Primecap Management Co. CA Makes New $376.50 Million Investment in Bank of New York Mellon Corporation $BNY

Primecap Management Co. CA bought a new stake in shares of Bank of New York Mellon Corporation (NYSE:BNY) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 2,603,540 shares of the bank’s stock, valued at approximately $376,498,000. Primecap Management Co. CA owned 0.38% of Bank of New York Mellon at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Focus Partners Advisor Solutions LLC bought a new position in Bank of New York Mellon in the second quarter valued at approximately $1,128,000. CIBC Asset Management Inc grew its holdings in 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 worth $21,129,000 after acquiring an additional 63,627 shares during the period. Todd Asset Management LLC raised 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 last quarter. Prospera Financial Services Inc raised its position 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 valued at $2,220,000 after acquiring an additional 9,865 shares during the last quarter. Finally, Bellars Harris Wealth Management LLC acquired a new position in shares of Bank of New York Mellon in the 2nd quarter valued at $10,324,000. Institutional investors own 85.31% of the company’s stock.

Insider Activity at Bank of New York Mellon

In other news, CFO Dermot Mcdonogh sold 31,800 shares of the firm’s stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $155.26, for a total transaction of $4,937,268.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 0.17% of the stock is currently owned by corporate insiders.

Bank of New York Mellon Price Performance

BNY opened at $163.76 on Wednesday. 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 12 month low of $102.55 and a 12 month high of $165.68. The company has a fifty day simple moving average of $154.63 and a 200 day simple moving average of $137.32. The stock has a market cap of $111.11 billion, a P/E ratio of 19.06, a P/E/G ratio of 1.15 and a beta of 1.06.

Bank of New York Mellon (NYSE:BNY) last posted its earnings results on Wednesday, July 15th. The bank reported $2.46 earnings per share for the quarter, topping the consensus estimate of $2.16 by $0.30. Bank of New York Mellon had a return on equity of 16.00% and a net margin of 15.52%.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 company posted $1.93 earnings per share. The company’s revenue for the quarter was up 13.3% on a year-over-year basis. On average, research analysts expect that Bank of New York Mellon Corporation will post 9.26 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages recently commented on BNY. Weiss Ratings cut Bank of New York Mellon from a “buy (a)” rating to a “buy (a-)” rating in a research note on Thursday, August 13th. Royal Bank Of Canada increased their target price on Bank of New York Mellon from $142.00 to $168.00 and gave the company a “sector perform” rating in a research note on Thursday, July 16th. Wall Street Zen upgraded Bank of New York Mellon to a “hold” rating in a report on Saturday, May 23rd. Citigroup boosted their target price on Bank of New York Mellon from $167.00 to $172.00 and gave the stock a “neutral” rating in a research report on Monday, July 20th. Finally, Barclays upped their price target on Bank of New York Mellon from $149.00 to $178.00 and gave the company an “overweight” rating in a research note on Thursday, July 16th. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $157.13.

Bank of New York Mellon 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.