Flputnam Investment Management Co. Takes $8.96 Million Position in Bank of New York Mellon Corporation $BNY

Flputnam Investment Management Co. acquired a new stake in shares of Bank of New York Mellon Corporation (NYSE:BNY) during the second quarter, HoldingsChannel reports. The firm acquired 61,997 shares of the bank’s stock, valued at approximately $8,965,000.

Several other institutional investors have also bought and sold shares of the stock. Linscomb Wealth Inc. grew its position in Bank of New York Mellon by 2.5% in the 4th quarter. Linscomb Wealth Inc. now owns 3,240 shares of the bank’s stock valued at $376,000 after buying an additional 80 shares in the last quarter. Parkside Financial Bank & Trust raised its position in shares of Bank of New York Mellon by 3.2% during the 4th quarter. Parkside Financial Bank & Trust now owns 2,805 shares of the bank’s stock worth $326,000 after buying an additional 88 shares in the last quarter. Essex Financial Services Inc. lifted its stake in shares of Bank of New York Mellon by 0.5% in the 4th quarter. Essex Financial Services Inc. now owns 17,584 shares of the bank’s stock worth $2,041,000 after acquiring an additional 89 shares during the period. Maia Wealth LLC lifted its stake in shares of Bank of New York Mellon by 3.0% in the 4th quarter. Maia Wealth LLC now owns 3,049 shares of the bank’s stock worth $350,000 after acquiring an additional 90 shares during the period. Finally, Nemes Rush Group LLC boosted its holdings in shares of Bank of New York Mellon by 12.8% in the fourth quarter. Nemes Rush Group LLC now owns 813 shares of the bank’s stock valued at $94,000 after acquiring an additional 92 shares in the last quarter. Institutional investors and hedge funds own 85.31% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently commented on BNY. Erste Group Bank began coverage on Bank of New York Mellon in a report on Wednesday, July 15th. They set a “buy” rating on the stock. Wells Fargo & Company boosted their price objective on Bank of New York Mellon from $152.00 to $162.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 16th. Argus upped their price objective 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. Zacks Research raised Bank of New York Mellon from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 22nd. Finally, Keefe, Bruyette & Woods lifted their target price on Bank of New York Mellon from $166.00 to $177.00 and gave the stock an “outperform” rating in a report on Thursday, July 16th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, Bank of New York Mellon presently has a consensus rating of “Moderate Buy” and a consensus target price of $157.13.

Insiders Place Their Bets

In other Bank of New York Mellon 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 transaction of $4,937,268.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.17% of the company’s stock.

Bank of New York Mellon Trading Up 0.0%

Shares of NYSE BNY opened at $163.30 on Monday. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.76. Bank of New York Mellon Corporation has a 12 month low of $99.67 and a 12 month high of $163.77. The company has a market cap of $110.80 billion, a price-to-earnings ratio of 19.01, a P/E/G ratio of 1.16 and a beta of 1.06. The business has a fifty day simple moving average of $151.97 and a 200-day simple moving average of $135.28.

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 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 for the quarter, compared to analysts’ expectations of $5.35 billion. During the same quarter last year, the business posted $1.93 EPS. Bank of New York Mellon’s revenue was up 13.3% on a year-over-year basis. Sell-side 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.