Ferguson Wellman Capital Management Inc. Invests $3.58 Million in Bank of New York Mellon Corporation $BNY

Ferguson Wellman Capital Management Inc. purchased a new position in shares of Bank of New York Mellon Corporation (NYSE:BNY) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 24,759 shares of the bank’s stock, valued at approximately $3,580,000.

A number of other hedge funds have also added to or reduced their stakes in the company. Nissay Asset Management Corp Japan acquired a new position in Bank of New York Mellon during the second quarter valued at approximately $13,380,000. Lincoln Capital Corp bought a new position in shares of Bank of New York Mellon in the 2nd quarter valued at $295,000. Hsbc Holdings PLC acquired a new position in shares of Bank of New York Mellon during the 2nd quarter worth $255,681,000. Goodwin Investment Advisory acquired a new position in shares of Bank of New York Mellon during the 2nd quarter worth $1,640,000. Finally, Wellington Management Group LLP bought a new stake in shares of Bank of New York Mellon during the 2nd quarter worth $1,175,576,000. 85.31% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

BNY has been the topic of a number of recent analyst reports. Weiss Ratings cut Bank of New York Mellon from a “buy (a)” rating to a “buy (a-)” rating in a research report on Thursday, August 13th. JPMorgan Chase & Co. increased their target price on shares of Bank of New York Mellon from $149.00 to $159.00 and gave the stock an “overweight” rating in a report on Tuesday, August 4th. Citigroup lifted their price target on shares of Bank of New York Mellon from $167.00 to $172.00 and gave the company a “neutral” rating in a report on Monday, July 20th. Barclays upped their price objective on shares of Bank of New York Mellon from $149.00 to $178.00 and gave the stock an “overweight” rating in a research report on Thursday, July 16th. Finally, Argus raised their target price on shares of Bank of New York Mellon from $153.00 to $180.00 and gave the company a “buy” rating in a research report on Wednesday, July 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $157.13.

Insider Transactions at Bank of New York Mellon

In other news, CFO Dermot Mcdonogh sold 31,800 shares of the firm’s stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $155.26, for a total transaction of $4,937,268.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.17% of the company’s stock.

Bank of New York Mellon Stock Performance

NYSE:BNY opened at $162.50 on Friday. The stock’s 50-day moving average is $155.73 and its 200-day moving average is $138.06. Bank of New York Mellon Corporation has a 1-year low of $102.63 and a 1-year high of $165.68. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.76. The stock has a market cap of $110.26 billion, a P/E ratio of 18.92, a price-to-earnings-growth ratio of 1.15 and a beta of 1.06.

Bank of New York Mellon (NYSE:BNY) last issued its quarterly earnings data 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. Bank of New York Mellon had a net margin of 15.52% and a return on equity of 16.00%. The business had revenue of $5.70 billion during the quarter, compared to analyst estimates of $5.35 billion. During the same quarter last year, the business earned $1.93 EPS. The firm’s quarterly revenue was up 13.3% on a year-over-year basis. Equities research analysts anticipate 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.