Meeder Asset Management Inc. Makes New $28.21 Million Investment in Bank of New York Mellon Corporation $BNY

Meeder Asset Management Inc. acquired a new position in shares of Bank of New York Mellon Corporation (NYSE:BNY) in the second quarter, HoldingsChannel reports. The institutional investor acquired 195,080 shares of the bank’s stock, valued at approximately $28,211,000. Bank of New York Mellon comprises 1.4% of Meeder Asset Management Inc.’s portfolio, making the stock its 16th largest position.

Several other institutional investors and hedge funds also recently made changes to their positions in BNY. Abound Financial LLC bought a new position in shares of Bank of New York Mellon during the fourth quarter worth approximately $25,000. MCF Advisors LLC boosted its stake in Bank of New York Mellon by 74.8% in the 4th quarter. MCF Advisors LLC now owns 236 shares of the bank’s stock valued at $27,000 after purchasing an additional 101 shares during the period. Heritage Wealth Advisors bought a new stake in Bank of New York Mellon in the 4th quarter valued at $31,000. Wilkerson Advisory Group LLC acquired a new position in Bank of New York Mellon in the 4th quarter valued at $31,000. Finally, N.E.W. Advisory Services LLC acquired a new position in Bank of New York Mellon in the 2nd quarter valued at $32,000. Institutional investors and hedge funds own 85.31% of the company’s stock.

Bank of New York Mellon Price Performance

Bank of New York Mellon stock opened at $164.42 on Tuesday. The firm has a market cap of $111.56 billion, a PE ratio of 19.14, a price-to-earnings-growth ratio of 1.16 and a beta of 1.06. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.72 and a quick ratio of 0.72. The stock’s fifty day moving average price is $152.42 and its two-hundred day moving average price is $135.60. Bank of New York Mellon Corporation has a one year low of $99.67 and a one year high of $165.69.

Bank of New York Mellon (NYSE:BNY) last released its earnings results on Wednesday, July 15th. The bank reported $2.46 earnings per share for the quarter, beating 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 during the quarter, compared to the consensus estimate of $5.35 billion. During the same period in the prior year, the company posted $1.93 EPS. The company’s revenue was up 13.3% compared to the same quarter last year. As a group, research analysts expect that Bank of New York Mellon Corporation will post 9.26 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Dermot Mcdonogh sold 31,800 shares of the company’s stock in a transaction dated 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 Securities & Exchange Commission, which is available at this link. 0.17% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Wells Fargo & Company lifted their target price on Bank of New York Mellon from $152.00 to $162.00 and gave the stock an “equal weight” rating in a report on Thursday, July 16th. Bank of America upped their price target on shares of Bank of New York Mellon from $165.00 to $175.00 and gave the company a “buy” rating in a research note on Monday, July 20th. Barclays raised 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 report on Thursday, July 16th. Truist Financial lifted their price objective on shares of Bank of New York Mellon from $160.00 to $178.00 and gave the stock a “buy” rating in a research note on Thursday, July 16th. Finally, Citigroup boosted their price objective on shares of Bank of New York Mellon from $167.00 to $172.00 and gave the company a “neutral” rating in a report on Monday, July 20th. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $157.13.

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.