352,843 Shares in Bank of New York Mellon Corporation $BNY Bought by HighTower Advisors LLC

HighTower Advisors LLC 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 institutional investor bought 352,843 shares of the bank’s stock, valued at approximately $51,025,000. HighTower Advisors LLC owned approximately 0.05% of Bank of New York Mellon at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of BNY. Luken Investment Analytics LLC acquired a new position in shares of Bank of New York Mellon during the second quarter worth about $27,000. EFG International AG bought a new stake in Bank of New York Mellon in the 2nd quarter valued at approximately $29,000. Burnham & Co LLC acquired a new position in Bank of New York Mellon during the 2nd quarter worth approximately $29,000. Abound Financial LLC bought a new position in shares of Bank of New York Mellon during the 4th quarter worth approximately $25,000. Finally, N.E.W. Advisory Services LLC bought a new position in shares of Bank of New York Mellon during the 2nd quarter worth approximately $32,000. Institutional investors and hedge funds own 85.31% of the company’s stock.

Bank of New York Mellon Price Performance

Shares of BNY opened at $165.05 on Tuesday. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.76. The company’s fifty day simple moving average is $157.89 and its 200 day simple moving average is $139.97. Bank of New York Mellon Corporation has a 1-year low of $102.63 and a 1-year high of $165.84. The company has a market cap of $111.99 billion, a price-to-earnings ratio of 19.21, a PEG ratio of 1.24 and a beta of 1.05.

Bank of New York Mellon (NYSE:BNY) last announced 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. Bank of New York Mellon had a net margin of 15.52% and a return on equity of 16.00%. The firm had revenue of $5.70 billion during the quarter, compared to analysts’ expectations of $5.35 billion. During the same quarter last year, the company posted $1.93 earnings per share. The company’s revenue for the quarter was up 13.3% compared to the same quarter last year. On average, research analysts forecast that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current fiscal year.

Insider Activity

In other Bank of New York Mellon news, CFO Dermot Mcdonogh sold 31,800 shares of the company’s stock in a transaction that occurred on 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 document filed with the SEC, which is accessible through this link. Also, VP Jose Minaya sold 3,520 shares of the firm’s stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $162.64, for a total value of $572,492.80. Following the completion of the sale, the vice president directly owned 180,344 shares of the company’s stock, 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.

Analysts Set New Price Targets

BNY has been the topic of a number of research reports. Bank of America boosted their price objective on shares of 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. Citigroup lifted their price target on shares of 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. JPMorgan Chase & Co. boosted their price target on shares of 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. Truist Financial increased 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. Finally, Wells Fargo & Company raised their price objective on Bank of New York Mellon from $152.00 to $162.00 and gave the company an “equal weight” rating in a report on Thursday, July 16th. Two 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’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $157.13.

About Bank of New York Mellon

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.