Rehmann Capital Advisory Group Invests $694,000 in Bank of New York Mellon Corporation $BNY

Rehmann Capital Advisory Group acquired a new position in shares of Bank of New York Mellon Corporation (NYSE:BNY) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 4,795 shares of the bank’s stock, valued at approximately $694,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Abound Financial LLC acquired a new stake in shares of Bank of New York Mellon in the 4th quarter valued at about $25,000. MCF Advisors LLC boosted its position in shares of Bank of New York Mellon by 74.8% during the fourth quarter. MCF Advisors LLC now owns 236 shares of the bank’s stock worth $27,000 after buying an additional 101 shares during the period. Burnham & Co LLC bought a new position in shares of Bank of New York Mellon during the second quarter worth about $29,000. EFG International AG acquired a new stake in Bank of New York Mellon in the 2nd quarter valued at approximately $29,000. Finally, Heritage Wealth Advisors bought a new stake in Bank of New York Mellon in the 4th quarter valued at approximately $31,000. 85.31% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CFO Dermot Mcdonogh sold 31,800 shares of the firm’s stock in a transaction dated 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 legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Jose Minaya sold 3,520 shares of the business’s stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $162.64, for a total value of $572,492.80. Following the sale, the vice president owned 180,344 shares of the company’s stock, valued at approximately $29,331,148.16. This represents a 1.91% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.17% of the stock is currently owned by corporate insiders.

Bank of New York Mellon Trading Up 1.0%

Shares of NYSE:BNY opened at $162.09 on Thursday. Bank of New York Mellon Corporation has a 52-week low of $102.63 and a 52-week high of $165.68. The company has a market capitalization of $109.98 billion, a P/E ratio of 18.87, a price-to-earnings-growth ratio of 1.21 and a beta of 1.05. The company has a 50-day simple moving average of $156.65 and a 200 day simple moving average of $138.99. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.72 and a current ratio of 0.72.

Bank of New York Mellon (NYSE:BNY) last released its quarterly earnings data 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. Bank of New York Mellon had a return on equity of 16.00% and a net margin of 15.52%.The firm had revenue of $5.70 billion for the quarter, compared to analyst estimates of $5.35 billion. During the same quarter in the prior year, the company earned $1.93 earnings per share. The business’s revenue for the quarter was up 13.3% compared to the same quarter last year. Sell-side analysts forecast that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Argus raised their price target on shares of Bank of New York Mellon from $153.00 to $180.00 and gave the stock a “buy” rating in a research note on Wednesday, July 22nd. Citigroup raised their target price on shares of 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. Zacks Research raised shares of Bank of New York Mellon from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 22nd. Bank of America raised their price objective on Bank of New York Mellon from $165.00 to $175.00 and gave the company a “buy” rating in a report on Monday, July 20th. Finally, Keefe, Bruyette & Woods lifted their target price on Bank of New York Mellon from $166.00 to $177.00 and gave the company an “outperform” rating in a research report on Thursday, July 16th. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Bank of New York Mellon presently has an average rating of “Moderate Buy” and a consensus price target of $157.13.

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.