HF Advisory Group LLC Takes Position in Bank of New York Mellon Corporation $BNY

HF Advisory Group LLC acquired a new position in Bank of New York Mellon Corporation (NYSE:BNY) in the 2nd quarter, HoldingsChannel.com reports. The fund acquired 5,093 shares of the bank’s stock, valued at approximately $736,000.

A number of other hedge funds have also bought and sold shares of the business. Linscomb Wealth Inc. raised 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 acquiring an additional 80 shares during the period. Parkside Financial Bank & Trust boosted its holdings in shares of Bank of New York Mellon by 3.2% in the fourth quarter. Parkside Financial Bank & Trust now owns 2,805 shares of the bank’s stock worth $326,000 after acquiring an additional 88 shares during the period. Essex Financial Services Inc. boosted its holdings in shares of Bank of New York Mellon by 0.5% in the fourth quarter. Essex Financial Services Inc. now owns 17,584 shares of the bank’s stock worth $2,041,000 after acquiring an additional 89 shares during the period. Maia Wealth LLC grew its position in shares of Bank of New York Mellon by 3.0% in the fourth quarter. Maia Wealth LLC now owns 3,049 shares of the bank’s stock valued at $350,000 after purchasing an additional 90 shares in the last quarter. Finally, Nemes Rush Group LLC grew its position in shares of Bank of New York Mellon by 12.8% in the fourth quarter. Nemes Rush Group LLC now owns 813 shares of the bank’s stock valued at $94,000 after purchasing an additional 92 shares in the last quarter. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Truist Financial increased their price objective on Bank of New York Mellon from $160.00 to $178.00 and gave the stock a “buy” rating in a report on Thursday, July 16th. Citigroup lifted their target price on Bank of New York Mellon from $167.00 to $172.00 and gave the company a “neutral” rating in a report on Monday, July 20th. Wall Street Zen upgraded Bank of New York Mellon to a “hold” rating in a research report on Saturday, May 23rd. Argus increased their price target on shares of Bank of New York Mellon from $153.00 to $180.00 and gave the stock a “buy” rating in a report on Wednesday, July 22nd. Finally, Weiss Ratings lowered 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. 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 stock. According to MarketBeat.com, Bank of New York Mellon currently has an average rating of “Moderate Buy” and an average price target of $157.13.

Bank of New York Mellon Trading Up 0.4%

Shares of BNY opened at $165.05 on Friday. Bank of New York Mellon Corporation has a 1-year low of $102.63 and a 1-year high of $165.84. The company has a market capitalization of $111.99 billion, a P/E ratio of 19.21, a P/E/G ratio of 1.24 and a beta of 1.05. 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’s 50 day simple moving average is $157.46 and its 200 day simple moving average is $139.49.

Bank of New York Mellon (NYSE:BNY) last released 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 analysts’ expectations of $5.35 billion. Bank of New York Mellon had a net margin of 15.52% and a return on equity of 16.00%. The business’s quarterly revenue was up 13.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.93 EPS. Sell-side analysts forecast that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current fiscal year.

Insiders Place Their Bets

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 value of $4,937,268.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Jose Minaya sold 3,520 shares of the firm’s stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $162.64, for a total value of $572,492.80. Following the sale, the vice president owned 180,344 shares in the company, valued at $29,331,148.16. The trade was a 1.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.17% of the company’s stock.

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.