M.E. Allison & CO. Inc. Takes Position in Bank of New York Mellon Corporation $BNY

M.E. Allison & CO. Inc. bought a new stake in Bank of New York Mellon Corporation (NYSE:BNY) in the second quarter, Holdings Channel.com reports. The firm bought 4,170 shares of the bank’s stock, valued at approximately $603,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of BNY. Abound Financial LLC purchased a new stake in Bank of New York Mellon during the 4th quarter valued at about $25,000. MCF Advisors LLC grew its holdings in Bank of New York Mellon by 74.8% in 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. Luken Investment Analytics LLC acquired a new stake in shares of Bank of New York Mellon in the 2nd quarter worth $27,000. Burnham & Co LLC acquired a new stake in shares of Bank of New York Mellon in the 2nd quarter worth $29,000. Finally, EFG International AG purchased a new position in shares of Bank of New York Mellon during the 2nd quarter worth $29,000. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Truist Financial raised their price objective on shares of Bank of New York Mellon from $160.00 to $178.00 and gave the stock a “buy” rating in a research report on Thursday, July 16th. 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 report on Tuesday, August 4th. Weiss Ratings cut shares of Bank of New York Mellon from a “buy (a)” rating to a “buy (a-)” rating in a research note on Thursday, August 13th. Keefe, Bruyette & Woods raised their price target on shares of 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. Finally, Bank of America lifted their price target on shares of Bank of New York Mellon from $165.00 to $175.00 and gave the company a “buy” rating in a research report on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $157.13.

Insider Buying and Selling

In other Bank of New York Mellon news, CFO Dermot Mcdonogh sold 31,800 shares of the business’s stock in a transaction that occurred 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Jose Minaya sold 3,520 shares of the firm’s 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 owned 180,344 shares of the company’s stock, valued at approximately $29,331,148.16. This represents a 1.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.17% of the stock is owned by insiders.

Bank of New York Mellon Price Performance

Shares of BNY opened at $163.08 on Thursday. The firm has a 50-day simple moving average of $158.60 and a two-hundred day simple moving average of $140.59. The stock has a market cap of $110.65 billion, a PE ratio of 18.98, a P/E/G ratio of 1.22 and a beta of 1.05. 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 debt-to-equity ratio of 0.76, a current ratio of 0.72 and a quick ratio of 0.72.

Bank of New York Mellon (NYSE:BNY) last issued its quarterly earnings data on Wednesday, July 15th. The bank reported $2.46 EPS for the quarter, topping the consensus estimate 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%. The business’s revenue for the quarter was up 13.3% compared to the same quarter last year. During the same period in the prior year, the business posted $1.93 EPS. As a group, analysts forecast that Bank of New York Mellon Corporation will post 9.26 EPS for the current year.

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.