Great Lakes Advisors LLC Buys Shares of 33,034 Bank of New York Mellon Corporation $BNY

Great Lakes Advisors LLC purchased a new stake in Bank of New York Mellon Corporation (NYSE:BNY) during the second quarter, Holdings Channel.com reports. The firm purchased 33,034 shares of the bank’s stock, valued at approximately $4,777,000.

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in shares of Bank of New York Mellon by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 71,319,884 shares of the bank’s stock worth $8,279,525,000 after purchasing an additional 647,847 shares during the last quarter. BlackRock Inc. purchased a new position in Bank of New York Mellon in the second quarter valued at about $8,321,111,000. Northwestern Mutual Wealth Management Co. raised its holdings in Bank of New York Mellon by 18,044.4% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 19,670,202 shares of the bank’s stock worth $2,283,514,000 after purchasing an additional 19,561,793 shares in the last quarter. Norges Bank bought a new position in Bank of New York Mellon in the fourth quarter worth about $1,398,624,000. Finally, Invesco Ltd. lifted its position in shares of Bank of New York Mellon by 8.2% during the fourth quarter. Invesco Ltd. now owns 7,680,429 shares of the bank’s stock valued at $891,621,000 after buying an additional 578,999 shares during the last quarter. 85.31% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on BNY shares. Wells Fargo & Company lifted their price objective on shares of Bank of New York Mellon from $152.00 to $162.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 16th. Truist Financial increased their target price on shares of Bank of New York Mellon from $160.00 to $178.00 and gave the company a “buy” rating in a research report on Thursday, July 16th. JPMorgan Chase & Co. raised 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 note on Tuesday, August 4th. Bank of America lifted their price target on shares of Bank of New York Mellon from $165.00 to $175.00 and gave the stock a “buy” rating in a report on Monday, July 20th. Finally, Weiss Ratings downgraded Bank of New York Mellon from a “buy (a)” rating to a “buy (a-)” rating in a research report on Thursday, August 13th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $157.13.

Bank of New York Mellon Stock Performance

BNY opened at $159.88 on Thursday. The company has a market cap of $108.48 billion, a P/E ratio of 18.61, a price-to-earnings-growth ratio of 1.16 and a beta of 1.06. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.76. The firm’s 50-day moving average price is $153.24 and its 200-day moving average price is $136.19. Bank of New York Mellon Corporation has a 52-week low of $99.67 and a 52-week high of $165.68.

Bank of New York Mellon (NYSE:BNY) last released its 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 company 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%. Bank of New York Mellon’s revenue for the quarter was up 13.3% on a year-over-year basis. During the same period last year, the business earned $1.93 EPS. As a group, equities analysts anticipate that Bank of New York Mellon Corporation will post 9.26 EPS for the current fiscal year.

Insider Activity

In other news, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.17% of the company’s stock.

About Bank of New York Mellon

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.