Mystic Asset Management Inc. Takes $492,000 Position in Bank of New York Mellon Corporation $BNY

Mystic Asset Management Inc. acquired a new stake in shares of Bank of New York Mellon Corporation (NYSE:BNY) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 3,403 shares of the bank’s stock, valued at approximately $492,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Revolve Wealth Partners LLC acquired a new stake in shares of Bank of New York Mellon during the fourth quarter valued at about $220,000. Sivia Capital Partners LLC grew its holdings in shares of Bank of New York Mellon by 36.6% during the second quarter. Sivia Capital Partners LLC now owns 3,394 shares of the bank’s stock worth $309,000 after purchasing an additional 909 shares during the last quarter. Jump Financial LLC acquired a new position in shares of Bank of New York Mellon in the second quarter valued at approximately $2,482,000. Treasurer of the State of North Carolina increased its stake in shares of Bank of New York Mellon by 1.7% in the second quarter. Treasurer of the State of North Carolina now owns 334,388 shares of the bank’s stock valued at $30,466,000 after buying an additional 5,445 shares during the period. Finally, Osterweis Capital Management Inc. raised its holdings in Bank of New York Mellon by 11,890.0% in the 2nd quarter. Osterweis Capital Management Inc. now owns 1,199 shares of the bank’s stock valued at $109,000 after buying an additional 1,189 shares during the last quarter. 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 business’s stock in a transaction dated 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 SEC, which can be accessed through the SEC website. Company insiders own 0.17% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on BNY. Royal Bank Of Canada raised their target price 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. Zacks Research upgraded Bank of New York Mellon from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 22nd. Wells Fargo & Company raised their price objective on shares of Bank of New York Mellon from $152.00 to $162.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 16th. Keefe, Bruyette & Woods lifted their price target on shares of Bank of New York Mellon from $166.00 to $177.00 and gave the company an “outperform” rating in a research note on Thursday, July 16th. Finally, Truist Financial boosted their price objective on Bank of New York Mellon from $160.00 to $178.00 and gave the company a “buy” rating in a report on Thursday, July 16th. Two research 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 stock. According to MarketBeat.com, Bank of New York Mellon has an average rating of “Moderate Buy” and an average target price of $157.13.

Bank of New York Mellon Stock Down 1.3%

BNY stock opened at $157.61 on Friday. The firm has a market capitalization of $106.94 billion, a PE ratio of 18.35, a P/E/G ratio of 1.13 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 $100.44 and a twelve month high of $165.68. The stock’s 50 day moving average is $153.55 and its 200-day moving average is $136.46.

Bank of New York Mellon (NYSE:BNY) last announced its quarterly earnings results on Wednesday, July 15th. The bank reported $2.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.16 by $0.30. The business 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 return on equity of 16.00% and a net margin of 15.52%.Bank of New York Mellon’s revenue was up 13.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.93 earnings per share. Sell-side analysts expect that Bank of New York Mellon Corporation will post 9.26 EPS for the current fiscal 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.