Flputnam Investment Management Co. Takes $8.96 Million Position in Bank of New York Mellon Corporation $BNY

Flputnam Investment Management Co. bought a new position in shares of Bank of New York Mellon Corporation (NYSE:BNY) in the second quarter, according to the company in its most recent filing with the SEC. The firm bought 61,997 shares of the bank’s stock, valued at approximately $8,965,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Abound Financial LLC acquired a new position in Bank of New York Mellon in the fourth quarter valued at about $25,000. MCF Advisors LLC increased 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 in the last quarter. Burnham & Co LLC acquired a new stake in shares of Bank of New York Mellon during the second quarter worth approximately $29,000. EFG International AG bought a new position in shares of Bank of New York Mellon in the second quarter valued at approximately $29,000. Finally, Heritage Wealth Advisors bought a new position in shares of Bank of New York Mellon in the fourth quarter valued at approximately $31,000. 85.31% of the stock is owned by institutional investors.

Bank of New York Mellon Stock Performance

Shares of Bank of New York Mellon stock opened at $162.50 on Friday. 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 firm 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 firm has a 50 day simple moving average of $155.73 and a 200 day simple moving average of $138.06. Bank of New York Mellon Corporation has a fifty-two week low of $102.63 and a fifty-two week high of $165.68.

Bank of New York Mellon (NYSE:BNY) last posted its quarterly earnings data 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 for 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%.The business’s revenue for the quarter was up 13.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.93 EPS. Sell-side analysts predict that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current fiscal year.

Analyst Ratings Changes

BNY has been the topic of several recent analyst reports. Royal Bank Of Canada boosted their target price on Bank of New York Mellon from $142.00 to $168.00 and gave the stock a “sector perform” rating in a report on Thursday, July 16th. Truist Financial lifted their price objective 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. Zacks Research raised Bank of New York Mellon from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 22nd. Citigroup raised their target price on Bank of New York Mellon from $167.00 to $172.00 and gave the company a “neutral” rating in a research note on Monday, July 20th. Finally, Keefe, Bruyette & Woods lifted their price target on Bank of New York Mellon from $166.00 to $177.00 and gave the company an “outperform” rating in a report on Thursday, July 16th. Two equities research 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 stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $157.13.

Insider Activity

In related news, CFO Dermot Mcdonogh sold 31,800 shares of the firm’s stock in a transaction dated 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 legal filing with the SEC, which is accessible 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.