Cacti Asset Management LLC Makes New $33.77 Million Investment in Bank of New York Mellon Corporation $BNY

Cacti Asset Management LLC acquired a new stake in shares of Bank of New York Mellon Corporation (NYSE:BNY) in the second quarter, Holdings Channel.com reports. The institutional investor acquired 233,515 shares of the bank’s stock, valued at approximately $33,769,000. Bank of New York Mellon makes up about 1.7% of Cacti Asset Management LLC’s portfolio, making the stock its 18th largest holding.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. GTS Securities LLC acquired a new stake in shares of Bank of New York Mellon in the 2nd quarter worth about $273,000. Flputnam Investment Management Co. acquired a new position in Bank of New York Mellon during the 2nd quarter valued at about $8,965,000. Northwestern Mutual Wealth Management Co. acquired a new position in Bank of New York Mellon during the 2nd quarter valued at about $13,234,000. Private Management Group Inc. bought a new stake in Bank of New York Mellon during the 2nd quarter worth approximately $45,524,000. Finally, Wedbush Securities Inc. bought a new stake in Bank of New York Mellon during the 2nd quarter worth approximately $2,180,000. 85.31% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

BNY has been the topic of a number of recent research reports. JPMorgan Chase & Co. raised their target price on Bank of New York Mellon from $149.00 to $159.00 and gave the company an “overweight” rating in a report on Tuesday, August 4th. Bank of America upped their price target on Bank of New York Mellon from $165.00 to $175.00 and gave the stock a “buy” rating in a report on Monday, July 20th. Truist Financial increased their price target on 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. Wall Street Zen upgraded Bank of New York Mellon to a “hold” rating in a research note on Saturday, May 23rd. Finally, Erste Group Bank started coverage on shares of Bank of New York Mellon in a report on Wednesday, July 15th. They set a “buy” rating on the stock. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have given a Hold rating to the company. According to MarketBeat, Bank of New York Mellon presently has an average rating of “Moderate Buy” and a consensus target price of $157.13.

Bank of New York Mellon Price Performance

Bank of New York Mellon stock opened at $162.50 on Friday. Bank of New York Mellon Corporation has a 52 week low of $102.63 and a 52 week high of $165.68. The company’s 50 day moving average price is $155.73 and its two-hundred day moving average price is $138.06. The stock has a market cap of $110.26 billion, a P/E ratio of 18.92, a P/E/G ratio of 1.15 and a beta of 1.06. 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 (NYSE:BNY) last issued its quarterly earnings results on Wednesday, July 15th. The bank reported $2.46 EPS for the quarter, beating analysts’ consensus estimates of $2.16 by $0.30. The company had revenue of $5.70 billion during the quarter, compared to the consensus estimate of $5.35 billion. Bank of New York Mellon had a return on equity of 16.00% and a net margin of 15.52%.Bank of New York Mellon’s revenue was up 13.3% on a year-over-year basis. During the same period last year, the business posted $1.93 earnings per share. On average, equities analysts predict that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current year.

Insider Transactions at Bank of New York Mellon

In other news, CFO Dermot Mcdonogh sold 31,800 shares of the firm’s stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $155.26, for a total transaction of $4,937,268.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.17% of the stock is owned by company insiders.

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.