QRG Capital Management Inc. Invests $47.93 Million in Bank of New York Mellon Corporation $BNY

QRG Capital Management Inc. purchased a new stake in Bank of New York Mellon Corporation (NYSE:BNY) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 300,125 shares of the bank’s stock, valued at approximately $47,929,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in BNY. Luken Investment Analytics LLC purchased a new stake in Bank of New York Mellon in the 2nd quarter valued at $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 acquired a new position in shares of Bank of New York Mellon during the 4th quarter valued at about $25,000. Finally, N.E.W. Advisory Services LLC acquired a new position in shares of Bank of New York Mellon during the 2nd quarter valued at about $32,000. Institutional investors and hedge funds own 85.31% of the company’s stock.

Bank of New York Mellon Trading Down 0.5%

Shares of NYSE:BNY traded down $0.79 during midday trading on Wednesday, reaching $149.38. 3,785,984 shares of the company’s stock were exchanged, compared to its average volume of 3,690,304. The firm’s 50 day simple moving average is $159.55 and its two-hundred day simple moving average is $142.95. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.72 and a quick ratio of 0.72. The stock has a market cap of $101.35 billion, a price-to-earnings ratio of 17.39, a P/E/G ratio of 1.16 and a beta of 1.05. Bank of New York Mellon Corporation has a fifty-two week low of $103.11 and a fifty-two week high of $165.84.

Bank of New York Mellon (NYSE:BNY) last announced its earnings results on Wednesday, July 15th. The bank reported $2.46 earnings per share for the quarter, topping the consensus estimate of $2.16 by $0.30. Bank of New York Mellon had a net margin of 15.52% and a return on equity of 16.00%. The company had revenue of $5.70 billion during the quarter, compared to analyst estimates of $5.35 billion. During the same quarter last year, the firm posted $1.93 earnings per share. Bank of New York Mellon’s revenue was up 13.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Bank of New York Mellon Corporation will post 9.26 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Citigroup upped their price objective on shares of Bank of New York Mellon from $167.00 to $172.00 and gave the company a “neutral” rating in a report on Monday, July 20th. Barclays boosted their target price on shares of Bank of New York Mellon from $149.00 to $178.00 and gave the company an “overweight” rating in a report on Thursday, July 16th. Zacks Research cut shares of Bank of New York Mellon from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 7th. JPMorgan Chase & Co. raised their price target on shares of Bank of New York Mellon from $149.00 to $159.00 and gave the stock an “overweight” rating in a report on Tuesday, August 4th. Finally, Truist Financial lifted their price target 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. One equities research 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price 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 company’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 in the company, valued at $29,331,148.16. This trade represents a 1.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.17% of the company’s stock.

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.