Caisse de depot et placement du Quebec Acquires New Shares in Bank of New York Mellon Corporation $BNY

Caisse de depot et placement du Quebec bought a new stake in Bank of New York Mellon Corporation (NYSE:BNY) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 166,202 shares of the bank’s stock, valued at approximately $24,034,000.

A number of other institutional investors and hedge funds have also recently made changes to their positions in BNY. Man Group plc bought a new position in shares of Bank of New York Mellon in the second quarter worth about $118,733,000. Councilmark Asset Management LLC acquired a new position in Bank of New York Mellon during the 2nd quarter worth approximately $3,728,000. Polar Asset Management Partners Inc. acquired a new position in Bank of New York Mellon during the 2nd quarter worth approximately $6,283,000. Jupiter Topco LLC bought a new position in Bank of New York Mellon in the 2nd quarter valued at approximately $84,751,000. Finally, Hsbc Holdings PLC bought a new position in Bank of New York Mellon in the 2nd quarter valued at approximately $255,681,000. Institutional investors own 85.31% of the company’s stock.

Insiders Place Their Bets

In related news, CFO Dermot Mcdonogh sold 31,800 shares of the stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $155.26, for a total value of $4,937,268.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.17% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on BNY. Argus boosted their target price 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. JPMorgan Chase & Co. increased their price target on Bank of New York Mellon from $149.00 to $159.00 and gave the company an “overweight” rating in a research note on Tuesday, August 4th. Keefe, Bruyette & Woods raised their price objective on Bank of New York Mellon from $166.00 to $177.00 and gave the company an “outperform” rating in a report on Thursday, July 16th. Royal Bank Of Canada boosted their price objective 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. Finally, Bank of America upped their target price on Bank of New York Mellon from $165.00 to $175.00 and gave the stock a “buy” rating in a report on Monday, July 20th. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $157.13.

Bank of New York Mellon Trading Up 0.2%

BNY opened at $162.50 on Friday. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.72 and a quick ratio of 0.72. Bank of New York Mellon Corporation has a fifty-two week low of $102.63 and a fifty-two week high of $165.68. The company’s 50 day moving average price is $155.73 and its two-hundred day moving average price is $138.06. The firm has a market capitalization of $110.26 billion, a price-to-earnings ratio of 18.92, a PEG ratio of 1.15 and a beta of 1.06.

Bank of New York Mellon (NYSE:BNY) last released its quarterly earnings results 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. The firm had revenue of $5.70 billion during 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%. The company’s revenue for the quarter was up 13.3% on a year-over-year basis. During the same quarter last year, the firm earned $1.93 earnings per share. As a group, research analysts predict that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current year.

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.