Pinnacle Wealth Management Advisory Group LLC Takes Position in Bank of New York Mellon Corporation $BNY

Pinnacle Wealth Management Advisory Group LLC purchased a new stake in Bank of New York Mellon Corporation (NYSE:BNY) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 5,651 shares of the bank’s stock, valued at approximately $817,000.

A number of other large investors also recently bought and sold shares of the business. Abound Financial LLC acquired a new position in shares of Bank of New York Mellon during the 4th quarter worth approximately $25,000. 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 acquiring an additional 101 shares during the period. Luken Investment Analytics LLC purchased a new stake in Bank of New York Mellon in the 2nd quarter worth $27,000. Burnham & Co LLC acquired a new position in Bank of New York Mellon during the second quarter worth $29,000. Finally, EFG International AG acquired a new position in Bank of New York Mellon during the second quarter worth $29,000. Institutional investors and hedge funds own 85.31% of the company’s stock.

Bank of New York Mellon Price Performance

Shares of NYSE BNY opened at $163.08 on Thursday. The firm has a 50-day simple moving average of $158.60 and a 200-day simple moving average of $140.59. The stock has a market capitalization of $110.65 billion, a price-to-earnings ratio of 18.98, a price-to-earnings-growth ratio of 1.22 and a beta of 1.05. 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 52 week low of $102.63 and a 52 week high of $165.84.

Bank of New York Mellon (NYSE:BNY) last posted its quarterly earnings results on Wednesday, July 15th. The bank reported $2.46 earnings per share for the quarter, topping 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 firm 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 business posted $1.93 earnings per share. Bank of New York Mellon’s quarterly revenue was up 13.3% on a year-over-year basis. On average, equities analysts predict that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently issued reports on BNY. Argus lifted 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. Citigroup raised 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 research note on Monday, July 20th. Zacks Research cut Bank of New York Mellon from a “strong-buy” rating to a “hold” rating in a report on Monday. Erste Group Bank assumed coverage on Bank of New York Mellon in a research note on Wednesday, July 15th. They set a “buy” rating for the company. Finally, Bank of America increased their target price on Bank of New York Mellon from $165.00 to $175.00 and gave the company a “buy” rating in a report on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and six 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 a consensus target price of $157.13.

Insider Buying and Selling

In related news, CFO Dermot Mcdonogh sold 31,800 shares of the stock in a transaction that occurred 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 legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Jose Minaya sold 3,520 shares of Bank of New York Mellon stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $162.64, for a total value of $572,492.80. Following the transaction, the vice president owned 180,344 shares in the company, valued at approximately $29,331,148.16. The trade was a 1.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.17% of the company’s stock.

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.