Delta Asset Management LLC TN Makes New $31.33 Million Investment in Bank of New York Mellon Corporation $BNY

Delta Asset Management LLC TN purchased a new stake in Bank of New York Mellon Corporation (NYSE:BNY) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 216,681 shares of the bank’s stock, valued at approximately $31,334,000. Bank of New York Mellon accounts for about 2.7% of Delta Asset Management LLC TN’s investment portfolio, making the stock its 12th largest holding.

A number of other hedge funds have also recently made changes to their positions in the company. Abound Financial LLC bought a new position in shares of Bank of New York Mellon in the fourth quarter worth $25,000. MCF Advisors LLC boosted its stake in Bank of New York Mellon by 74.8% during the fourth quarter. MCF Advisors LLC now owns 236 shares of the bank’s stock valued at $27,000 after buying an additional 101 shares during the period. Burnham & Co LLC bought a new stake in Bank of New York Mellon during the second quarter valued at $29,000. EFG International AG purchased a new position in Bank of New York Mellon during the second quarter worth about $29,000. Finally, Heritage Wealth Advisors purchased a new position in Bank of New York Mellon during the fourth quarter worth about $31,000. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Bank of New York Mellon Stock Up 0.2%

Shares of BNY opened at $162.50 on Friday. The firm has a market cap of $110.26 billion, a P/E ratio of 18.92, a P/E/G ratio of 1.15 and a beta of 1.06. The stock has a 50 day simple moving average of $155.73 and a two-hundred day simple moving average of $138.06. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.72 and a quick ratio of 0.72. Bank of New York Mellon Corporation has a 1 year low of $102.63 and a 1 year high of $165.68.

Bank of New York Mellon (NYSE:BNY) last issued its quarterly 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. 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 net margin of 15.52% and a return on equity of 16.00%. The business’s quarterly revenue was up 13.3% on a year-over-year basis. During the same period last year, the business earned $1.93 earnings per share. On average, analysts forecast that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Dermot Mcdonogh sold 31,800 shares of the stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $155.26, for a total transaction of $4,937,268.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.17% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on BNY shares. Keefe, Bruyette & Woods upped their target price on Bank of New York Mellon from $166.00 to $177.00 and gave the stock an “outperform” rating in a research note on Thursday, July 16th. Wells Fargo & Company boosted their price objective on Bank of New York Mellon from $152.00 to $162.00 and gave the stock an “equal weight” rating in a report on Thursday, July 16th. 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. Truist Financial raised their target price on shares of Bank of New York Mellon from $160.00 to $178.00 and gave the company a “buy” rating in a research note on Thursday, July 16th. Finally, Royal Bank Of Canada lifted their target price 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. Two investment 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 data from MarketBeat.com, Bank of New York Mellon currently has a consensus rating of “Moderate Buy” and a consensus price target 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.