Wedbush Securities Inc. Buys Shares of 15,075 Bank of New York Mellon Corporation $BNY

Wedbush Securities Inc. bought a new position in Bank of New York Mellon Corporation (NYSE:BNY) in the second quarter, HoldingsChannel reports. The institutional investor bought 15,075 shares of the bank’s stock, valued at approximately $2,180,000.

Several other hedge funds have also recently modified their holdings of BNY. EFG International AG bought a new stake in Bank of New York Mellon in the 2nd quarter worth about $29,000. Burnham & Co LLC bought a new position in Bank of New York Mellon during the 2nd quarter valued at about $29,000. Abound Financial LLC bought a new position in Bank of New York Mellon during the 4th quarter valued at about $25,000. N.E.W. Advisory Services LLC purchased a new stake in shares of Bank of New York Mellon during the 2nd quarter valued at about $32,000. Finally, MCF Advisors LLC boosted its holdings in shares of Bank of New York Mellon by 74.8% during the 4th quarter. MCF Advisors LLC now owns 236 shares of the bank’s stock valued at $27,000 after acquiring an additional 101 shares during the last quarter. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on BNY shares. Wall Street Zen raised shares of Bank of New York Mellon to a “hold” rating in a report on Saturday, May 23rd. JPMorgan Chase & Co. raised their target price on shares of Bank of New York Mellon from $149.00 to $159.00 and gave the stock an “overweight” rating in a report on Tuesday, August 4th. Argus raised their price target on 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. Weiss Ratings cut Bank of New York Mellon from a “buy (a)” rating to a “buy (a-)” rating in a research report on Thursday, August 13th. Finally, Wells Fargo & Company increased 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 given a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Bank of New York Mellon presently has an average rating of “Moderate Buy” and a consensus target price of $157.13.

Insiders Place Their Bets

In related news, CFO Dermot Mcdonogh sold 31,800 shares of Bank of New York Mellon 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 SEC, which is available through the SEC website. Company insiders own 0.17% of the company’s stock.

Bank of New York Mellon Price Performance

BNY opened at $162.50 on Monday. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.76. 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 capitalization of $110.26 billion, a PE ratio of 18.92, a PEG ratio of 1.15 and a beta of 1.06. The firm’s 50 day simple moving average is $155.73 and its two-hundred day simple moving average is $138.13.

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 (EPS) for the quarter, beating analysts’ consensus estimates of $2.16 by $0.30. The firm had revenue of $5.70 billion during the quarter, compared to the consensus estimate of $5.35 billion. Bank of New York Mellon had a net margin of 15.52% and a return on equity of 16.00%. The company’s revenue for the quarter was up 13.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.93 EPS. As a group, equities analysts forecast 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.