Hayek Kallen Investment Management Invests $930,000 in Bank of New York Mellon Corporation $BNY

Hayek Kallen Investment Management purchased a new stake in Bank of New York Mellon Corporation (NYSE:BNY) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 6,429 shares of the bank’s stock, valued at approximately $930,000.

Several other hedge funds also recently added to or reduced their stakes in BNY. Equitable Holdings Inc. purchased a new stake in shares of Bank of New York Mellon during the 2nd quarter worth approximately $3,822,000. Centaurus Financial Inc. acquired a new position in shares of Bank of New York Mellon in the 2nd quarter valued at $981,000. Coastal Bridge Advisors LLC purchased a new position in shares of Bank of New York Mellon in the 2nd quarter valued at $483,000. Jefferies Financial Group Inc. purchased a new position in shares of Bank of New York Mellon in the 2nd quarter valued at $36,904,000. Finally, Public Employees Retirement System of Ohio acquired a new stake in Bank of New York Mellon during the 2nd quarter worth $40,480,000. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on BNY. Royal Bank Of Canada boosted their price target on shares of Bank of New York Mellon from $142.00 to $168.00 and gave the company a “sector perform” rating in a research report on Thursday, July 16th. Argus lifted their target price on Bank of New York Mellon from $153.00 to $180.00 and gave the stock a “buy” rating in a research report on Wednesday, July 22nd. Wells Fargo & Company boosted their target price on Bank of New York Mellon from $152.00 to $162.00 and gave the company an “equal weight” rating in a report on Thursday, July 16th. Citigroup upped their target price on Bank of New York Mellon from $167.00 to $172.00 and gave the company a “neutral” rating in a research report on Monday, July 20th. Finally, Erste Group Bank began coverage on Bank of New York Mellon in a research report on Wednesday, July 15th. They issued a “buy” rating for the company. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, Bank of New York Mellon has a consensus rating of “Moderate Buy” and a consensus price target of $157.13.

Bank of New York Mellon Trading Down 0.5%

Shares of Bank of New York Mellon stock opened at $162.28 on Friday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.72 and a current ratio of 0.72. The company has a market capitalization of $110.11 billion, a P/E ratio of 18.89, a PEG ratio of 1.16 and a beta of 1.06. Bank of New York Mellon Corporation has a 1 year low of $102.63 and a 1 year high of $165.68. The company’s fifty day moving average is $155.35 and its two-hundred day moving average is $137.89.

Bank of New York Mellon (NYSE:BNY) last announced its earnings results on Wednesday, July 15th. The bank reported $2.46 EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $5.70 billion during the quarter, compared to analysts’ expectations of $5.35 billion. During the same period in the prior year, the company earned $1.93 earnings per share. The business’s revenue was up 13.3% compared to the same quarter last year. Analysts forecast that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current year.

Insider Buying and Selling

In other Bank of New York Mellon news, CFO Dermot Mcdonogh sold 31,800 shares of the company’s stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $155.26, for a total transaction of $4,937,268.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.17% of the stock is currently owned by corporate 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.