NWK Group Inc. Makes New Investment in Bank of New York Mellon Corporation $BNY

NWK Group Inc. bought a new stake in Bank of New York Mellon Corporation (NYSE:BNY) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 68,982 shares of the bank’s stock, valued at approximately $9,975,000. Bank of New York Mellon comprises approximately 3.1% of NWK Group Inc.’s portfolio, making the stock its 14th biggest position.

Several other large investors also recently modified their holdings of the stock. BlackRock Inc. bought a new stake in shares of Bank of New York Mellon in the second quarter valued at $8,321,111,000. Northwestern Mutual Wealth Management Co. raised its stake in Bank of New York Mellon by 18,044.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 19,670,202 shares of the bank’s stock valued at $2,283,514,000 after acquiring an additional 19,561,793 shares during the period. Norges Bank purchased a new stake in Bank of New York Mellon during the fourth quarter valued at about $1,398,624,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Bank of New York Mellon by 639.5% during the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,076,729 shares of the bank’s stock valued at $771,080,000 after purchasing an additional 6,119,749 shares during the last quarter. Finally, Deutsche Bank AG bought a new position in Bank of New York Mellon in the 2nd quarter worth approximately $576,055,000. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Price Performance

Shares of Bank of New York Mellon stock opened at $159.88 on Thursday. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.72 and a quick ratio of 0.72. Bank of New York Mellon Corporation has a one year low of $99.67 and a one year high of $165.68. The business’s 50 day simple moving average is $153.24 and its two-hundred day simple moving average is $136.19. The stock has a market capitalization of $108.48 billion, a P/E ratio of 18.61, a price-to-earnings-growth ratio of 1.16 and a beta of 1.06.

Bank of New York Mellon (NYSE:BNY) last released its quarterly earnings data on Wednesday, July 15th. The bank reported $2.46 earnings per share for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $5.35 billion. During the same quarter in the prior year, the firm posted $1.93 earnings per share. The business’s quarterly revenue was up 13.3% compared to the same quarter last year. Analysts forecast that Bank of New York Mellon Corporation will post 9.26 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Barclays upped their price target on shares of Bank of New York Mellon from $149.00 to $178.00 and gave the stock an “overweight” rating in a report on Thursday, July 16th. Zacks Research raised shares of Bank of New York Mellon from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 22nd. Erste Group Bank initiated coverage on shares of Bank of New York Mellon in a research report on Wednesday, July 15th. They issued a “buy” rating for the company. JPMorgan Chase & Co. increased their target price on Bank of New York Mellon from $149.00 to $159.00 and gave the company an “overweight” rating in a research note on Tuesday, August 4th. Finally, Argus raised their price target on 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. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $157.13.

Insider Buying and Selling

In other Bank of New York Mellon news, CFO Dermot Mcdonogh sold 31,800 shares of the stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $155.26, for a total transaction of $4,937,268.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.17% of the stock is owned by corporate insiders.

Bank of New York Mellon Company 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.