Westpac Banking Corp Purchases Shares of 56,478 Bank of New York Mellon Corporation $BNY

Westpac Banking Corp purchased a new stake in shares of Bank of New York Mellon Corporation (NYSE:BNY) during the second quarter, HoldingsChannel.com reports. The institutional investor purchased 56,478 shares of the bank’s stock, valued at approximately $8,167,000.

Several other hedge funds and other institutional investors have also made changes to their positions in BNY. TRB Wealth Management LLC bought a new position in Bank of New York Mellon in the 2nd quarter worth approximately $338,000. Sumitomo Life Insurance Co. acquired a new stake in Bank of New York Mellon in the 2nd quarter valued at approximately $3,146,000. Landscape Capital Management L.L.C. bought a new stake in Bank of New York Mellon during the 2nd quarter valued at $464,000. Korea Investment CORP bought a new stake in Bank of New York Mellon during the 2nd quarter valued at $99,353,000. Finally, EP Wealth Advisors LLC acquired a new position in Bank of New York Mellon during the 2nd quarter worth $1,974,000. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CFO Dermot Mcdonogh sold 31,800 shares of the firm’s stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $155.26, for a total transaction of $4,937,268.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.17% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on BNY shares. Bank of America increased their price target on Bank of New York Mellon from $165.00 to $175.00 and gave the stock a “buy” rating in a research note on Monday, July 20th. Wall Street Zen upgraded shares of Bank of New York Mellon to a “hold” rating in a research note on Saturday, May 23rd. JPMorgan Chase & Co. upped their price objective on shares of 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. Weiss Ratings lowered shares of Bank of New York Mellon from a “buy (a)” rating to a “buy (a-)” rating in a research report on Thursday, August 13th. Finally, Barclays raised their target price on shares of 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. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $157.13.

Bank of New York Mellon Trading Up 0.9%

Shares of Bank of New York Mellon stock opened at $158.72 on Friday. The business has a fifty day simple moving average of $153.85 and a 200-day simple moving average of $136.61. Bank of New York Mellon Corporation has a fifty-two week low of $101.71 and a fifty-two week high of $165.68. The firm has a market cap of $107.69 billion, a price-to-earnings ratio of 18.48, a price-to-earnings-growth ratio of 1.12 and a beta of 1.06. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.76.

Bank of New York Mellon (NYSE:BNY) last released its earnings results on Wednesday, July 15th. The bank reported $2.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.16 by $0.30. Bank of New York Mellon had a return on equity of 16.00% and a net margin of 15.52%.The firm had revenue of $5.70 billion for the quarter, compared to analyst estimates of $5.35 billion. During the same period in the previous year, the company earned $1.93 earnings per share. Bank of New York Mellon’s revenue was up 13.3% compared to the same quarter last year. On average, equities analysts forecast that Bank of New York Mellon Corporation will post 9.26 EPS for the current fiscal 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.