Mitsubishi UFJ Asset Management Co. Ltd. Makes New Investment in Bank of New York Mellon Corporation $BNY

Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Bank of New York Mellon Corporation (NYSE:BNY) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 1,671,392 shares of the bank’s stock, valued at approximately $241,700,000.

Other hedge funds have also recently made changes to their positions in the company. Abound Financial LLC bought a new stake in shares of Bank of New York Mellon during the fourth quarter worth about $25,000. N.E.W. Advisory Services LLC bought a new position in Bank of New York Mellon in the 2nd quarter valued at approximately $32,000. MCF Advisors LLC raised its holdings in Bank of New York Mellon by 74.8% in the 4th quarter. MCF Advisors LLC now owns 236 shares of the bank’s stock valued at $27,000 after buying an additional 101 shares during the last quarter. Heritage Wealth Advisors acquired a new stake in Bank of New York Mellon during the 4th quarter worth approximately $31,000. Finally, Wilkerson Advisory Group LLC acquired a new stake in Bank of New York Mellon during the 4th quarter worth approximately $31,000. 85.31% of the stock is owned by institutional investors and hedge funds.

Bank of New York Mellon Stock Performance

NYSE:BNY opened at $164.42 on Tuesday. 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 fifty-two week low of $99.67 and a fifty-two week high of $165.69. The company has a 50 day simple moving average of $152.42 and a two-hundred day simple moving average of $135.60. The company has a market capitalization of $111.56 billion, a PE ratio of 19.14, a P/E/G ratio of 1.16 and a beta of 1.06.

Bank of New York Mellon (NYSE:BNY) last issued its quarterly earnings results on Wednesday, July 15th. The bank reported $2.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $5.70 billion for the quarter, compared to the consensus estimate of $5.35 billion. During the same quarter in the previous year, the company earned $1.93 EPS. The company’s revenue for the quarter was up 13.3% on a year-over-year basis. Research analysts anticipate that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on BNY. Erste Group Bank assumed 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. Argus lifted their price target on shares of Bank of New York Mellon from $153.00 to $180.00 and gave the stock a “buy” rating in a report on Wednesday, July 22nd. Zacks Research raised shares of Bank of New York Mellon from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 22nd. Wall Street Zen upgraded Bank of New York Mellon to a “hold” rating in a report on Saturday, May 23rd. Finally, Wells Fargo & Company raised their target price 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. Two investment 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 stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $157.13.

Insider Buying and Selling at Bank of New York Mellon

In related news, CFO Dermot Mcdonogh sold 31,800 shares of Bank of New York Mellon 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 filing with the Securities & Exchange Commission, which is available at this link. 0.17% of the stock is currently owned by company 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.