Clifford Swan Investment Counsel LLC Acquires New Shares in Bank of New York Mellon Corporation $BNY

Clifford Swan Investment Counsel LLC acquired a new position in shares of Bank of New York Mellon Corporation (NYSE:BNY) in the second quarter, HoldingsChannel.com reports. The firm acquired 67,612 shares of the bank’s stock, valued at approximately $9,777,000.

Other large investors have also recently added to or reduced their stakes in the company. Rehmann Capital Advisory Group bought a new stake in Bank of New York Mellon in the second quarter valued at $694,000. Railway Pension Investments Ltd acquired a new position in shares of Bank of New York Mellon during the second quarter valued at $10,166,000. JNBA Financial Advisors bought a new position in shares of Bank of New York Mellon during the second quarter worth about $471,000. Strategic Advisors LLC bought a new position in shares of Bank of New York Mellon during the second quarter worth about $626,000. Finally, Kintegral Advisory LLC acquired a new stake in shares of Bank of New York Mellon in the 2nd quarter worth about $14,187,000. 85.31% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

BNY has been the topic of several recent research reports. Argus lifted their price objective on shares of Bank of New York Mellon from $153.00 to $180.00 and gave the company a “buy” rating in a research report on Wednesday, July 22nd. Zacks Research upgraded shares of Bank of New York Mellon from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 22nd. 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 company a “sector perform” rating in a research note on Thursday, July 16th. Citigroup boosted their price objective on Bank of New York Mellon from $167.00 to $172.00 and gave the stock a “neutral” rating in a research report on Monday, July 20th. Finally, Wells Fargo & Company increased their price objective on Bank of New York Mellon from $152.00 to $162.00 and gave the stock an “equal weight” rating in a report on Thursday, July 16th. Two equities 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 stock. Based on data from MarketBeat.com, Bank of New York Mellon has a consensus rating of “Moderate Buy” and an average price target of $157.13.

Bank of New York Mellon Stock Performance

BNY opened at $161.73 on Tuesday. The business has a 50 day moving average price of $156.03 and a two-hundred day moving average price of $138.38. 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 company has a market capitalization of $109.73 billion, a price-to-earnings ratio of 18.83, a price-to-earnings-growth ratio of 1.15 and a beta of 1.06. Bank of New York Mellon Corporation has a 1-year low of $102.63 and a 1-year high of $165.68.

Bank of New York Mellon (NYSE:BNY) last issued its quarterly earnings results on Wednesday, July 15th. The bank reported $2.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.16 by $0.30. Bank of New York Mellon had a return on equity of 16.00% and a net margin of 15.52%.The company had revenue of $5.70 billion for the quarter, compared to analysts’ expectations of $5.35 billion. During the same period last year, the firm earned $1.93 EPS. The firm’s revenue for the quarter was up 13.3% on a year-over-year basis. Research analysts predict that Bank of New York Mellon Corporation will post 9.26 EPS for the current fiscal year.

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 transaction of $4,937,268.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Jose Minaya sold 3,520 shares of Bank of New York Mellon stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $162.64, for a total value of $572,492.80. Following the transaction, the vice president directly owned 180,344 shares in the company, valued at approximately $29,331,148.16. The trade was a 1.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.17% of the company’s stock.

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.