Royal London Asset Management Ltd. Invests $48.44 Million in Bank of New York Mellon Corporation $BNY

Royal London Asset Management Ltd. purchased a new position in shares of Bank of New York Mellon Corporation (NYSE:BNY) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 334,994 shares of the bank’s stock, valued at approximately $48,443,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Mufg Securities Americas Inc. purchased a new position in Bank of New York Mellon during the 2nd quarter valued at $3,282,000. Ferguson Wellman Capital Management Inc. purchased a new stake in Bank of New York Mellon in the second quarter worth $3,580,000. Nissay Asset Management Corp Japan bought a new stake in shares of Bank of New York Mellon during the second quarter worth $13,380,000. Lincoln Capital Corp bought a new stake in shares of Bank of New York Mellon during the second quarter worth $295,000. Finally, Hsbc Holdings PLC purchased a new stake in shares of Bank of New York Mellon during the second quarter valued at $255,681,000. 85.31% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

BNY has been the topic of a number of research analyst reports. Argus upped 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. Keefe, Bruyette & Woods lifted their price objective on shares of Bank of New York Mellon from $166.00 to $177.00 and gave the company an “outperform” rating in a report on Thursday, July 16th. Zacks Research upgraded shares of Bank of New York Mellon from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 22nd. Royal Bank Of Canada upped their target price on shares of Bank of New York Mellon from $142.00 to $168.00 and gave the stock a “sector perform” rating in a research note on Thursday, July 16th. Finally, Citigroup raised their target price on shares of Bank of New York Mellon from $167.00 to $172.00 and gave the stock a “neutral” rating in a research report on Monday, July 20th. Two investment 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 stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $157.13.

Insider Activity at Bank of New York Mellon

In other news, CFO Dermot Mcdonogh sold 31,800 shares of the business’s stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $155.26, for a total value of $4,937,268.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.17% of the company’s stock.

Bank of New York Mellon Price Performance

BNY opened at $162.50 on Friday. The company has a market capitalization of $110.26 billion, a price-to-earnings ratio of 18.92, a PEG ratio of 1.15 and a beta of 1.06. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.76. Bank of New York Mellon Corporation has a 12-month low of $102.63 and a 12-month high of $165.68. The business’s fifty day simple moving average is $155.73 and its 200-day simple moving average is $138.06.

Bank of New York Mellon (NYSE:BNY) last released its quarterly earnings data on Wednesday, July 15th. The bank reported $2.46 earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $5.70 billion during the quarter, compared to the consensus estimate of $5.35 billion. During the same period in the previous year, the company posted $1.93 earnings per share. The firm’s quarterly revenue was up 13.3% on a year-over-year basis. On average, equities research 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.