5,413 Shares in Bank of New York Mellon Corporation $BNY Purchased by Firestone Capital Management

Firestone Capital Management bought a new position in shares of Bank of New York Mellon Corporation (NYSE:BNY) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 5,413 shares of the bank’s stock, valued at approximately $783,000.

Other hedge funds also recently added to or reduced their stakes in the company. Focus Partners Advisor Solutions LLC acquired a new stake in Bank of New York Mellon in the 2nd quarter valued at about $1,128,000. CIBC Asset Management Inc lifted its holdings in shares of Bank of New York Mellon by 53.8% in the fourth quarter. CIBC Asset Management Inc now owns 182,002 shares of the bank’s stock valued at $21,129,000 after purchasing an additional 63,627 shares in the last quarter. Todd Asset Management LLC lifted its holdings in shares of Bank of New York Mellon by 37.5% in the fourth quarter. Todd Asset Management LLC now owns 370,998 shares of the bank’s stock valued at $43,069,000 after purchasing an additional 101,142 shares in the last quarter. Prospera Financial Services Inc grew its position in shares of Bank of New York Mellon by 106.5% in the fourth quarter. Prospera Financial Services Inc now owns 19,126 shares of the bank’s stock valued at $2,220,000 after purchasing an additional 9,865 shares during the last quarter. Finally, Bellars Harris Wealth Management LLC acquired a new stake in shares of Bank of New York Mellon in the second quarter valued at approximately $10,324,000. 85.31% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CFO Dermot Mcdonogh sold 31,800 shares of the firm’s 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 is available at the SEC website. Also, VP Jose Minaya sold 3,520 shares of Bank of New York Mellon stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $162.64, for a total value of $572,492.80. Following the completion of the sale, the vice president directly owned 180,344 shares of the company’s stock, valued at approximately $29,331,148.16. This represents a 1.91% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.17% of the company’s stock.

Bank of New York Mellon Stock Performance

NYSE:BNY opened at $160.27 on Wednesday. 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 cap of $108.74 billion, a PE ratio of 18.66, a P/E/G ratio of 1.21 and a beta of 1.06. The firm has a 50 day simple moving average of $156.29 and a 200-day simple moving average of $138.65. Bank of New York Mellon Corporation has a 1-year low of $102.63 and a 1-year high of $165.68.

Bank of New York Mellon (NYSE:BNY) last announced its earnings results on Wednesday, July 15th. The bank reported $2.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.16 by $0.30. The firm had revenue of $5.70 billion for the quarter, compared to analyst estimates of $5.35 billion. Bank of New York Mellon had a net margin of 15.52% and a return on equity of 16.00%. Bank of New York Mellon’s revenue was up 13.3% compared to the same quarter last year. During the same quarter last year, the business earned $1.93 earnings per share. On average, equities analysts expect that Bank of New York Mellon Corporation will post 9.26 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on BNY shares. Citigroup lifted their price objective on 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. Royal Bank Of Canada increased their target price 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. Wall Street Zen raised Bank of New York Mellon to a “hold” rating in a research report on Saturday, May 23rd. Weiss Ratings cut Bank of New York Mellon from a “buy (a)” rating to a “buy (a-)” rating in a report on Thursday, August 13th. Finally, Keefe, Bruyette & Woods upped their price objective 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. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $157.13.

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.