Councilmark Asset Management LLC Makes New $3.73 Million Investment in Bank of New York Mellon Corporation $BNY

Councilmark Asset Management LLC acquired a new position in Bank of New York Mellon Corporation (NYSE:BNY) during the second quarter, HoldingsChannel reports. The institutional investor acquired 25,779 shares of the bank’s stock, valued at approximately $3,728,000. Bank of New York Mellon comprises about 2.0% of Councilmark Asset Management LLC’s portfolio, making the stock its 14th biggest position.

A number of other institutional investors have also recently made changes to their positions in BNY. BlackRock Inc. purchased a new stake in Bank of New York Mellon in the second quarter worth $8,321,111,000. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Bank of New York Mellon by 18,044.4% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 19,670,202 shares of the bank’s stock worth $2,283,514,000 after purchasing an additional 19,561,793 shares during the last quarter. Norges Bank purchased a new position in Bank of New York Mellon in the 4th quarter worth about $1,398,624,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Bank of New York Mellon by 639.5% during the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,076,729 shares of the bank’s stock valued at $771,080,000 after buying an additional 6,119,749 shares in the last quarter. Finally, Legal & General Group Plc bought a new stake in Bank of New York Mellon during the 2nd quarter valued at about $813,009,000. Institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Stock Performance

Shares of NYSE:BNY opened at $163.76 on Wednesday. The firm has a 50 day moving average of $154.63 and a 200 day moving average of $137.32. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.76. The company has a market capitalization of $111.11 billion, a price-to-earnings ratio of 19.06, a price-to-earnings-growth ratio of 1.15 and a beta of 1.06. Bank of New York Mellon Corporation has a 52 week low of $102.55 and a 52 week high of $165.68.

Bank of New York Mellon (NYSE:BNY) last announced its earnings results on Wednesday, July 15th. The bank reported $2.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.16 by $0.30. The business had revenue of $5.70 billion for the quarter, compared to analysts’ expectations of $5.35 billion. Bank of New York Mellon had a return on equity of 16.00% and a net margin of 15.52%.The business’s revenue for the quarter was up 13.3% on a year-over-year basis. During the same quarter last year, the firm earned $1.93 EPS. On average, sell-side analysts predict that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Bank of New York Mellon news, CFO Dermot Mcdonogh sold 31,800 shares of the business’s stock in a transaction dated 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 Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.17% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Bank of America upped their target price on shares of Bank of New York Mellon from $165.00 to $175.00 and gave the stock a “buy” rating in a research note on Monday, July 20th. Truist Financial boosted their price target on Bank of New York Mellon from $160.00 to $178.00 and gave the company a “buy” rating in a report on Thursday, July 16th. Argus increased their price objective 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. Zacks Research raised Bank of New York Mellon from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 22nd. Finally, Barclays upped their target price on Bank of New York Mellon from $149.00 to $178.00 and gave the stock an “overweight” rating in a report on Thursday, July 16th. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $157.13.

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.