Hudock Inc. Purchases New Stake in Bank of New York Mellon Corporation $BNY

Hudock Inc. purchased a new position in shares of Bank of New York Mellon Corporation (NYSE:BNY) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 3,524 shares of the bank’s stock, valued at approximately $510,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Focus Partners Advisor Solutions LLC purchased a new stake in Bank of New York Mellon in the 2nd quarter worth about $1,128,000. Northwestern Mutual Wealth Management Co. bought a new position in Bank of New York Mellon during the second quarter worth about $13,234,000. CIBC Asset Management Inc increased its stake in shares of Bank of New York Mellon by 53.8% in the fourth quarter. CIBC Asset Management Inc now owns 182,002 shares of the bank’s stock worth $21,129,000 after purchasing an additional 63,627 shares in the last quarter. Todd Asset Management LLC raised its position in shares of Bank of New York Mellon by 37.5% in the fourth quarter. Todd Asset Management LLC now owns 370,998 shares of the bank’s stock valued at $43,069,000 after purchasing an additional 101,142 shares during the period. Finally, Prospera Financial Services Inc raised its position in shares of Bank of New York Mellon by 106.5% in the fourth quarter. Prospera Financial Services Inc now owns 19,126 shares of the bank’s stock valued at $2,220,000 after purchasing an additional 9,865 shares during the period. 85.31% of the stock is owned by institutional investors.

Bank of New York Mellon Stock Performance

Bank of New York Mellon stock traded down $1.93 during trading on Tuesday, reaching $162.91. The company had a trading volume of 2,406,021 shares, compared to its average volume of 3,649,098. The firm’s 50-day simple moving average is $158.26 and its 200 day simple moving average is $140.28. The firm has a market capitalization of $110.54 billion, a price-to-earnings ratio of 18.97, a price-to-earnings-growth ratio of 1.24 and a beta of 1.05. Bank of New York Mellon Corporation has a 52 week low of $102.63 and a 52 week high of $165.84. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.76.

Bank of New York Mellon (NYSE:BNY) last posted its quarterly earnings results on Wednesday, July 15th. The bank reported $2.46 earnings per share for the quarter, topping analysts’ consensus estimates of $2.16 by $0.30. The business had revenue of $5.70 billion during 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 company’s revenue was up 13.3% on a year-over-year basis. During the same period in the prior year, the business posted $1.93 earnings per share. Sell-side analysts forecast that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on BNY shares. Royal Bank Of Canada raised their price target on 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. Argus boosted their price objective on shares of Bank of New York Mellon from $153.00 to $180.00 and gave the stock a “buy” rating in a report on Wednesday, July 22nd. Bank of America increased their target price 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. Weiss Ratings lowered shares of Bank of New York Mellon from a “buy (a)” rating to a “buy (a-)” rating in a report on Thursday, August 13th. Finally, Erste Group Bank assumed coverage on shares of Bank of New York Mellon in a research note on Wednesday, July 15th. They set a “buy” rating on the stock. Two research 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 company’s stock. According to MarketBeat, Bank of New York Mellon presently has a consensus rating of “Moderate Buy” and a consensus target price of $157.13.

Insider Activity at Bank of New York Mellon

In other news, VP Jose Minaya sold 3,520 shares of the company’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 transaction of $572,492.80. Following the sale, the vice president directly owned 180,344 shares of the company’s stock, valued at $29,331,148.16. This represents a 1.91% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 value of $4,937,268.00. The disclosure for this sale is available in the SEC filing. 0.17% of the stock is owned by corporate insiders.

About Bank of New York Mellon

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.