8,478 Shares in Bank of New York Mellon Corporation $BNY Purchased by Summit Financial Strategies Inc.

Summit Financial Strategies Inc. bought a new stake in shares of Bank of New York Mellon Corporation (NYSE:BNY) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 8,478 shares of the bank’s stock, valued at approximately $1,226,000.

A number of other hedge funds have also added to or reduced their stakes in BNY. Abound Financial LLC purchased a new stake in shares of Bank of New York Mellon in the fourth quarter worth about $25,000. MCF Advisors LLC grew its stake in Bank of New York Mellon by 74.8% during the fourth quarter. MCF Advisors LLC now owns 236 shares of the bank’s stock valued at $27,000 after acquiring an additional 101 shares in the last quarter. Luken Investment Analytics LLC purchased a new position in Bank of New York Mellon during the second quarter valued at approximately $27,000. Burnham & Co LLC bought a new stake in Bank of New York Mellon during the 2nd quarter worth approximately $29,000. Finally, EFG International AG bought a new stake in Bank of New York Mellon during the 2nd quarter worth approximately $29,000. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Wall Street Analysts Forecast Growth

BNY has been the subject of several analyst reports. Barclays raised their price target on shares of Bank of New York Mellon from $149.00 to $178.00 and gave the company an “overweight” rating in a report on Thursday, July 16th. Royal Bank Of Canada increased their price objective on 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. Keefe, Bruyette & Woods lifted their price objective on Bank of New York Mellon from $166.00 to $177.00 and gave the company an “outperform” rating in a research note on Thursday, July 16th. Truist Financial boosted their target price on Bank of New York Mellon from $160.00 to $178.00 and gave the stock a “buy” rating in a research 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 stock a “neutral” rating in a research note on Monday, July 20th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, Bank of New York Mellon presently has an average rating of “Moderate Buy” and an average target price of $157.13.

Insider Transactions at Bank of New York Mellon

In other Bank of New York Mellon news, VP Jose Minaya sold 3,520 shares of the firm’s stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $162.64, for a total transaction of $572,492.80. Following the sale, the vice president owned 180,344 shares in the company, valued at $29,331,148.16. This trade represents a 1.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Dermot Mcdonogh sold 31,800 shares of Bank of New York Mellon 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 disclosure for this sale is available in the SEC filing. Company insiders own 0.17% of the company’s stock.

Bank of New York Mellon Price Performance

Shares of NYSE:BNY opened at $162.91 on Wednesday. The company’s fifty day moving average price is $158.26 and its 200-day moving average price is $140.28. The firm has a market capitalization of $110.53 billion, a price-to-earnings ratio of 18.97, a PEG ratio of 1.24 and a beta of 1.05. Bank of New York Mellon Corporation has a one year low of $102.63 and a one 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 posted its quarterly earnings data 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 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 EPS. The firm’s revenue was up 13.3% compared to the same quarter last year. On average, equities research analysts anticipate 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.