Silverlake Wealth Management LLC Invests $968,000 in Bank of New York Mellon Corporation $BNY

Silverlake Wealth Management LLC acquired a new stake in Bank of New York Mellon Corporation (NYSE:BNY) in the 2nd quarter, Holdings Channel reports. The fund acquired 6,697 shares of the bank’s stock, valued at approximately $968,000.

A number of other hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. lifted its position in Bank of New York Mellon by 0.9% in the fourth 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 period. Northwestern Mutual Wealth Management Co. boosted its stake in Bank of New York Mellon by 18,044.4% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 19,670,202 shares of the bank’s stock valued at $2,283,514,000 after purchasing an additional 19,561,793 shares in the last quarter. Norges Bank acquired a new position in shares of Bank of New York Mellon during the 4th quarter valued at $1,398,624,000. Invesco Ltd. raised its stake in shares of Bank of New York Mellon by 8.2% in the 4th quarter. Invesco Ltd. now owns 7,680,429 shares of the bank’s stock worth $891,621,000 after buying an additional 578,999 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Bank of New York Mellon by 639.5% in the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,076,729 shares of the bank’s stock valued at $771,080,000 after buying an additional 6,119,749 shares during the period. Institutional investors and hedge funds own 85.31% of the company’s stock.

Bank of New York Mellon Price Performance

Shares of NYSE:BNY opened at $163.30 on Friday. The company has a market capitalization of $110.80 billion, a PE ratio of 19.01, a price-to-earnings-growth ratio of 1.16 and a beta of 1.06. 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 stock has a fifty day moving average of $151.97 and a 200-day moving average of $135.17. Bank of New York Mellon Corporation has a one year low of $99.67 and a one year high of $163.77.

Bank of New York Mellon (NYSE:BNY) last issued its earnings results on Wednesday, July 15th. The bank reported $2.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.16 by $0.30. The business had revenue of $5.70 billion for the quarter, compared to analysts’ expectations of $5.35 billion. Bank of New York Mellon had a return on equity of 16.00% and a net margin of 15.52%.The company’s quarterly revenue was up 13.3% on a year-over-year basis. During the same period in the previous year, the firm posted $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 at Bank of New York Mellon

In related news, CFO Dermot Mcdonogh sold 31,800 shares of the stock in a transaction 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.17% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several brokerages recently weighed in on BNY. Weiss Ratings cut Bank of New York Mellon from a “buy (a)” rating to a “buy (a-)” rating in a research note on Thursday. Erste Group Bank assumed coverage on shares of Bank of New York Mellon in a research report on Wednesday, July 15th. They issued a “buy” rating on the stock. Wells Fargo & Company upped their price target on shares of Bank of New York Mellon from $152.00 to $162.00 and gave the company an “equal weight” rating in a report on Thursday, July 16th. Barclays raised their price objective on shares of 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. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Bank of New York Mellon from $166.00 to $177.00 and gave the stock an “outperform” rating in a research note on Thursday, July 16th. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Bank of New York Mellon currently has an average rating of “Moderate Buy” and a consensus price target 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.