Coastal Bridge Advisors LLC Takes Position in Bank of New York Mellon Corporation $BNY

Coastal Bridge Advisors LLC bought a new stake in Bank of New York Mellon Corporation (NYSE:BNY) in the 2nd quarter, Holdings Channel.com reports. The fund bought 3,338 shares of the bank’s stock, valued at approximately $483,000.

A number of other institutional investors and hedge funds also recently modified their holdings of BNY. Abound Financial LLC purchased a new stake in Bank of New York Mellon in the fourth quarter valued at approximately $25,000. MCF Advisors LLC raised its position in shares of Bank of New York Mellon by 74.8% in the 4th quarter. MCF Advisors LLC now owns 236 shares of the bank’s stock worth $27,000 after buying an additional 101 shares during the period. Burnham & Co LLC acquired a new position in Bank of New York Mellon in the second quarter valued at $29,000. EFG International AG acquired a new stake in Bank of New York Mellon during the second quarter worth about $29,000. Finally, Heritage Wealth Advisors purchased a new position in shares of Bank of New York Mellon in the 4th quarter worth about $31,000. Institutional investors and hedge funds own 85.31% of the company’s stock.

Insiders Place Their Bets

In related news, CFO Dermot Mcdonogh sold 31,800 shares of the business’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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.17% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Argus boosted their target price 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. Keefe, Bruyette & Woods lifted their price target on shares of 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. JPMorgan Chase & Co. boosted 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 research note on Tuesday, August 4th. Citigroup increased their price objective on shares of Bank of New York Mellon from $167.00 to $172.00 and gave the stock a “neutral” rating in a research report on Monday, July 20th. Finally, Zacks Research upgraded shares of Bank of New York Mellon from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 22nd. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, Bank of New York Mellon currently has a consensus rating of “Moderate Buy” and an average target price of $157.13.

Bank of New York Mellon Stock Performance

NYSE:BNY opened at $162.50 on Friday. 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 Corporation has a 1-year low of $102.63 and a 1-year high of $165.68. The firm has a 50-day moving average of $155.73 and a two-hundred day moving average of $138.06. The stock has a market cap of $110.26 billion, a P/E ratio of 18.92, a PEG ratio of 1.15 and a beta of 1.06.

Bank of New York Mellon (NYSE:BNY) last released its earnings results on Wednesday, July 15th. The bank reported $2.46 EPS for the quarter, beating the consensus estimate of $2.16 by $0.30. The company had revenue of $5.70 billion during the quarter, compared to analysts’ expectations of $5.35 billion. Bank of New York Mellon had a return on equity of 16.00% and a net margin of 15.52%.The business’s revenue was up 13.3% on a year-over-year basis. During the same period in the prior year, the business posted $1.93 EPS. On average, research analysts expect 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.