Tobam Purchases 7,725 Shares of Bank of New York Mellon Corporation $BNY

Tobam grew its position in Bank of New York Mellon Corporation (NYSE:BNY) by 703.6% during the fourth quarter, HoldingsChannel reports. The firm owned 8,823 shares of the bank’s stock after buying an additional 7,725 shares during the period. Tobam’s holdings in Bank of New York Mellon were worth $1,024,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of BNY. Vanguard Group Inc. lifted its holdings in Bank of New York Mellon by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 71,319,884 shares of the bank’s stock valued at $8,279,525,000 after buying an additional 647,847 shares during the period. Northwestern Mutual Wealth Management Co. grew its holdings in Bank of New York Mellon by 18,044.4% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 19,670,202 shares of the bank’s stock worth $2,283,514,000 after acquiring an additional 19,561,793 shares during the period. Ameriprise Financial Inc. grew its holdings in Bank of New York Mellon by 18.0% during the 3rd quarter. Ameriprise Financial Inc. now owns 13,345,266 shares of the bank’s stock worth $1,454,116,000 after acquiring an additional 2,034,781 shares during the period. Norges Bank bought a new position in shares of Bank of New York Mellon in the 4th quarter worth about $1,398,624,000. Finally, Invesco Ltd. lifted its stake in shares of Bank of New York Mellon by 8.2% in the 4th quarter. Invesco Ltd. now owns 7,680,429 shares of the bank’s stock valued at $891,621,000 after purchasing an additional 578,999 shares during the period. Institutional investors own 85.31% of the company’s stock.

Insider Transactions at Bank of New York Mellon

In other news, insider Kurtis R. Kurimsky sold 5,290 shares of the business’s stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $136.02, for a total transaction of $719,545.80. Following the completion of the sale, the insider owned 17,259 shares in the company, valued at $2,347,569.18. The trade was a 23.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Alejandro Perez sold 12,504 shares of the company’s stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $137.01, for a total value of $1,713,173.04. Following the transaction, the executive vice president directly owned 62,613 shares in the company, valued at $8,578,607.13. The trade was a 16.65% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 48,091 shares of company stock worth $6,568,423. Insiders own 0.17% of the company’s stock.

Wall Street Analyst Weigh In

BNY has been the topic of several research analyst reports. Evercore set a $136.00 target price on Bank of New York Mellon in a research report on Friday, April 17th. Keefe, Bruyette & Woods lifted their target price on Bank of New York Mellon from $143.00 to $150.00 and gave the stock an “outperform” rating in a report on Friday, April 17th. JPMorgan Chase & Co. boosted their price target on Bank of New York Mellon from $130.50 to $140.00 and gave the company an “overweight” rating in a research note on Monday, May 11th. Morgan Stanley increased their price target on Bank of New York Mellon from $135.00 to $139.00 and gave the stock an “equal weight” rating in a report on Friday, April 17th. Finally, Truist Financial raised their price objective on shares of Bank of New York Mellon from $140.00 to $148.00 and gave the stock a “buy” rating in a research report on Friday, April 17th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $138.08.

Bank of New York Mellon Price Performance

BNY stock opened at $143.64 on Friday. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.75 and a quick ratio of 0.75. The company’s 50-day moving average is $137.17 and its 200-day moving average is $124.97. The stock has a market capitalization of $98.59 billion, a PE ratio of 17.80, a price-to-earnings-growth ratio of 1.05 and a beta of 1.07. Bank of New York Mellon Corporation has a 1 year low of $87.41 and a 1 year high of $148.13.

Bank of New York Mellon (NYSE:BNY) last issued its earnings results on Thursday, April 16th. The bank reported $2.25 EPS for the quarter, beating analysts’ consensus estimates of $1.94 by $0.31. Bank of New York Mellon had a return on equity of 15.29% and a net margin of 14.60%.The business had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.14 billion. During the same period in the previous year, the company posted $1.58 EPS. The firm’s revenue was up 12.9% compared to the same quarter last year. Equities research analysts expect that Bank of New York Mellon Corporation will post 8.78 EPS for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 8th. Stockholders of record on Monday, April 27th were issued a dividend of $0.53 per share. The ex-dividend date was Monday, April 27th. This represents a $2.12 annualized dividend and a dividend yield of 1.5%. Bank of New York Mellon’s payout ratio is currently 26.27%.

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.