Waycross Investment Management Co Takes $578,000 Position in Bank of New York Mellon Corporation $BNY

Waycross Investment Management Co acquired a new stake in Bank of New York Mellon Corporation (NYSE:BNY) in the 2nd quarter, Holdings Channel.com reports. The institutional investor acquired 4,000 shares of the bank’s stock, valued at approximately $578,000.

A number of other hedge funds also recently added to or reduced their stakes in BNY. Paragon Private Wealth Management LLC purchased a new position in Bank of New York Mellon during the second quarter valued at approximately $252,000. Continuum Advisory LLC purchased a new stake in Bank of New York Mellon during the second quarter worth $400,000. Orion Capital Management LLC purchased a new stake in Bank of New York Mellon during the second quarter worth $55,000. Round Rock Advisors LLC bought a new stake in Bank of New York Mellon during the 2nd quarter valued at $1,221,000. Finally, Nykredit A S purchased a new position in shares of Bank of New York Mellon in the 2nd quarter valued at $32,959,000. 85.31% of the stock is owned by hedge funds and other institutional investors.

Bank of New York Mellon Stock Up 1.0%

Shares of BNY stock opened at $162.09 on Thursday. The stock’s fifty day moving average price is $156.65 and its 200 day moving average price is $138.99. Bank of New York Mellon Corporation has a 1-year low of $102.63 and a 1-year high of $165.68. The company has a market cap of $109.98 billion, a price-to-earnings ratio of 18.87, a price-to-earnings-growth ratio of 1.21 and a beta of 1.05. 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 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. Bank of New York Mellon had a return on equity of 16.00% and a net margin of 15.52%.The business had revenue of $5.70 billion during the quarter, compared to the consensus estimate of $5.35 billion. During the same quarter last year, the company earned $1.93 earnings per share. The company’s quarterly revenue was up 13.3% on a year-over-year basis. On average, research analysts expect that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Royal Bank Of Canada boosted their price target on Bank of New York Mellon from $142.00 to $168.00 and gave the stock a “sector perform” rating in a research report on Thursday, July 16th. Barclays lifted their target price on Bank of New York Mellon from $149.00 to $178.00 and gave the company an “overweight” rating in a research note on Thursday, July 16th. Weiss Ratings downgraded shares of Bank of New York Mellon from a “buy (a)” rating to a “buy (a-)” rating in a report on Thursday, August 13th. Wall Street Zen raised shares of Bank of New York Mellon to a “hold” rating in a research report on Saturday, May 23rd. 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 equities research 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. According to data from MarketBeat, Bank of New York Mellon presently has an average rating of “Moderate Buy” and an average price target of $157.13.

Insider Buying and Selling

In related news, 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 value of $4,937,268.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Jose Minaya sold 3,520 shares of the business’s stock in a transaction that occurred 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 sale, the vice president directly owned 180,344 shares in the company, valued at approximately $29,331,148.16. This represents a 1.91% decrease in their position. The SEC filing for this sale provides additional information. 0.17% of the stock is owned by company insiders.

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.