Peak Asset Management LLC Invests $1.20 Million in Bank of New York Mellon Corporation $BNY

Peak Asset Management LLC purchased a new position in Bank of New York Mellon Corporation (NYSE:BNY) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 8,275 shares of the bank’s stock, valued at approximately $1,197,000.

A number of other large investors have also recently added to or reduced their stakes in BNY. Linscomb Wealth Inc. increased its position in shares of Bank of New York Mellon by 2.5% in the 4th quarter. Linscomb Wealth Inc. now owns 3,240 shares of the bank’s stock worth $376,000 after purchasing an additional 80 shares during the last quarter. Parkside Financial Bank & Trust raised its stake in shares of Bank of New York Mellon by 3.2% in the 4th quarter. Parkside Financial Bank & Trust now owns 2,805 shares of the bank’s stock valued at $326,000 after purchasing an additional 88 shares in the last quarter. Essex Financial Services Inc. lifted its position in shares of Bank of New York Mellon by 0.5% during the fourth quarter. Essex Financial Services Inc. now owns 17,584 shares of the bank’s stock worth $2,041,000 after purchasing an additional 89 shares during the last quarter. Maia Wealth LLC grew its stake in Bank of New York Mellon by 3.0% in the fourth quarter. Maia Wealth LLC now owns 3,049 shares of the bank’s stock worth $350,000 after purchasing an additional 90 shares in the last quarter. Finally, Nemes Rush Group LLC grew its stake in Bank of New York Mellon by 12.8% in the fourth quarter. Nemes Rush Group LLC now owns 813 shares of the bank’s stock worth $94,000 after purchasing an additional 92 shares in the last quarter. 85.31% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

BNY has been the subject of several research analyst reports. Truist Financial boosted their price objective on Bank of New York Mellon from $160.00 to $178.00 and gave the company a “buy” rating in a report on Thursday, July 16th. Wall Street Zen upgraded Bank of New York Mellon to a “hold” rating in a research report on Saturday, May 23rd. JPMorgan Chase & Co. boosted their price target on Bank of New York Mellon from $149.00 to $159.00 and gave the company an “overweight” rating in a report on Tuesday, August 4th. Weiss Ratings lowered Bank of New York Mellon from a “buy (a)” rating to a “buy (a-)” rating in a research report on Thursday, August 13th. Finally, Keefe, Bruyette & Woods upped their price target on Bank of New York Mellon from $166.00 to $177.00 and gave the company an “outperform” rating in a research report on Thursday, July 16th. Two investment 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 company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $157.13.

Bank of New York Mellon Price Performance

Shares of NYSE:BNY opened at $162.14 on Tuesday. 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 Corporation has a fifty-two week low of $101.71 and a fifty-two week high of $165.68. The firm has a 50-day simple moving average of $154.24 and a 200 day simple moving average of $137.02. The company has a market cap of $110.01 billion, a PE ratio of 18.88, a P/E/G ratio of 1.12 and a beta of 1.06.

Bank of New York Mellon (NYSE:BNY) last issued 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 net margin of 15.52% and a return on equity of 16.00%. The firm had revenue of $5.70 billion for the quarter, compared to analysts’ expectations of $5.35 billion. During the same quarter last year, the company posted $1.93 earnings per share. Bank of New York Mellon’s revenue was up 13.3% on a year-over-year basis. On average, sell-side analysts anticipate that Bank of New York Mellon Corporation will post 9.26 EPS for the current year.

Insider Buying and Selling at Bank of New York Mellon

In other news, CFO Dermot Mcdonogh sold 31,800 shares of the 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 legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.17% of the company’s stock.

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.