CORDA Investment Management LLC. Takes Position in Bank of New York Mellon Corporation $BNY

CORDA Investment Management LLC. purchased a new stake in Bank of New York Mellon Corporation (NYSE:BNY) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 513,014 shares of the bank’s stock, valued at approximately $74,187,000. Bank of New York Mellon makes up 4.6% of CORDA Investment Management LLC.’s holdings, making the stock its 3rd largest position.

Several other institutional investors have also made changes to their positions in the stock. Abound Financial LLC acquired a new position in Bank of New York Mellon in the 4th quarter valued at $25,000. MCF Advisors LLC lifted its position in shares of Bank of New York Mellon by 74.8% during the 4th 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 period. Heritage Wealth Advisors acquired a new stake in shares of Bank of New York Mellon during the 4th quarter worth $31,000. Wilkerson Advisory Group LLC bought a new position in shares of Bank of New York Mellon in the fourth quarter worth $31,000. Finally, Atlas Capital Advisors Inc. bought a new position in shares of Bank of New York Mellon in the fourth quarter worth $44,000. 85.31% of the stock is currently owned by institutional investors.

Bank of New York Mellon Stock Performance

NYSE:BNY opened at $163.30 on Friday. Bank of New York Mellon Corporation has a twelve month low of $99.67 and a twelve month high of $163.77. 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 stock’s 50-day simple moving average is $151.97 and its 200 day simple moving average is $135.17. The firm has a market capitalization of $110.80 billion, a PE ratio of 19.01, a price-to-earnings-growth ratio of 1.16 and a beta of 1.06.

Bank of New York Mellon (NYSE:BNY) last announced its quarterly 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 company had revenue of $5.70 billion for the quarter, compared to analyst estimates of $5.35 billion. Bank of New York Mellon had a net margin of 15.52% and a return on equity of 16.00%. The firm’s revenue was up 13.3% on a year-over-year basis. During the same period in the previous year, the firm posted $1.93 EPS. On average, analysts anticipate that Bank of New York Mellon Corporation will post 9.26 EPS for the current fiscal year.

Insiders Place Their Bets

In other Bank of New York Mellon news, CFO Dermot Mcdonogh sold 31,800 shares of the firm’s 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 document filed with the SEC, which is available at this link. 0.17% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms recently commented on BNY. Weiss Ratings reaffirmed a “buy (a)” rating on shares of Bank of New York Mellon in a research note on Friday, July 31st. Barclays raised their target price on shares of Bank of New York Mellon from $149.00 to $178.00 and gave the company an “overweight” rating in a report on Thursday, July 16th. Wall Street Zen upgraded shares of Bank of New York Mellon to a “hold” rating in a research report on Saturday, May 23rd. Royal Bank Of Canada upped their price target on shares of Bank of New York Mellon from $142.00 to $168.00 and gave the stock a “sector perform” rating in a report on Thursday, July 16th. Finally, Zacks Research upgraded shares of Bank of New York Mellon from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 22nd. Two equities research 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’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $157.13.

Bank of New York Mellon Company 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.