Hayek Kallen Investment Management Acquires Shares of 6,429 Bank of New York Mellon Corporation $BNY

Hayek Kallen Investment Management acquired a new position in shares of Bank of New York Mellon Corporation (NYSE:BNY) in the second quarter, HoldingsChannel.com reports. The fund acquired 6,429 shares of the bank’s stock, valued at approximately $930,000.

Several other hedge funds also recently made changes to their positions in BNY. EFG International AG purchased a new stake in shares of Bank of New York Mellon in the second quarter valued at about $29,000. Burnham & Co LLC purchased a new position in Bank of New York Mellon during the second quarter worth about $29,000. Abound Financial LLC purchased a new position in Bank of New York Mellon during the fourth quarter worth about $25,000. N.E.W. Advisory Services LLC acquired a new stake in Bank of New York Mellon in the second quarter valued at about $32,000. Finally, MCF Advisors LLC lifted its position in Bank of New York Mellon by 74.8% in the fourth 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 period. Institutional investors and hedge funds own 85.31% of the company’s stock.

Bank of New York Mellon Trading Down 0.5%

Shares of BNY opened at $162.28 on Friday. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.76. The firm’s 50-day moving average is $155.35 and its two-hundred day moving average is $137.89. Bank of New York Mellon Corporation has a twelve month low of $102.63 and a twelve month high of $165.68. The firm has a market capitalization of $110.11 billion, a P/E ratio of 18.89, a PEG ratio of 1.16 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, beating 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 analysts’ expectations of $5.35 billion. During the same period last year, the company posted $1.93 earnings per share. The firm’s quarterly revenue was up 13.3% compared to the same quarter last year. On average, research analysts predict that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current fiscal year.

Analysts Set New Price Targets

BNY has been the topic of several recent analyst reports. Erste Group Bank initiated coverage on Bank of New York Mellon in a research report on Wednesday, July 15th. They set a “buy” rating on the stock. Wells Fargo & Company raised their price target on Bank of New York Mellon from $152.00 to $162.00 and gave the company an “equal weight” rating in a report on Thursday, July 16th. Weiss Ratings downgraded Bank of New York Mellon from a “buy (a)” rating to a “buy (a-)” rating in a research note on Thursday, August 13th. Royal Bank Of Canada upped 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 report on Thursday, July 16th. Finally, Truist Financial increased their price objective 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. 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 stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $157.13.

Insider Buying and Selling at Bank of New York Mellon

In related news, CFO Dermot Mcdonogh sold 31,800 shares of the firm’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 value of $4,937,268.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.17% of the stock is currently owned by corporate insiders.

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.