The Manufacturers Life Insurance Company Takes $51.03 Million Position in Bank of New York Mellon Corporation $BNY

The Manufacturers Life Insurance Company acquired a new stake in Bank of New York Mellon Corporation (NYSE:BNY) during the second quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 352,891 shares of the bank’s stock, valued at approximately $51,032,000. The Manufacturers Life Insurance Company owned approximately 0.05% of Bank of New York Mellon as of its most recent filing with the SEC.

Other large investors have also recently added to or reduced their stakes in the company. Burnham & Co LLC bought a new position in shares of Bank of New York Mellon in the second quarter valued at approximately $29,000. Abound Financial LLC bought a new stake in shares of Bank of New York Mellon during the 4th quarter worth $25,000. N.E.W. Advisory Services LLC bought a new stake in shares of Bank of New York Mellon during the 2nd quarter worth $32,000. MCF Advisors LLC grew its stake in 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 buying an additional 101 shares during the last quarter. Finally, Fiduciary Financial Advisors bought a new position in Bank of New York Mellon in the 2nd quarter worth $36,000. Institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Price Performance

Shares of NYSE:BNY opened at $163.31 on Thursday. Bank of New York Mellon Corporation has a 1-year low of $102.63 and a 1-year high of $165.68. The firm has a market capitalization of $110.81 billion, a PE ratio of 19.01, a PEG ratio of 1.16 and a beta of 1.06. The business’s 50 day moving average is $154.98 and its 200-day moving average is $137.62. 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 issued its 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 during the quarter, compared to analyst estimates of $5.35 billion. Bank of New York Mellon had a return on equity of 16.00% and a net margin of 15.52%.Bank of New York Mellon’s revenue was up 13.3% on a year-over-year basis. During the same period in the prior year, the company posted $1.93 earnings per share. Sell-side analysts predict that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current year.

Insiders Place Their Bets

In other Bank of New York Mellon news, CFO Dermot Mcdonogh sold 31,800 shares of the business’s 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 sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.17% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on BNY shares. Royal Bank Of Canada upped their price target on shares of Bank of New York Mellon from $142.00 to $168.00 and gave the company a “sector perform” rating in a report on Thursday, July 16th. Wall Street Zen raised Bank of New York Mellon to a “hold” rating in a research report on Saturday, May 23rd. Zacks Research upgraded Bank of New York Mellon from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 22nd. JPMorgan Chase & Co. lifted their price target on Bank of New York Mellon from $149.00 to $159.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 4th. Finally, Citigroup increased their price objective on 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. Two research 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. According to MarketBeat.com, Bank of New York Mellon has an average rating of “Moderate Buy” and an average target price of $157.13.

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.