Rakuten Investment Management Inc. Purchases New Position in Bank of New York Mellon Corporation $BNY

Rakuten Investment Management Inc. purchased a new position in shares of Bank of New York Mellon Corporation (NYSE:BNY) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 112,295 shares of the bank’s stock, valued at approximately $16,148,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in BNY. Focus Partners Advisor Solutions LLC bought a new position in Bank of New York Mellon during the 2nd quarter worth $1,128,000. CIBC Asset Management Inc lifted its position in shares of Bank of New York Mellon by 53.8% during the 4th quarter. CIBC Asset Management Inc now owns 182,002 shares of the bank’s stock valued at $21,129,000 after acquiring an additional 63,627 shares during the period. Todd Asset Management LLC lifted its position in shares of Bank of New York Mellon by 37.5% during the 4th quarter. Todd Asset Management LLC now owns 370,998 shares of the bank’s stock valued at $43,069,000 after acquiring an additional 101,142 shares during the period. Prospera Financial Services Inc grew its holdings in shares of Bank of New York Mellon by 106.5% during the 4th 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 acquired a new stake in shares of Bank of New York Mellon during the 2nd quarter worth $10,324,000. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Wall Street Analyst Weigh In

BNY has been the subject of a number of analyst reports. Wells Fargo & Company boosted their price target on Bank of New York Mellon from $152.00 to $162.00 and gave the company an “equal weight” rating in a research note on Thursday, July 16th. Citigroup raised their target price 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. JPMorgan Chase & Co. boosted their target price 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. 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 stock a “sector perform” rating in a report on Thursday, July 16th. Finally, Weiss Ratings lowered shares of Bank of New York Mellon from a “buy (a)” rating to a “buy (a-)” rating in a research report on Thursday, August 13th. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $157.13.

Bank of New York Mellon Price Performance

Shares of BNY stock opened at $162.50 on Friday. The business has a fifty day simple moving average of $155.73 and a 200 day simple moving average of $138.06. The company has a market cap of $110.26 billion, a P/E ratio of 18.92, a P/E/G ratio of 1.15 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 twelve month low of $102.63 and a twelve month 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 firm had revenue of $5.70 billion for the quarter, compared to analysts’ expectations of $5.35 billion. Bank of New York Mellon had a return on equity of 16.00% and a net margin of 15.52%.The business’s revenue for the quarter was up 13.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.93 earnings per share. On average, sell-side analysts forecast that Bank of New York Mellon Corporation will post 9.26 EPS for the current fiscal year.

Insider Activity

In related news, CFO Dermot Mcdonogh sold 31,800 shares of the company’s stock in a transaction that occurred 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 legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.17% of the company’s stock.

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.