Firestone Capital Management Takes $783,000 Position in Bank of New York Mellon Corporation $BNY

Firestone Capital Management acquired a new position in shares of Bank of New York Mellon Corporation (NYSE:BNY) in the second quarter, HoldingsChannel reports. The fund acquired 5,413 shares of the bank’s stock, valued at approximately $783,000.

Several other large investors have also made changes to their positions in the company. Revolve Wealth Partners LLC purchased a new stake in Bank of New York Mellon during the fourth quarter valued at about $220,000. Sivia Capital Partners LLC raised its holdings in shares of Bank of New York Mellon by 36.6% in the 2nd quarter. Sivia Capital Partners LLC now owns 3,394 shares of the bank’s stock worth $309,000 after purchasing an additional 909 shares during the period. Jump Financial LLC purchased a new position in shares of Bank of New York Mellon in the 2nd quarter worth about $2,482,000. Treasurer of the State of North Carolina lifted its stake in shares of Bank of New York Mellon by 1.7% in the 2nd quarter. Treasurer of the State of North Carolina now owns 334,388 shares of the bank’s stock valued at $30,466,000 after purchasing an additional 5,445 shares in the last quarter. Finally, Osterweis Capital Management Inc. grew its holdings in shares of Bank of New York Mellon by 11,890.0% during the 2nd quarter. Osterweis Capital Management Inc. now owns 1,199 shares of the bank’s stock worth $109,000 after purchasing an additional 1,189 shares during the period. 85.31% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

BNY has been the subject of a number of research analyst reports. Erste Group Bank began coverage on shares of Bank of New York Mellon in a research report on Wednesday, July 15th. They set a “buy” rating for the company. Truist Financial boosted 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. Zacks Research raised shares of Bank of New York Mellon from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 22nd. Keefe, Bruyette & Woods raised their target price on shares of Bank of New York Mellon from $166.00 to $177.00 and gave the company an “outperform” rating in a research note on Thursday, July 16th. Finally, Argus lifted 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 report on Wednesday, July 22nd. 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. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $157.13.

Insiders Place Their Bets

In related news, VP Jose Minaya sold 3,520 shares of Bank of New York Mellon stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $162.64, for a total transaction of $572,492.80. Following the sale, the vice president owned 180,344 shares of the company’s stock, valued at $29,331,148.16. The trade was a 1.91% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Dermot Mcdonogh sold 31,800 shares of the business’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 SEC filing for this sale provides additional information. 0.17% of the stock is currently owned by company insiders.

Bank of New York Mellon Stock Performance

Shares of NYSE:BNY opened at $160.27 on Wednesday. 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 Corporation has a one year low of $102.63 and a one year high of $165.68. The business’s 50-day simple moving average is $156.29 and its 200 day simple moving average is $138.65. The company has a market cap of $108.74 billion, a P/E ratio of 18.66, a PEG ratio of 1.21 and a beta of 1.06.

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, beating analysts’ consensus estimates of $2.16 by $0.30. Bank of New York Mellon had a net margin of 15.52% and a return on equity of 16.00%. The company had revenue of $5.70 billion for the quarter, compared to analyst estimates of $5.35 billion. During the same quarter last year, the firm posted $1.93 earnings per share. The business’s quarterly revenue was up 13.3% on a year-over-year basis. On average, sell-side analysts forecast that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current fiscal year.

Bank of New York Mellon Company 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.