Sumitomo Life Insurance Co. Purchases New Position in Bank of New York Mellon Corporation $BNY

Sumitomo Life Insurance Co. purchased 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 SEC. The firm purchased 21,758 shares of the bank’s stock, valued at approximately $3,146,000.

A number of other large investors have also added to or reduced their stakes in BNY. Linscomb Wealth Inc. grew its holdings in shares of Bank of New York Mellon by 2.5% in the fourth quarter. Linscomb Wealth Inc. now owns 3,240 shares of the bank’s stock valued at $376,000 after purchasing an additional 80 shares in the last quarter. Parkside Financial Bank & Trust raised its stake in Bank of New York Mellon by 3.2% during the fourth quarter. Parkside Financial Bank & Trust now owns 2,805 shares of the bank’s stock valued at $326,000 after purchasing an additional 88 shares in the last quarter. Essex Financial Services Inc. raised its stake in Bank of New York Mellon by 0.5% during the fourth quarter. Essex Financial Services Inc. now owns 17,584 shares of the bank’s stock valued at $2,041,000 after purchasing an additional 89 shares in the last quarter. Maia Wealth LLC lifted its position in Bank of New York Mellon by 3.0% during the fourth quarter. Maia Wealth LLC now owns 3,049 shares of the bank’s stock valued at $350,000 after purchasing an additional 90 shares during the last quarter. Finally, Nemes Rush Group LLC lifted its position in Bank of New York Mellon by 12.8% during the fourth quarter. Nemes Rush Group LLC now owns 813 shares of the bank’s stock valued at $94,000 after purchasing an additional 92 shares during the last quarter. Institutional investors own 85.31% of the company’s stock.

Insider Buying and Selling

In related news, CFO Dermot Mcdonogh sold 31,800 shares of the 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 SEC, which can be accessed through the SEC website. Insiders own 0.17% of the company’s stock.

Bank of New York Mellon Stock Up 0.9%

NYSE BNY opened at $158.72 on Friday. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.76. Bank of New York Mellon Corporation has a 52 week low of $101.71 and a 52 week high of $165.68. The firm has a market capitalization of $107.69 billion, a price-to-earnings ratio of 18.48, a PEG ratio of 1.12 and a beta of 1.06. The company has a fifty day moving average of $153.85 and a two-hundred day moving average of $136.61.

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, beating the consensus estimate of $2.16 by $0.30. The business 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 business’s revenue for the quarter was up 13.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.93 earnings per share. On average, analysts predict that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on BNY shares. Weiss Ratings downgraded shares of Bank of New York Mellon from a “buy (a)” rating to a “buy (a-)” rating in a report on Thursday, August 13th. Truist Financial increased 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 report on Thursday, July 16th. JPMorgan Chase & Co. lifted their price target on Bank of New York Mellon from $149.00 to $159.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 4th. Bank of America lifted their price target on Bank of New York Mellon from $165.00 to $175.00 and gave the stock a “buy” rating in a research report on Monday, July 20th. Finally, Wall Street Zen raised Bank of New York Mellon to a “hold” rating in a research note on Saturday, May 23rd. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $157.13.

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.