QRG Capital Management Inc. Makes New Investment in Bank of New York Mellon Corporation $BNY

QRG Capital Management Inc. purchased a new position in shares of Bank of New York Mellon Corporation (NYSE:BNY) during the 2nd quarter, Holdings Channel.com reports. The institutional investor purchased 300,125 shares of the bank’s stock, valued at approximately $47,929,000.

A number of other institutional investors have also recently made changes to their positions in the business. BlackRock Inc. purchased a new stake in Bank of New York Mellon during the 2nd quarter worth approximately $8,321,111,000. Bank of America Corp DE purchased a new position in Bank of New York Mellon in the 2nd quarter valued at approximately $2,499,438,000. Norges Bank acquired a new position in shares of Bank of New York Mellon in the fourth quarter worth $1,398,624,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in shares of Bank of New York Mellon in the second quarter worth $1,214,193,000. Finally, Wellington Management Group LLP purchased a new stake in shares of Bank of New York Mellon during the second quarter worth $1,175,576,000. Institutional investors and hedge funds own 85.31% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on BNY. Barclays increased their price objective on Bank of New York Mellon from $149.00 to $178.00 and gave the company an “overweight” rating in a research note on Thursday, July 16th. Zacks Research cut Bank of New York Mellon from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 7th. Argus upped their price target on Bank of New York Mellon from $153.00 to $180.00 and gave the stock a “buy” rating in a report on Wednesday, July 22nd. Truist Financial increased their price target on Bank of New York Mellon from $160.00 to $178.00 and gave the company a “buy” rating in a research report on Thursday, July 16th. Finally, Bank of America lifted their price objective on 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. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and six have assigned 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 an average price target of $157.13.

Insider Transactions at Bank of New York Mellon

In other news, VP Jose Minaya sold 3,520 shares of the stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $162.64, for a total value of $572,492.80. Following the transaction, the vice president owned 180,344 shares in the company, valued at approximately $29,331,148.16. This represents a 1.91% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Dermot Mcdonogh sold 31,800 shares of the firm’s stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $155.26, for a total value of $4,937,268.00. The SEC filing for this sale provides additional information. 0.17% of the stock is owned by insiders.

Bank of New York Mellon Stock Down 0.5%

Shares of BNY traded down $0.79 during midday trading on Wednesday, reaching $149.38. The stock had a trading volume of 3,785,984 shares, compared to its average volume of 3,690,304. The company has a market cap of $101.35 billion, a price-to-earnings ratio of 17.39, a PEG ratio of 1.16 and a beta of 1.05. The company’s fifty day simple moving average is $159.55 and its two-hundred day simple moving average is $142.95. Bank of New York Mellon Corporation has a 1-year low of $103.11 and a 1-year high of $165.84. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.72 and a quick ratio of 0.72.

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

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.