Ieq Capital LLC Purchases Shares of 61,592 Bank of New York Mellon Corporation $BNY

Ieq Capital LLC acquired a new stake in Bank of New York Mellon Corporation (NYSE:BNY) in the second quarter, HoldingsChannel reports. The fund acquired 61,592 shares of the bank’s stock, valued at approximately $8,907,000.

Other institutional investors also recently modified their holdings of the company. Focus Partners Advisor Solutions LLC bought a new position in Bank of New York Mellon during the second quarter worth $1,128,000. CIBC Asset Management Inc raised its position in shares of Bank of New York Mellon by 53.8% in the fourth quarter. CIBC Asset Management Inc now owns 182,002 shares of the bank’s stock valued at $21,129,000 after purchasing an additional 63,627 shares during the period. Todd Asset Management LLC raised its position in shares of Bank of New York Mellon by 37.5% in the fourth quarter. Todd Asset Management LLC now owns 370,998 shares of the bank’s stock valued at $43,069,000 after purchasing an additional 101,142 shares during the period. Prospera Financial Services Inc lifted its stake in shares of Bank of New York Mellon by 106.5% during the 4th quarter. Prospera Financial Services Inc now owns 19,126 shares of the bank’s stock worth $2,220,000 after buying an additional 9,865 shares during the last quarter. Finally, Bellars Harris Wealth Management LLC acquired a new stake in shares of Bank of New York Mellon during the 2nd quarter worth about $10,324,000. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages recently commented on BNY. Wall Street Zen raised shares of Bank of New York Mellon to a “hold” rating in a report on Saturday, May 23rd. Erste Group Bank started coverage on shares of Bank of New York Mellon in a report on Wednesday, July 15th. They issued a “buy” rating on the stock. Royal Bank Of Canada raised their price objective on shares of Bank of New York Mellon from $142.00 to $168.00 and gave the stock a “sector perform” rating in a research report on Thursday, July 16th. Truist Financial boosted their price objective on Bank of New York Mellon from $160.00 to $178.00 and gave the stock a “buy” rating in a report on Thursday, July 16th. Finally, Citigroup upped 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 report on Monday, July 20th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $157.13.

Bank of New York Mellon Trading Up 0.1%

BNY stock opened at $158.72 on Monday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.72 and a current ratio of 0.72. The company’s 50-day simple moving average is $153.85 and its 200 day simple moving average is $136.72. Bank of New York Mellon Corporation has a 52 week low of $101.71 and a 52 week high of $165.68. The company has a market capitalization of $107.69 billion, a PE ratio of 18.48, a price-to-earnings-growth ratio of 1.12 and a beta of 1.06.

Bank of New York Mellon (NYSE:BNY) last released its quarterly earnings results on Wednesday, July 15th. The bank reported $2.46 EPS for the quarter, topping 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 business had revenue of $5.70 billion for the quarter, compared to analyst estimates of $5.35 billion. During the same period last year, the firm earned $1.93 earnings per share. Bank of New York Mellon’s revenue for the quarter was up 13.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current year.

Insider Activity

In related news, CFO Dermot Mcdonogh sold 31,800 shares of the stock in a transaction that occurred 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 sale was disclosed in a filing with the SEC, which is accessible through this link. 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.