Exchange Bank Takes $1.06 Million Position in Bank of New York Mellon Corporation $BNY

Exchange Bank acquired a new position in shares of Bank of New York Mellon Corporation (NYSE:BNY) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 7,354 shares of the bank’s stock, valued at approximately $1,063,000.

A number of other hedge funds have also bought and sold shares of the company. Abound Financial LLC bought a new stake in Bank of New York Mellon during the fourth quarter valued at $25,000. MCF Advisors LLC grew its holdings in 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 acquiring an additional 101 shares during the period. Luken Investment Analytics LLC bought a new position in shares of Bank of New York Mellon in the 2nd quarter worth about $27,000. Burnham & Co LLC bought a new position in shares of Bank of New York Mellon in the 2nd quarter worth about $29,000. Finally, EFG International AG acquired a new position in shares of Bank of New York Mellon in the 2nd quarter valued at about $29,000. Institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Stock Performance

Shares of Bank of New York Mellon stock opened at $164.19 on Friday. The business has a 50-day simple moving average of $157.03 and a 200 day simple moving average of $139.31. Bank of New York Mellon Corporation has a one year low of $102.63 and a one year high of $165.68. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.72 and a quick ratio of 0.72. The firm has a market capitalization of $111.40 billion, a price-to-earnings ratio of 19.11, a PEG ratio of 1.22 and a beta of 1.05.

Bank of New York Mellon (NYSE:BNY) last announced 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. Bank of New York Mellon had a return on equity of 16.00% and a net margin of 15.52%.The business had revenue of $5.70 billion for the quarter, compared to analyst estimates of $5.35 billion. During the same quarter in the prior year, the company earned $1.93 earnings per share. The company’s quarterly revenue was up 13.3% on a year-over-year basis. On average, research analysts anticipate that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current fiscal year.

Analysts Set New Price Targets

BNY has been the topic of several research analyst reports. Erste Group Bank assumed coverage on Bank of New York Mellon in a research report on Wednesday, July 15th. They set a “buy” rating on the stock. Royal Bank Of Canada boosted 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 research note on Thursday, July 16th. Keefe, Bruyette & Woods increased their price target on Bank of New York Mellon from $166.00 to $177.00 and gave the stock an “outperform” rating in a report on Thursday, July 16th. Citigroup raised their price objective on shares of 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. Finally, JPMorgan Chase & Co. boosted 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 research report on Tuesday, August 4th. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $157.13.

Insider Buying and Selling

In related news, VP Jose Minaya sold 3,520 shares of the stock in a transaction 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 transaction, the vice president directly owned 180,344 shares in the company, valued at $29,331,148.16. This trade represents a 1.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Dermot Mcdonogh sold 31,800 shares of Bank of New York Mellon stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $155.26, for a total transaction of $4,937,268.00. The disclosure for this sale is available in the SEC filing. 0.17% of the stock is owned by corporate 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.