Cidel Asset Management Inc. Takes $759,000 Position in Bank of New York Mellon Corporation $BNY

Cidel Asset Management Inc. bought a new position in Bank of New York Mellon Corporation (NYSE:BNY) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 5,250 shares of the bank’s stock, valued at approximately $759,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Luken Investment Analytics LLC bought a new stake in Bank of New York Mellon during the second quarter valued at approximately $27,000. EFG International AG purchased a new position in shares of Bank of New York Mellon during the 2nd quarter worth $29,000. Burnham & Co LLC purchased a new position in shares of Bank of New York Mellon during the 2nd quarter worth $29,000. Abound Financial LLC bought a new stake in shares of Bank of New York Mellon during the 4th quarter valued at $25,000. Finally, N.E.W. Advisory Services LLC purchased a new stake in shares of Bank of New York Mellon in the 2nd quarter worth $32,000. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Insider Activity

In related 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 transaction of $4,937,268.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Jose Minaya sold 3,520 shares of the business’s stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $162.64, for a total transaction of $572,492.80. Following the completion of 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 SEC filing for this sale provides additional information. Company insiders own 0.17% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently commented on BNY. Zacks Research cut Bank of New York Mellon from a “strong-buy” rating to a “hold” rating in a report on Monday. Bank of America upped their price target on Bank of New York Mellon from $165.00 to $175.00 and gave the stock a “buy” rating in a research report on Monday, July 20th. Keefe, Bruyette & Woods lifted 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. Truist Financial boosted their price objective on Bank of New York Mellon from $160.00 to $178.00 and gave the company a “buy” rating in a research note on Thursday, July 16th. Finally, Argus increased their target price 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. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $157.13.

Bank of New York Mellon Trading Up 0.1%

Shares of Bank of New York Mellon stock opened at $163.08 on Thursday. Bank of New York Mellon Corporation has a fifty-two week low of $102.63 and a fifty-two week high of $165.84. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.72 and a current ratio of 0.72. The company has a market capitalization of $110.65 billion, a P/E ratio of 18.98, a P/E/G ratio of 1.22 and a beta of 1.05. The company has a fifty day moving average of $158.60 and a 200 day moving average of $140.59.

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, beating analysts’ consensus estimates 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 analysts’ expectations of $5.35 billion. During the same period last year, the firm earned $1.93 earnings per share. The business’s quarterly revenue was up 13.3% on a year-over-year basis. On average, sell-side analysts anticipate that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current fiscal year.

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.