Empowered Funds LLC Makes New Investment in Bank of New York Mellon Corporation $BNY

Empowered Funds LLC purchased a new stake in Bank of New York Mellon Corporation (NYSE:BNY) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 136,894 shares of the bank’s stock, valued at approximately $19,796,000.

Several other institutional investors have also modified their holdings of BNY. United Capital Financial Advisors LLC purchased a new stake in shares of Bank of New York Mellon during the second quarter worth $6,352,000. Wealth Management Strategies Inc. acquired a new stake in shares of Bank of New York Mellon in the second quarter valued at $376,000. Hayek Kallen Investment Management purchased a new position in Bank of New York Mellon in the second quarter valued at $930,000. Equitable Holdings Inc. purchased a new position in Bank of New York Mellon in the second quarter valued at $3,822,000. Finally, Centaurus Financial Inc. acquired a new position in Bank of New York Mellon during the 2nd quarter worth $981,000. Institutional investors and hedge funds own 85.31% of the company’s stock.

Bank of New York Mellon Trading Up 0.2%

NYSE:BNY opened at $162.50 on Friday. Bank of New York Mellon Corporation has a 1 year low of $102.63 and a 1 year high of $165.68. The stock has a market cap of $110.26 billion, a P/E ratio of 18.92, a P/E/G ratio of 1.15 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. The stock has a 50-day simple moving average of $155.73 and a 200-day simple moving average of $138.06.

Bank of New York Mellon (NYSE:BNY) last issued its earnings results on Wednesday, July 15th. The bank reported $2.46 earnings per share for the quarter, topping the consensus estimate of $2.16 by $0.30. The business had revenue of $5.70 billion for the quarter, compared to analyst estimates 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 quarterly revenue was up 13.3% on a year-over-year basis. During the same quarter last year, the company earned $1.93 EPS. As a group, analysts anticipate 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 a number of analyst reports. 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. Bank of America boosted their price objective on Bank of New York Mellon from $165.00 to $175.00 and gave the stock a “buy” rating in a research report on Monday, July 20th. Argus upped their target price on shares of Bank of New York Mellon from $153.00 to $180.00 and gave the stock a “buy” rating in a research note on Wednesday, July 22nd. Zacks Research raised shares of Bank of New York Mellon from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 22nd. Finally, Barclays lifted their price target on shares of Bank of New York Mellon from $149.00 to $178.00 and gave the stock an “overweight” rating in a research note on Thursday, July 16th. Two research 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, the company currently has an average rating of “Moderate Buy” and a consensus price target of $157.13.

Insider Buying and Selling

In other Bank of New York Mellon news, CFO Dermot Mcdonogh sold 31,800 shares of the stock in a transaction that occurred on Wednesday, July 29th. The shares were 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 SEC, which is available through this link. 0.17% of the stock is owned by corporate insiders.

Bank of New York Mellon Company 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.