PCM Encore LLC Purchases Shares of 3,797 Bank of New York Mellon Corporation $BNY

PCM Encore LLC acquired a new stake in shares of Bank of New York Mellon Corporation (NYSE:BNY) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 3,797 shares of the bank’s stock, valued at approximately $549,000.

Other hedge funds also recently made changes to their positions in the company. Abound Financial LLC bought a new stake in shares of Bank of New York Mellon in the 4th quarter worth approximately $25,000. MCF Advisors LLC boosted its holdings in Bank of New York Mellon by 74.8% during the fourth quarter. MCF Advisors LLC now owns 236 shares of the bank’s stock worth $27,000 after buying an additional 101 shares in the last quarter. Heritage Wealth Advisors bought a new stake in Bank of New York Mellon during the fourth quarter worth approximately $31,000. Wilkerson Advisory Group LLC acquired a new position in Bank of New York Mellon in the fourth quarter worth approximately $31,000. Finally, N.E.W. Advisory Services LLC acquired a new position in Bank of New York Mellon in the second quarter worth approximately $32,000. Institutional investors and hedge funds own 85.31% of the company’s stock.

Bank of New York Mellon Trading Down 1.3%

Bank of New York Mellon stock opened at $157.61 on Friday. Bank of New York Mellon Corporation has a 52 week low of $100.44 and a 52 week high of $165.68. 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 firm has a market capitalization of $106.94 billion, a price-to-earnings ratio of 18.35, a P/E/G ratio of 1.13 and a beta of 1.06. The company has a 50 day moving average price of $153.55 and a 200 day moving average price of $136.46.

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, beating the consensus estimate of $2.16 by $0.30. The company had revenue of $5.70 billion for the quarter, compared to the consensus estimate 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 company’s revenue was up 13.3% on a year-over-year basis. During the same period in the previous year, the business earned $1.93 EPS. Research analysts forecast that Bank of New York Mellon Corporation will post 9.26 EPS for the current year.

Insider Buying and Selling at Bank of New York Mellon

In related news, CFO Dermot Mcdonogh sold 31,800 shares of the company’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 document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.17% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on BNY shares. Barclays increased their price objective on Bank of New York Mellon from $149.00 to $178.00 and gave the company an “overweight” rating in a research report on Thursday, July 16th. Weiss Ratings lowered Bank of New York Mellon from a “buy (a)” rating to a “buy (a-)” rating in a research report on Thursday, August 13th. Zacks Research raised Bank of New York Mellon from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 22nd. Royal Bank Of Canada increased their price target on Bank of New York Mellon from $142.00 to $168.00 and gave the company a “sector perform” rating in a research report on Thursday, July 16th. Finally, Truist Financial lifted their price target on Bank of New York Mellon from $160.00 to $178.00 and gave the stock a “buy” rating in a research note on Thursday, July 16th. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $157.13.

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.