Korea Investment CORP Buys Shares of 687,043 Bank of New York Mellon Corporation $BNY

Korea Investment CORP acquired a new position in Bank of New York Mellon Corporation (NYSE:BNY) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 687,043 shares of the bank’s stock, valued at approximately $99,353,000. Korea Investment CORP owned approximately 0.10% of Bank of New York Mellon as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. BlackRock Inc. purchased a new position in Bank of New York Mellon in the second quarter worth $8,321,111,000. Northwestern Mutual Wealth Management Co. lifted its position in Bank of New York Mellon by 18,044.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 19,670,202 shares of the bank’s stock valued at $2,283,514,000 after purchasing an additional 19,561,793 shares during the period. Norges Bank purchased a new stake in shares of Bank of New York Mellon in the fourth quarter worth about $1,398,624,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Bank of New York Mellon by 639.5% in 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 worth $771,080,000 after purchasing an additional 6,119,749 shares in the last quarter. Finally, Deutsche Bank AG acquired a new stake in Bank of New York Mellon during the second quarter valued at $576,055,000. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Stock Up 0.9%

Shares of NYSE:BNY opened at $158.72 on Friday. The firm has a 50 day simple moving average of $153.85 and a 200-day simple moving average of $136.61. Bank of New York Mellon Corporation has a twelve month low of $101.71 and a twelve month high of $165.68. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.76. 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.

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

Insider Buying and Selling at Bank of New York Mellon

In other 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 value of $4,937,268.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.17% of the company’s stock.

Analyst Upgrades and Downgrades

BNY has been the subject of a number of research analyst reports. Royal Bank Of Canada upped their price objective on shares of Bank of New York Mellon from $142.00 to $168.00 and gave the stock a “sector perform” rating in a research report on Thursday, July 16th. Wells Fargo & Company upped their price target on Bank of New York Mellon from $152.00 to $162.00 and gave the company an “equal weight” rating in a research report on Thursday, July 16th. Wall Street Zen raised shares of Bank of New York Mellon to a “hold” rating in a research note on Saturday, May 23rd. Argus upped their price target on Bank of New York Mellon from $153.00 to $180.00 and gave the company a “buy” rating in a research note on Wednesday, July 22nd. Finally, Truist Financial increased 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 report on Thursday, July 16th. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average 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.