5,651 Shares in Bank of New York Mellon Corporation $BNY Purchased by Pinnacle Wealth Management Advisory Group LLC

Pinnacle Wealth Management Advisory Group LLC bought a new position in shares of Bank of New York Mellon Corporation (NYSE:BNY) during the second quarter, Holdings Channel reports. The fund bought 5,651 shares of the bank’s stock, valued at approximately $817,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Focus Partners Advisor Solutions LLC purchased a new stake in Bank of New York Mellon in the 2nd quarter valued at about $1,128,000. Northwestern Mutual Wealth Management Co. purchased a new position in Bank of New York Mellon during the second quarter worth about $13,234,000. CIBC Asset Management Inc boosted its stake in Bank of New York Mellon by 53.8% during the fourth quarter. CIBC Asset Management Inc now owns 182,002 shares of the bank’s stock worth $21,129,000 after buying an additional 63,627 shares during the period. Todd Asset Management LLC increased its position in shares of Bank of New York Mellon by 37.5% during the fourth quarter. Todd Asset Management LLC now owns 370,998 shares of the bank’s stock valued at $43,069,000 after acquiring an additional 101,142 shares during the last quarter. Finally, Bellars Harris Wealth Management LLC purchased a new stake in shares of Bank of New York Mellon in the 2nd quarter valued at approximately $10,324,000. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Bank of New York Mellon Trading Up 0.1%

NYSE BNY opened at $163.08 on Thursday. The firm has a 50 day simple moving average of $158.60 and a 200-day simple moving average of $140.59. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.72 and a current ratio of 0.72. Bank of New York Mellon Corporation has a one year low of $102.63 and a one year high of $165.84. The firm has a market cap of $110.65 billion, a price-to-earnings ratio of 18.98, a PEG ratio of 1.22 and a beta of 1.05.

Bank of New York Mellon (NYSE:BNY) last announced 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. The firm had revenue of $5.70 billion during the quarter, compared to analysts’ expectations of $5.35 billion. Bank of New York Mellon had a net margin of 15.52% and a return on equity of 16.00%. The business’s quarterly revenue was up 13.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.93 earnings per share. Equities research analysts anticipate that Bank of New York Mellon Corporation will post 9.26 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

BNY has been the subject of a number of research analyst reports. Wells Fargo & Company increased their price objective on shares of 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. Argus boosted 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. Royal Bank Of Canada upped their price target on Bank of New York Mellon from $142.00 to $168.00 and gave the stock a “sector perform” rating in a research note on Thursday, July 16th. Keefe, Bruyette & Woods raised their price target on Bank of New York Mellon from $166.00 to $177.00 and gave the stock an “outperform” rating in a research report on Thursday, July 16th. Finally, JPMorgan Chase & Co. lifted their price objective 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. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, Bank of New York Mellon presently has an average rating of “Moderate Buy” and an average price target of $157.13.

Insiders Place Their Bets

In related news, CFO Dermot Mcdonogh sold 31,800 shares of the business’s stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $155.26, for a total transaction of $4,937,268.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Jose Minaya sold 3,520 shares of the business’s stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $162.64, for a total value of $572,492.80. Following the transaction, the vice president directly owned 180,344 shares of the company’s stock, valued at $29,331,148.16. The trade was a 1.91% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.17% of the stock is currently 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.