Illinois Municipal Retirement Fund Sells 18,780 Shares of Bank of New York Mellon Corporation $BNY

Illinois Municipal Retirement Fund reduced its stake in shares of Bank of New York Mellon Corporation (NYSE:BNY) by 6.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 260,663 shares of the bank’s stock after selling 18,780 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Bank of New York Mellon were worth $37,700,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in shares of Bank of New York Mellon in the 2nd quarter worth approximately $8,321,111,000. Bank of America Corp DE bought a new position in shares of Bank of New York Mellon during the 2nd quarter valued at approximately $2,499,438,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in shares of Bank of New York Mellon during the 2nd quarter valued at approximately $1,214,193,000. Wellington Management Group LLP bought a new position in shares of Bank of New York Mellon during the 2nd quarter valued at approximately $1,175,576,000. Finally, Amundi purchased a new stake in Bank of New York Mellon during the 2nd quarter valued at $985,533,000. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Bank of New York Mellon

In other news, CEO Robin A. Vince sold 9,380 shares of the company’s stock in a transaction dated Tuesday, October 27th. The shares were sold at an average price of $147.82, for a total value of $1,386,551.60. Following the transaction, the chief executive officer directly owned 575,794 shares in the company, valued at approximately $85,113,869.08. This represents a 1.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Jose Minaya sold 3,520 shares of the firm’s stock in a transaction dated Tuesday, October 27th. The stock was sold at an average price of $147.81, for a total transaction of $520,291.20. Following the completion of the transaction, the vice president directly owned 173,304 shares in the company, valued at $25,616,064.24. This represents a 1.99% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 60,560 shares of company stock valued at $9,007,119. Corporate insiders own 0.17% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on BNY. Weiss Ratings downgraded Bank of New York Mellon from a “buy (a)” rating to a “buy (a-)” rating in a research report on Thursday, August 13th. JPMorgan Chase & Co. boosted their price objective on shares of Bank of New York Mellon from $161.00 to $166.50 and gave the company an “overweight” rating in a research report on Friday, October 30th. Bank of America increased their target price on shares of Bank of New York Mellon from $165.00 to $175.00 and gave the company a “buy” rating in a research note on Monday, July 20th. Truist Financial reduced their target price on shares of Bank of New York Mellon from $172.00 to $165.00 and set a “buy” rating on the stock in a research note on Friday, October 16th. Finally, TD Cowen began coverage on shares of Bank of New York Mellon in a report on Thursday, October 8th. They issued a “hold” rating and a $160.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $165.04.

Bank of New York Mellon Price Performance

BNY opened at $150.99 on Wednesday. The business has a fifty day moving average of $149.82 and a 200 day moving average of $140.25. Bank of New York Mellon Corporation has a 52-week low of $105.42 and a 52-week high of $165.84. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.86. The stock has a market cap of $101.60 billion, a P/E ratio of 16.68, a PEG ratio of 1.01 and a beta of 1.02.

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

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.