CORDA Investment Management LLC. Purchases Shares of 513,014 Bank of New York Mellon Corporation $BNY

CORDA Investment Management LLC. acquired a new position in shares of Bank of New York Mellon Corporation (NYSE:BNY) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 513,014 shares of the bank’s stock, valued at approximately $74,187,000. Bank of New York Mellon makes up 4.6% of CORDA Investment Management LLC.’s holdings, making the stock its 3rd largest position. CORDA Investment Management LLC. owned about 0.08% of Bank of New York Mellon as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Abound Financial LLC acquired a new stake in shares of Bank of New York Mellon in the fourth quarter valued at approximately $25,000. MCF Advisors LLC grew its position in shares of 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 during the period. Heritage Wealth Advisors bought a new stake in shares of Bank of New York Mellon in the 4th quarter valued at about $31,000. Wilkerson Advisory Group LLC acquired a new position in shares of Bank of New York Mellon in the 4th quarter valued at $31,000. Finally, Atlas Capital Advisors Inc. bought a new stake in shares of Bank of New York Mellon in the 4th quarter valued at $44,000. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Bank of New York Mellon Stock Performance

NYSE:BNY opened at $163.30 on Friday. The stock has a market cap of $110.80 billion, a P/E ratio of 19.01, a PEG ratio of 1.16 and a beta of 1.06. The stock has a 50 day simple moving average of $151.97 and a 200 day simple moving average of $135.17. 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 1-year low of $99.67 and a 1-year high of $163.77.

Bank of New York Mellon (NYSE:BNY) last released its quarterly 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 return on equity of 16.00% and a net margin of 15.52%.The business 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 company posted $1.93 EPS. The firm’s quarterly revenue 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.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on BNY. Weiss Ratings reaffirmed a “buy (a)” rating on shares of Bank of New York Mellon in a research note on Friday, July 31st. Argus increased their price objective on shares of Bank of New York Mellon from $153.00 to $180.00 and gave the stock a “buy” rating in a research note on Wednesday, July 22nd. Bank of America increased 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. Wells Fargo & Company raised their target price on shares of Bank of New York Mellon from $152.00 to $162.00 and gave the company an “equal weight” rating in a research note on Thursday, July 16th. Finally, Keefe, Bruyette & Woods lifted 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 report on Thursday, July 16th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, Bank of New York Mellon has an average rating of “Moderate Buy” and a consensus price target of $157.13.

Insider Activity

In related news, CFO Dermot Mcdonogh sold 31,800 shares of the company’s stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $155.26, for a total value of $4,937,268.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.17% of the company’s stock.

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.