The Manufacturers Life Insurance Company Makes New Investment in Bank of New York Mellon Corporation $BNY

The Manufacturers Life Insurance Company acquired a new stake in shares of Bank of New York Mellon Corporation (NYSE:BNY) during the second quarter, Holdings Channel reports. The firm acquired 352,891 shares of the bank’s stock, valued at approximately $51,032,000.

Other large investors also recently modified their holdings of the company. BlackRock Inc. acquired a new position in shares of Bank of New York Mellon in the 2nd quarter worth approximately $8,321,111,000. Northwestern Mutual Wealth Management Co. boosted its stake in Bank of New York Mellon by 18,044.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 19,670,202 shares of the bank’s stock valued at $2,283,514,000 after buying an additional 19,561,793 shares in the last quarter. Norges Bank bought a new stake in Bank of New York Mellon in the fourth quarter valued at $1,398,624,000. Invesco Ltd. grew its position in Bank of New York Mellon by 8.2% in the fourth quarter. Invesco Ltd. now owns 7,680,429 shares of the bank’s stock valued at $891,621,000 after acquiring an additional 578,999 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Bank of New York Mellon by 639.5% during the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,076,729 shares of the bank’s stock worth $771,080,000 after acquiring an additional 6,119,749 shares in the last quarter. 85.31% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on BNY. Bank of America lifted their price objective on Bank of New York Mellon from $165.00 to $175.00 and gave the company a “buy” rating in a report on Monday, July 20th. Truist Financial increased their target price on shares of Bank of New York Mellon from $160.00 to $178.00 and gave the stock a “buy” rating in a research report on Thursday, July 16th. Citigroup increased their target price on shares of Bank of New York Mellon from $167.00 to $172.00 and gave the stock a “neutral” rating in a research report on Monday, July 20th. 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. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Bank of New York Mellon from $166.00 to $177.00 and gave the stock an “outperform” rating in a research note on Thursday, July 16th. Two investment 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. Based on data from MarketBeat.com, Bank of New York Mellon presently has a consensus rating of “Moderate Buy” and an average price target of $157.13.

Insider Activity at Bank of New York Mellon

In other Bank of New York Mellon 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.17% of the stock is currently owned by corporate insiders.

Bank of New York Mellon Stock Down 0.2%

Shares of NYSE:BNY opened at $163.31 on Thursday. Bank of New York Mellon Corporation has a 12 month low of $102.63 and a 12 month high of $165.68. The company’s 50-day moving average price is $154.98 and its two-hundred day moving average price is $137.62. 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 firm has a market cap of $110.81 billion, a P/E ratio of 19.01, a P/E/G ratio of 1.16 and a beta of 1.06.

Bank of New York Mellon (NYSE:BNY) last announced its earnings results on Wednesday, July 15th. The bank reported $2.46 earnings per share 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 company had revenue of $5.70 billion during the quarter, compared to the consensus estimate of $5.35 billion. During the same period in the previous year, the firm posted $1.93 earnings per share. The company’s revenue was up 13.3% on a year-over-year basis. As a group, research analysts forecast that Bank of New York Mellon Corporation will post 9.26 EPS 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.