “overweight” rating in a report on Tuesday, August 4th. Finally, Royal Bank Of Canada upped their price target on Bank of New York Mellon from $142.00 to $168.00 and gave the stock a “sector perform” rating in a research note on Thursday, July 16th. Two investment 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 company has a consensus rating of “Moderate Buy” and a consensus price target of $157.13.

Insider Activity at Bank of New York Mellon

In related news, CFO Dermot Mcdonogh sold 31,800 shares of the stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $155.26, for a total transaction of $4,937,268.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.17% of the stock is owned by company insiders.

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.