GRIMES & Co WEALTH MANAGEMENT LLC Sells 11,050 Shares of Bank of New York Mellon Corporation $BNY

GRIMES & Co WEALTH MANAGEMENT LLC lowered its position in Bank of New York Mellon Corporation (NYSE:BNY) by 27.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 28,944 shares of the bank’s stock after selling 11,050 shares during the period. GRIMES & Co WEALTH MANAGEMENT LLC’s holdings in Bank of New York Mellon were worth $4,186,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Next Level Wealth Planning LLC purchased a new stake in shares of Bank of New York Mellon in the third quarter valued at about $41,000. Cooper Capital Advisors LLC lifted its holdings in Bank of New York Mellon by 8.2% during the third quarter. Cooper Capital Advisors LLC now owns 2,248 shares of the bank’s stock valued at $325,000 after purchasing an additional 171 shares during the last quarter. TSG Advice Partners LLC purchased a new stake in shares of Bank of New York Mellon during the third quarter worth $234,000. Virtue Capital Management LLC bought a new position in shares of Bank of New York Mellon in the third quarter valued at approximately $593,000. Finally, Bell Investment Advisors Inc boosted its stake in Bank of New York Mellon by 4.5% during the third quarter. Bell Investment Advisors Inc now owns 2,522 shares of the bank’s stock valued at $365,000 after buying an additional 109 shares during the period. Institutional investors and hedge funds own 85.31% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on BNY. Bank of America upped their price objective 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. Keefe, Bruyette & Woods restated an “outperform” rating on shares of Bank of New York Mellon in a research report on Friday, October 16th. Royal Bank Of Canada raised their price objective on 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. New Street Research set a $182.00 price objective on Bank of New York Mellon in a report on Friday, October 16th. Finally, Erste Group Bank began coverage on Bank of New York Mellon in a research note on Wednesday, July 15th. They issued a “buy” rating for the company. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, Bank of New York Mellon currently has a consensus rating of “Moderate Buy” and a consensus price target of $165.04.

Bank of New York Mellon Stock Up 1.0%

Shares of NYSE:BNY opened at $149.25 on Wednesday. The stock’s 50-day moving average is $151.10 and its 200 day moving average is $139.53. The company has a market cap of $100.43 billion, a PE ratio of 16.49, a P/E/G ratio of 0.98 and a beta of 1.02. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.72. Bank of New York Mellon Corporation has a 1 year low of $105.42 and a 1 year high of $165.84.

Bank of New York Mellon (NYSE:BNY) last released its quarterly earnings data on Thursday, October 15th. The bank reported $2.37 earnings per share for the quarter, topping the consensus estimate of $2.26 by $0.11. The business had revenue of $5.68 billion during the quarter. Bank of New York Mellon had a return on equity of 16.57% and a net margin of 16.32%. The company’s quarterly revenue was up 11.7% on a year-over-year basis. Sell-side analysts anticipate that Bank of New York Mellon Corporation will post 9.39 EPS for the current year.

Insider Activity at Bank of New York Mellon

In related news, CEO Robin A. Vince sold 40,620 shares of Bank of New York Mellon stock in a transaction on Monday, October 26th. The shares were sold at an average price of $147.81, for a total value of $6,004,042.20. Following the sale, the chief executive officer owned 585,174 shares in the company, valued at $86,494,568.94. The trade was a 6.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Jose Minaya sold 3,520 shares of the business’s stock in a transaction on Tuesday, October 27th. The shares were sold at an average price of $147.81, for a total transaction of $520,291.20. Following the transaction, the vice president directly owned 173,304 shares in the company, valued at approximately $25,616,064.24. The trade was a 1.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 60,560 shares of company stock worth $9,007,119 over the last three months. Insiders own 0.17% of the company’s stock.

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.