3,403 Shares in Bank of New York Mellon Corporation $BNY Purchased by Mystic Asset Management Inc.

Mystic Asset Management Inc. bought a new stake in Bank of New York Mellon Corporation (NYSE:BNY) during the second quarter, HoldingsChannel reports. The institutional investor bought 3,403 shares of the bank’s stock, valued at approximately $492,000.

Several other institutional investors and hedge funds also recently made changes to their positions in BNY. Abound Financial LLC purchased a new stake in Bank of New York Mellon in the 4th quarter worth about $25,000. MCF Advisors LLC lifted 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 valued at $27,000 after purchasing an additional 101 shares during the last quarter. Heritage Wealth Advisors purchased a new stake in Bank of New York Mellon during the fourth quarter valued at about $31,000. Wilkerson Advisory Group LLC bought a new position in Bank of New York Mellon during the fourth quarter worth about $31,000. Finally, N.E.W. Advisory Services LLC bought a new position in Bank of New York Mellon during the second quarter worth about $32,000. Institutional investors own 85.31% of the company’s stock.

Insider Activity

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 sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.17% of the company’s stock.

Analysts Set New Price Targets

BNY has been the topic of several research reports. Barclays boosted their price target on shares of Bank of New York Mellon from $149.00 to $178.00 and gave the company an “overweight” rating in a research report on Thursday, July 16th. Weiss Ratings downgraded shares of Bank of New York Mellon from a “buy (a)” rating to a “buy (a-)” rating in a report on Thursday, August 13th. Bank of America lifted their price objective 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. 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. Finally, Royal Bank Of Canada increased their target price on Bank of New York Mellon from $142.00 to $168.00 and gave the stock a “sector perform” rating in a research report on Thursday, July 16th. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Bank of New York Mellon currently has a consensus rating of “Moderate Buy” and a consensus price target of $157.13.

Bank of New York Mellon Price Performance

BNY stock opened at $157.61 on Friday. The firm has a 50 day moving average of $153.55 and a 200-day moving average of $136.46. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.76. Bank of New York Mellon Corporation has a 12 month low of $100.44 and a 12 month high of $165.68. The firm has a market capitalization of $106.94 billion, a P/E ratio of 18.35, a price-to-earnings-growth ratio of 1.13 and a beta of 1.06.

Bank of New York Mellon (NYSE:BNY) last issued its quarterly earnings data on Wednesday, July 15th. The bank reported $2.46 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 company had revenue of $5.70 billion during the quarter, compared to analysts’ expectations of $5.35 billion. During the same quarter in the previous year, the company earned $1.93 earnings per share. Bank of New York Mellon’s revenue for the quarter was up 13.3% on a year-over-year basis. As a group, sell-side analysts predict that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current fiscal 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.