Goodwin Investment Advisory Takes $1.64 Million Position in Bank of New York Mellon Corporation $BNY

Goodwin Investment Advisory bought a new position in shares of Bank of New York Mellon Corporation (NYSE:BNY) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 11,344 shares of the bank’s stock, valued at approximately $1,640,000. Bank of New York Mellon accounts for about 3.3% of Goodwin Investment Advisory’s holdings, making the stock its 6th largest holding.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in BNY. Wellington Management Group LLP acquired a new position in Bank of New York Mellon in the 2nd quarter valued at about $1,175,576,000. Kingsview Wealth Management LLC purchased a new position in Bank of New York Mellon during the 2nd quarter worth $2,588,000. Henson Edgewater Management LLC purchased a new position in Bank of New York Mellon during the second quarter worth about $370,000. Beacon Pointe Advisors LLC purchased a new position in shares of Bank of New York Mellon during the 2nd quarter worth approximately $2,347,000. Finally, Kimelman & Baird LLC acquired a new stake in Bank of New York Mellon in the second quarter valued at $246,000. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Stock Up 0.2%

Shares of NYSE BNY opened at $162.50 on Friday. The firm’s 50-day moving average is $155.73 and its two-hundred day moving average is $138.06. The company has a market capitalization of $110.26 billion, a PE ratio of 18.92, a price-to-earnings-growth ratio of 1.15 and a beta of 1.06. Bank of New York Mellon Corporation has a 12-month low of $102.63 and a 12-month high of $165.68. 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 (NYSE:BNY) last issued its quarterly earnings data on Wednesday, July 15th. The bank reported $2.46 earnings per share for the quarter, topping 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 business 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 EPS. The company’s revenue was up 13.3% on a year-over-year basis. Equities analysts anticipate that Bank of New York Mellon Corporation will post 9.26 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have recently issued reports on BNY. Citigroup lifted their price target on shares of Bank of New York Mellon from $167.00 to $172.00 and gave the company a “neutral” rating in a research report on Monday, July 20th. Wall Street Zen raised Bank of New York Mellon to a “hold” rating in a research note on Saturday, May 23rd. Royal Bank Of Canada lifted 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. JPMorgan Chase & Co. boosted their target price on Bank of New York Mellon from $149.00 to $159.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 4th. Finally, Wells Fargo & Company upped their target price 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. 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $157.13.

Insider Buying and Selling

In other Bank of New York Mellon news, CFO Dermot Mcdonogh sold 31,800 shares of the firm’s stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $155.26, for a total transaction of $4,937,268.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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.