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

Primecap Management Co. CA acquired a new position in shares of Bank of New York Mellon Corporation (NYSE:BNY) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 2,603,540 shares of the bank’s stock, valued at approximately $376,498,000.

Several other institutional investors have also added to or reduced their stakes in BNY. Burnham & Co LLC bought a new stake in shares of Bank of New York Mellon in the second quarter worth $29,000. Abound Financial LLC bought a new position in Bank of New York Mellon in the fourth quarter valued at $25,000. N.E.W. Advisory Services LLC acquired a new stake in Bank of New York Mellon in the 2nd quarter valued at $32,000. MCF Advisors LLC lifted its position in Bank of New York Mellon by 74.8% during the 4th quarter. MCF Advisors LLC now owns 236 shares of the bank’s stock worth $27,000 after buying an additional 101 shares in the last quarter. Finally, Fiduciary Financial Advisors acquired a new position in shares of Bank of New York Mellon during the 2nd quarter worth about $36,000. 85.31% of the stock is owned by institutional investors.

Bank of New York Mellon Stock Up 1.0%

Bank of New York Mellon stock opened at $163.76 on Wednesday. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.72 and a quick ratio of 0.72. The company’s 50-day moving average is $154.63 and its 200-day moving average is $137.32. The firm has a market capitalization of $111.11 billion, a PE ratio of 19.06, a P/E/G ratio of 1.15 and a beta of 1.06. Bank of New York Mellon Corporation has a fifty-two week low of $102.55 and a fifty-two week high of $165.68.

Bank of New York Mellon (NYSE:BNY) last issued its earnings results on Wednesday, July 15th. The bank reported $2.46 earnings per share (EPS) 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 during the quarter, compared to the consensus estimate of $5.35 billion. During the same period last year, the business posted $1.93 EPS. Bank of New York Mellon’s revenue was up 13.3% on a year-over-year basis. Sell-side analysts anticipate that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Argus lifted their target price 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. Wall Street Zen raised Bank of New York Mellon to a “hold” rating in a research report on Saturday, May 23rd. Royal Bank Of Canada raised 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 note on Thursday, July 16th. Wells Fargo & Company boosted their price target on Bank of New York Mellon from $152.00 to $162.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 16th. Finally, JPMorgan Chase & Co. upped their price objective on Bank of New York Mellon from $149.00 to $159.00 and gave the stock an “overweight” rating in a research note 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 issued a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $157.13.

Insider Transactions at Bank of New York Mellon

In other Bank of New York Mellon news, CFO Dermot Mcdonogh sold 31,800 shares of the company’s stock in a transaction that occurred 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 document filed with the SEC, which is accessible through this link. 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.