136,894 Shares in Bank of New York Mellon Corporation $BNY Acquired by Empowered Funds LLC

Empowered Funds LLC acquired a new stake in Bank of New York Mellon Corporation (NYSE:BNY) in the 2nd quarter, Holdings Channel.com reports. The institutional investor acquired 136,894 shares of the bank’s stock, valued at approximately $19,796,000.

A number of other hedge funds have also modified their holdings of BNY. United Capital Financial Advisors LLC acquired a new position in shares of Bank of New York Mellon in the 2nd quarter valued at $6,352,000. Wealth Management Strategies Inc. acquired a new stake in Bank of New York Mellon during the 2nd quarter worth $376,000. Hayek Kallen Investment Management acquired a new stake in Bank of New York Mellon during the 2nd quarter worth $930,000. Equitable Holdings Inc. purchased a new position in Bank of New York Mellon during the 2nd quarter worth $3,822,000. Finally, Centaurus Financial Inc. purchased a new position in Bank of New York Mellon during the 2nd quarter worth $981,000. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Bank of New York Mellon Stock Up 0.2%

Shares of Bank of New York Mellon stock opened at $162.50 on Friday. Bank of New York Mellon Corporation has a one year low of $102.63 and a one year high of $165.68. The company has a market cap of $110.26 billion, a P/E ratio of 18.92, a PEG ratio of 1.15 and a beta of 1.06. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.72 and a current ratio of 0.72. The firm has a fifty day moving average of $155.73 and a two-hundred day moving average of $138.06.

Bank of New York Mellon (NYSE:BNY) last issued its earnings results on Wednesday, July 15th. The bank reported $2.46 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to the consensus estimate of $5.35 billion. During the same quarter in the previous year, the firm earned $1.93 earnings per share. The business’s quarterly revenue was up 13.3% compared to the same quarter last year. On average, analysts forecast that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on BNY. Wells Fargo & Company upped their target price on shares of Bank of New York Mellon from $152.00 to $162.00 and gave the company an “equal weight” rating in a report on Thursday, July 16th. Argus raised their price target on Bank of New York Mellon from $153.00 to $180.00 and gave the stock a “buy” rating in a report on Wednesday, July 22nd. Royal Bank Of Canada boosted their price target on Bank of New York Mellon from $142.00 to $168.00 and gave the company a “sector perform” rating in a research report on Thursday, July 16th. Barclays upped their price objective 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. Finally, 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. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $157.13.

Insider Buying and Selling

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

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.