Principle Wealth Partners LLC Takes Position in Bank of New York Mellon Corporation $BNY

Principle Wealth Partners LLC acquired a new position in Bank of New York Mellon Corporation (NYSE:BNY) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 15,930 shares of the bank’s stock, valued at approximately $2,304,000.

Other large investors have also made changes to their positions in the company. Abound Financial LLC acquired a new stake in Bank of New York Mellon in the 4th quarter valued at approximately $25,000. N.E.W. Advisory Services LLC bought a new position in Bank of New York Mellon in the 2nd quarter worth approximately $32,000. MCF Advisors LLC lifted its holdings in shares of 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 during the last quarter. Heritage Wealth Advisors acquired a new position in shares of Bank of New York Mellon during the fourth quarter worth approximately $31,000. Finally, Wilkerson Advisory Group LLC bought a new stake in shares of Bank of New York Mellon in the fourth quarter valued at approximately $31,000. Institutional investors and hedge funds own 85.31% of the company’s stock.

Bank of New York Mellon Price Performance

Shares of Bank of New York Mellon stock opened at $164.42 on Tuesday. The firm has a market cap of $111.56 billion, a P/E ratio of 19.14, a price-to-earnings-growth ratio of 1.16 and a beta of 1.06. The firm’s 50-day simple moving average is $152.42 and its 200-day simple moving average is $135.60. Bank of New York Mellon Corporation has a twelve month low of $99.67 and a twelve month high of $165.69. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.72 and a current ratio of 0.72.

Bank of New York Mellon (NYSE:BNY) last posted its quarterly earnings results on Wednesday, July 15th. The bank reported $2.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.16 by $0.30. The firm had revenue of $5.70 billion during the quarter, compared to analyst estimates 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 quarterly revenue was up 13.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.93 earnings per share. As a group, research analysts expect that Bank of New York Mellon Corporation will post 9.26 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on BNY. Truist Financial raised their price objective on shares of 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. Argus upped their target price on shares of Bank of New York Mellon from $153.00 to $180.00 and gave the company a “buy” rating in a research note on Wednesday, July 22nd. Wells Fargo & Company increased 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. Royal Bank Of Canada raised their price target 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 report on Thursday, July 16th. Finally, Keefe, Bruyette & Woods boosted 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 report on Thursday, July 16th. Two 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 company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $157.13.

Insider Buying and Selling at Bank of New York Mellon

In other news, CFO Dermot Mcdonogh sold 31,800 shares of the 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 legal 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.