NewEdge Wealth LLC Purchases Shares of 16,020 Bank of New York Mellon Corporation $BNY

NewEdge Wealth LLC purchased a new stake in Bank of New York Mellon Corporation (NYSE:BNY) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 16,020 shares of the bank’s stock, valued at approximately $2,317,000.

A number of other hedge funds also recently made changes to their positions in the stock. Abound Financial LLC bought a new position in Bank of New York Mellon during the 4th quarter worth approximately $25,000. MCF Advisors LLC boosted its stake in shares of Bank of New York Mellon by 74.8% in the 4th quarter. MCF Advisors LLC now owns 236 shares of the bank’s stock valued at $27,000 after purchasing an additional 101 shares during the last quarter. Heritage Wealth Advisors acquired a new stake in shares of Bank of New York Mellon during the fourth quarter worth $31,000. Wilkerson Advisory Group LLC acquired a new stake in shares of Bank of New York Mellon during the fourth quarter worth $31,000. Finally, N.E.W. Advisory Services LLC bought a new position in Bank of New York Mellon during the second quarter worth $32,000. 85.31% of the stock is currently owned by institutional investors.

Insider Transactions at Bank of New York Mellon

In other Bank of New York Mellon news, CFO Dermot Mcdonogh sold 31,800 shares of the business’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 transaction of $4,937,268.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.17% of the company’s stock.

Analysts Set New Price Targets

BNY has been the topic of a number of recent analyst reports. Wall Street Zen raised Bank of New York Mellon to a “hold” rating in a research note on Saturday, May 23rd. Weiss Ratings cut Bank of New York Mellon from a “buy (a)” rating to a “buy (a-)” rating in a research note on Thursday, August 13th. Truist Financial lifted their target price 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. Royal Bank Of Canada boosted their price target 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. Finally, JPMorgan Chase & Co. increased their price target on Bank of New York Mellon from $149.00 to $159.00 and gave the stock an “overweight” rating in a report on Tuesday, August 4th. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, Bank of New York Mellon has a consensus rating of “Moderate Buy” and a consensus price target of $157.13.

Bank of New York Mellon Stock Down 1.3%

Bank of New York Mellon stock opened at $157.61 on Friday. The firm has a market capitalization of $106.94 billion, a price-to-earnings ratio of 18.35, a price-to-earnings-growth ratio of 1.13 and a beta of 1.06. The firm’s fifty day moving average price is $153.55 and its two-hundred day moving average price is $136.46. Bank of New York Mellon Corporation has a 1-year low of $100.44 and a 1-year high of $165.68. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.76.

Bank of New York Mellon (NYSE:BNY) last posted its earnings results on Wednesday, July 15th. The bank reported $2.46 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $5.35 billion. During the same period in the previous year, the firm posted $1.93 earnings per share. The firm’s revenue for the quarter was up 13.3% on a year-over-year basis. On average, equities research analysts predict that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current fiscal year.

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.