Hudock Inc. Takes Position in Bank of New York Mellon Corporation $BNY

Hudock Inc. purchased a new position in shares of Bank of New York Mellon Corporation (NYSE:BNY) in the second quarter, Holdings Channel reports. The fund purchased 3,524 shares of the bank’s stock, valued at approximately $510,000.

A number of other large investors have also modified their holdings of BNY. Focus Partners Advisor Solutions LLC purchased a new position in Bank of New York Mellon during the second quarter valued at $1,128,000. Northwestern Mutual Wealth Management Co. purchased a new position in Bank of New York Mellon in the second quarter worth approximately $13,234,000. CIBC Asset Management Inc raised its holdings in Bank of New York Mellon by 53.8% in the 4th quarter. CIBC Asset Management Inc now owns 182,002 shares of the bank’s stock valued at $21,129,000 after buying an additional 63,627 shares during the period. Todd Asset Management LLC boosted its position in shares of Bank of New York Mellon by 37.5% during the 4th quarter. Todd Asset Management LLC now owns 370,998 shares of the bank’s stock worth $43,069,000 after purchasing an additional 101,142 shares during the period. Finally, Prospera Financial Services Inc raised its holdings in shares of Bank of New York Mellon by 106.5% in the 4th 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 period. Institutional investors and hedge funds own 85.31% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on BNY. Erste Group Bank initiated coverage on Bank of New York Mellon in a report on Wednesday, July 15th. They issued a “buy” rating for the company. Argus upped their price target on Bank of New York Mellon from $153.00 to $180.00 and gave the company a “buy” rating in a report on Wednesday, July 22nd. Wall Street Zen upgraded shares of Bank of New York Mellon to a “hold” rating in a research note on Saturday, May 23rd. Barclays raised their price objective 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, Keefe, Bruyette & Woods lifted their price objective 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. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock 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, VP Jose Minaya sold 3,520 shares of Bank of New York Mellon stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $162.64, for a total value of $572,492.80. Following the transaction, the vice president owned 180,344 shares in the company, valued at approximately $29,331,148.16. This trade represents a 1.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Dermot Mcdonogh sold 31,800 shares of Bank of New York Mellon stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $155.26, for a total transaction of $4,937,268.00. The SEC filing for this sale provides additional information. Company insiders own 0.17% of the company’s stock.

Bank of New York Mellon Price Performance

Shares of NYSE BNY traded down $1.93 on Tuesday, hitting $162.91. The company’s stock had a trading volume of 2,406,021 shares, compared to its average volume of 3,649,098. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.72 and a quick ratio of 0.72. The stock has a 50 day moving average of $158.26 and a 200-day moving average of $140.28. The company has a market capitalization of $110.54 billion, a price-to-earnings ratio of 18.97, a price-to-earnings-growth ratio of 1.24 and a beta of 1.05. Bank of New York Mellon Corporation has a 12-month low of $102.63 and a 12-month high of $165.84.

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

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.