Secure Asset Management LLC Takes Position in Bank of New York Mellon Corporation $BNY

Secure Asset Management LLC acquired a new position in shares of Bank of New York Mellon Corporation (NYSE:BNY) during the second quarter, Holdings Channel reports. The fund acquired 5,157 shares of the bank’s stock, valued at approximately $746,000.

Several other hedge funds have also bought and sold shares of the business. Focus Partners Advisor Solutions LLC acquired a new position in Bank of New York Mellon during the 2nd quarter valued at about $1,128,000. CIBC Asset Management Inc raised its stake in shares of Bank of New York Mellon by 53.8% in the fourth quarter. CIBC Asset Management Inc now owns 182,002 shares of the bank’s stock worth $21,129,000 after purchasing an additional 63,627 shares during the last quarter. Todd Asset Management LLC boosted its position in shares of Bank of New York Mellon by 37.5% during the fourth quarter. Todd Asset Management LLC now owns 370,998 shares of the bank’s stock valued at $43,069,000 after buying an additional 101,142 shares during the last quarter. Prospera Financial Services Inc boosted its position in shares of Bank of New York Mellon by 106.5% during the fourth quarter. Prospera Financial Services Inc now owns 19,126 shares of the bank’s stock valued at $2,220,000 after buying an additional 9,865 shares during the last quarter. Finally, Bellars Harris Wealth Management LLC bought a new stake in Bank of New York Mellon during the second quarter worth $10,324,000. Institutional investors and hedge funds own 85.31% of the company’s stock.

Bank of New York Mellon Stock Performance

Shares of BNY stock opened at $160.27 on Wednesday. The firm has a market cap of $108.74 billion, a price-to-earnings ratio of 18.66, a P/E/G ratio of 1.21 and a beta of 1.06. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.72 and a current ratio of 0.72. Bank of New York Mellon Corporation has a 52 week low of $102.63 and a 52 week high of $165.68. The firm’s 50-day simple moving average is $156.29 and its two-hundred day simple moving average is $138.65.

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

Analysts Set New Price Targets

BNY has been the subject of a number of analyst reports. Wall Street Zen raised Bank of New York Mellon to a “hold” rating in a research report on Saturday, May 23rd. Weiss Ratings lowered shares of Bank of New York Mellon from a “buy (a)” rating to a “buy (a-)” rating in a research note on Thursday, August 13th. Erste Group Bank assumed coverage on shares of Bank of New York Mellon in a research note on Wednesday, July 15th. They issued a “buy” rating for the company. Barclays lifted their target price on shares of Bank of New York Mellon from $149.00 to $178.00 and gave the stock an “overweight” rating in a research report on Thursday, July 16th. Finally, Royal Bank Of Canada increased their price target on Bank of New York Mellon from $142.00 to $168.00 and gave the company a “sector perform” rating in a research report on Thursday, July 16th. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $157.13.

Insiders Place Their Bets

In other news, VP Jose Minaya sold 3,520 shares of the company’s stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $162.64, for a total transaction of $572,492.80. Following the transaction, the vice president owned 180,344 shares of the company’s stock, valued at $29,331,148.16. This represents a 1.91% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Dermot Mcdonogh sold 31,800 shares of the stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $155.26, for a total value of $4,937,268.00. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.17% of the company’s stock.

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.