Legal & General Group Plc Buys New Shares in Bank of New York Mellon Corporation $BNY

Legal & General Group Plc purchased a new stake in Bank of New York Mellon Corporation (NYSE:BNY) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 5,622,081 shares of the bank’s stock, valued at approximately $813,009,000. Legal & General Group Plc owned about 0.83% of Bank of New York Mellon at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Burnham & Co LLC acquired a new position in shares of Bank of New York Mellon during the 2nd quarter worth about $29,000. Abound Financial LLC acquired a new stake in shares of Bank of New York Mellon in the fourth quarter valued at about $25,000. N.E.W. Advisory Services LLC acquired a new stake in shares of Bank of New York Mellon in the second quarter valued at about $32,000. MCF Advisors LLC raised its holdings in Bank of New York Mellon by 74.8% during the fourth quarter. MCF Advisors LLC now owns 236 shares of the bank’s stock worth $27,000 after acquiring an additional 101 shares in the last quarter. Finally, Fiduciary Financial Advisors acquired a new position in Bank of New York Mellon during the second quarter valued at approximately $36,000. 85.31% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, CFO Dermot Mcdonogh sold 31,800 shares of the stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $155.26, for a total value of $4,937,268.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 0.17% of the company’s stock.

Analyst Ratings Changes

BNY has been the subject of a number of analyst reports. Barclays raised 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. Keefe, Bruyette & Woods increased their price objective on Bank of New York Mellon from $166.00 to $177.00 and gave the company an “outperform” rating in a report on Thursday, July 16th. Bank of America raised their target price on shares of Bank of New York Mellon from $165.00 to $175.00 and gave the company a “buy” rating in a research note on Monday, July 20th. Wells Fargo & Company boosted their target price on shares of Bank of New York Mellon from $152.00 to $162.00 and gave the stock an “equal weight” rating in a report on Thursday, July 16th. Finally, JPMorgan Chase & Co. upped their price target on shares of Bank of New York Mellon from $149.00 to $159.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 4th. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Bank of New York Mellon has a consensus rating of “Moderate Buy” and an average price target of $157.13.

Bank of New York Mellon Price Performance

Shares of NYSE BNY opened at $162.14 on Tuesday. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.76. The business’s 50 day moving average price is $154.24 and its two-hundred day moving average price is $137.02. The company has a market cap of $110.01 billion, a PE ratio of 18.88, a price-to-earnings-growth ratio of 1.12 and a beta of 1.06. Bank of New York Mellon Corporation has a twelve month low of $101.71 and a twelve month high of $165.68.

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 (EPS) 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 company had revenue of $5.70 billion during the quarter, compared to analysts’ expectations of $5.35 billion. During the same period last year, the firm posted $1.93 earnings per share. The business’s revenue was up 13.3% on a year-over-year basis. On average, analysts predict that Bank of New York Mellon Corporation will post 9.26 EPS for the current year.

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.