Cibc World Market Inc. Takes Position in Bank of New York Mellon Corporation $BNY

Cibc World Market Inc. acquired a new position in Bank of New York Mellon Corporation (NYSE:BNY) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 147,021 shares of the bank’s stock, valued at approximately $21,261,000.

Several other institutional investors have also added to or reduced their stakes in BNY. Burnham & Co LLC acquired a new stake in Bank of New York Mellon during the 2nd quarter valued at approximately $29,000. Abound Financial LLC acquired a new position in shares of Bank of New York Mellon in the 4th quarter worth approximately $25,000. N.E.W. Advisory Services LLC acquired a new position in shares of Bank of New York Mellon in the 2nd quarter worth approximately $32,000. MCF Advisors LLC boosted its stake in shares of Bank of New York Mellon by 74.8% in the 4th quarter. MCF Advisors LLC now owns 236 shares of the bank’s stock valued at $27,000 after purchasing an additional 101 shares during the last quarter. Finally, MidFirst Bank bought a new stake in shares of Bank of New York Mellon in the 2nd quarter valued at $38,000. 85.31% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

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 transaction of $4,937,268.00. The sale 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 Analyst Weigh In

A number of equities analysts recently weighed in on BNY shares. 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 stock a “sector perform” rating in a research note on Thursday, July 16th. JPMorgan Chase & Co. upped their price target on shares of Bank of New York Mellon from $149.00 to $159.00 and gave the company an “overweight” rating in a research report on Tuesday, August 4th. Wells Fargo & Company increased their price target 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. Citigroup lifted their price objective on Bank of New York Mellon from $167.00 to $172.00 and gave the stock 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 note on Wednesday, July 15th. They issued a “buy” rating on the stock. 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 company’s stock. Based on data from MarketBeat, Bank of New York Mellon has an average rating of “Moderate Buy” and an average price target of $157.13.

Bank of New York Mellon Stock Performance

Shares of BNY stock opened at $162.14 on Tuesday. The firm has a 50 day moving average of $154.24 and a 200-day moving average of $137.02. The company has a market cap of $110.01 billion, a price-to-earnings ratio of 18.88, a price-to-earnings-growth ratio of 1.12 and a beta of 1.06. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.76. Bank of New York Mellon Corporation has a 52 week low of $101.71 and a 52 week high of $165.68.

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

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.