358,327 Shares in Bank of New York Mellon Corporation $BNY Acquired by Freestone Grove Partners LP

Freestone Grove Partners LP purchased a new stake in Bank of New York Mellon Corporation (NYSE:BNY) during the 2nd quarter, Holdings Channel.com reports. The fund purchased 358,327 shares of the bank’s stock, valued at approximately $51,818,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Focus Partners Advisor Solutions LLC acquired a new stake in Bank of New York Mellon in the 2nd quarter valued at $1,128,000. CIBC Asset Management Inc raised its position in 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 valued at $21,129,000 after purchasing an additional 63,627 shares during the period. Todd Asset Management LLC lifted its stake in shares of Bank of New York Mellon by 37.5% during the fourth quarter. Todd Asset Management LLC now owns 370,998 shares of the bank’s stock worth $43,069,000 after purchasing an additional 101,142 shares in the last quarter. Prospera Financial Services Inc lifted its stake in shares of Bank of New York Mellon by 106.5% during the fourth quarter. Prospera Financial Services Inc now owns 19,126 shares of the bank’s stock worth $2,220,000 after purchasing an additional 9,865 shares in the last quarter. Finally, Bellars Harris Wealth Management LLC purchased a new stake in shares of Bank of New York Mellon in the second quarter worth about $10,324,000. 85.31% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

BNY has been the subject of a number of recent research reports. Erste Group Bank initiated coverage on Bank of New York Mellon in a research note on Wednesday, July 15th. They issued a “buy” rating for the company. Royal Bank Of Canada boosted 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 research report on Thursday, July 16th. Wall Street Zen upgraded Bank of New York Mellon to a “hold” rating in a report on Saturday, May 23rd. JPMorgan Chase & Co. increased their price objective 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. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Bank of New York Mellon from $166.00 to $177.00 and gave the company an “outperform” rating in a research note on Thursday, July 16th. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $157.13.

Bank of New York Mellon Stock Performance

NYSE:BNY opened at $163.31 on Thursday. The firm has a 50-day moving average of $154.98 and a two-hundred day moving average of $137.62. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.72 and a quick ratio of 0.72. The stock has a market cap of $110.81 billion, a P/E ratio of 19.01, 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.

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

Insiders Place Their Bets

In other Bank of New York Mellon news, CFO Dermot Mcdonogh sold 31,800 shares of the firm’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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.17% of the stock is currently owned by company insiders.

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.