Bank of New York Mellon Corporation $BNY Stock Sold by Private Management Group Inc.

Private Management Group Inc. decreased its position in Bank of New York Mellon Corporation (NYSE:BNY) by 9.3% in the third quarter, Holdings Channel.com reports. The firm owned 285,473 shares of the bank’s stock after selling 29,329 shares during the quarter. Bank of New York Mellon comprises approximately 1.0% of Private Management Group Inc.’s investment portfolio, making the stock its 19th largest position. Private Management Group Inc.’s holdings in Bank of New York Mellon were worth $41,288,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Joseph Group Capital Management increased its stake in shares of Bank of New York Mellon by 28.3% in the 3rd quarter. Joseph Group Capital Management now owns 372 shares of the bank’s stock worth $54,000 after acquiring an additional 82 shares in the last quarter. Fulcrum Asset Management LLP bought a new stake in Bank of New York Mellon during the third quarter worth about $183,000. Allspring Global Investments Holdings LLC boosted its stake in Bank of New York Mellon by 50.0% during the third quarter. Allspring Global Investments Holdings LLC now owns 469,211 shares of the bank’s stock worth $67,529,000 after acquiring an additional 156,307 shares in the last quarter. RHL Group LLC purchased a new stake in Bank of New York Mellon in the third quarter worth about $81,000. Finally, Brighton Jones LLC grew its holdings in Bank of New York Mellon by 17.0% in the third quarter. Brighton Jones LLC now owns 17,544 shares of the bank’s stock worth $2,537,000 after purchasing an additional 2,546 shares during the period. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on BNY. Citigroup decreased their target price on shares of Bank of New York Mellon from $160.00 to $157.00 and set a “neutral” rating for the company in a research note on Monday, October 19th. Erste Group Bank assumed coverage on Bank of New York Mellon in a research note on Wednesday, July 15th. They issued a “buy” rating on the stock. Keefe, Bruyette & Woods reaffirmed an “outperform” rating on shares of Bank of New York Mellon in a research report on Friday, October 16th. New Street Research set a $182.00 price objective on Bank of New York Mellon in a research note on Friday, October 16th. Finally, Royal Bank Of Canada lifted their price objective 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. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $165.04.

Bank of New York Mellon Trading Up 2.3%

Bank of New York Mellon stock opened at $151.12 on Tuesday. Bank of New York Mellon Corporation has a one year low of $105.42 and a one year high of $165.84. The business’s fifty day moving average is $150.04 and its 200 day moving average is $140.09. The stock has a market capitalization of $101.69 billion, a PE ratio of 16.70, a price-to-earnings-growth ratio of 1.02 and a beta of 1.02. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.72.

Bank of New York Mellon (NYSE:BNY) last posted its earnings results on Thursday, October 15th. The bank reported $2.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.26 by $0.11. The business had revenue of $5.68 billion for the quarter. Bank of New York Mellon had a net margin of 16.32% and a return on equity of 16.57%. The business’s quarterly revenue was up 11.7% on a year-over-year basis. On average, sell-side analysts predict that Bank of New York Mellon Corporation will post 9.39 EPS for the current year.

Insider Activity at Bank of New York Mellon

In related news, CEO Robin A. Vince sold 40,620 shares of the firm’s stock in a transaction that occurred on Monday, October 26th. The shares were sold at an average price of $147.81, for a total value of $6,004,042.20. Following the sale, the chief executive officer owned 585,174 shares in the company, valued at approximately $86,494,568.94. This trade represents a 6.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Jose Minaya sold 3,520 shares of the firm’s stock in a transaction that occurred on Tuesday, October 27th. The stock was sold at an average price of $147.81, for a total transaction of $520,291.20. Following the completion of the sale, the vice president owned 173,304 shares in the company, valued at $25,616,064.24. This represents a 1.99% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 60,560 shares of company stock valued at $9,007,119 over the last three months. 0.17% of the stock is owned by corporate insiders.

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.