Varma Mutual Pension Insurance Co Makes New $23.32 Million Investment in Bank of New York Mellon Corporation $BNY

Varma Mutual Pension Insurance Co acquired a new stake in Bank of New York Mellon Corporation (NYSE:BNY) during the second quarter, Holdings Channel.com reports. The institutional investor acquired 161,290 shares of the bank’s stock, valued at approximately $23,324,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Abound Financial LLC bought a new stake in shares of Bank of New York Mellon during the fourth quarter worth $25,000. MCF Advisors LLC boosted its holdings in Bank of New York Mellon by 74.8% in the fourth 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. Burnham & Co LLC bought a new position in Bank of New York Mellon in the second quarter valued at about $29,000. Heritage Wealth Advisors bought a new position in Bank of New York Mellon in the fourth quarter valued at about $31,000. Finally, Wilkerson Advisory Group LLC acquired a new stake in Bank of New York Mellon in the fourth quarter worth about $31,000. 85.31% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have weighed in on BNY shares. Weiss Ratings cut Bank of New York Mellon from a “buy (a)” rating to a “buy (a-)” rating in a report on Thursday, August 13th. JPMorgan Chase & Co. lifted their price target on shares of 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. Wall Street Zen raised shares of Bank of New York Mellon to a “hold” rating in a research note on Saturday, May 23rd. Keefe, Bruyette & Woods increased their price objective on shares of Bank of New York Mellon from $166.00 to $177.00 and gave the company an “outperform” rating in a report on Thursday, July 16th. Finally, Citigroup increased 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 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 stock. Based on data from MarketBeat.com, Bank of New York Mellon presently has a consensus rating of “Moderate Buy” and an average target price of $157.13.

Bank of New York Mellon Trading Up 0.9%

NYSE BNY opened at $158.72 on Friday. The stock has a 50-day simple moving average of $153.85 and a 200 day simple moving average of $136.61. The company has a market capitalization of $107.69 billion, a PE ratio of 18.48, a P/E/G ratio of 1.12 and a beta of 1.06. 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 12 month low of $101.71 and a 12 month high of $165.68.

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 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 firm had revenue of $5.70 billion for the quarter, compared to analyst estimates of $5.35 billion. During the same quarter in the prior year, the firm posted $1.93 earnings per share. The company’s quarterly revenue was up 13.3% on a year-over-year basis. Research analysts forecast that Bank of New York Mellon Corporation will post 9.26 EPS for the current year.

Insider Activity at Bank of New York Mellon

In related news, CFO Dermot Mcdonogh sold 31,800 shares of the 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 sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.17% of the stock is currently owned by company insiders.

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.