SCS Capital Management LLC Acquires New Position in Bank of New York Mellon Corporation $BNY

SCS Capital Management LLC bought a new position in Bank of New York Mellon Corporation (NYSE:BNY) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 27,826 shares of the bank’s stock, valued at approximately $4,024,000.

Other institutional investors also recently bought and sold shares of the company. Abound Financial LLC purchased a new position in shares of Bank of New York Mellon during the 4th quarter worth $25,000. MCF Advisors LLC grew its position in shares of Bank of New York Mellon by 74.8% in 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 period. Heritage Wealth Advisors purchased a new stake in shares of Bank of New York Mellon in the fourth quarter valued at $31,000. Wilkerson Advisory Group LLC acquired a new position in Bank of New York Mellon in the fourth quarter valued at $31,000. Finally, Atlas Capital Advisors Inc. acquired a new position in Bank of New York Mellon in the fourth quarter valued at $44,000. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Bank of New York Mellon Trading Up 0.0%

BNY stock opened at $163.30 on Monday. 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 company has a market cap of $110.80 billion, a price-to-earnings ratio of 19.01, a PEG ratio of 1.16 and a beta of 1.06. The business has a fifty day simple moving average of $151.97 and a 200-day simple moving average of $135.28. Bank of New York Mellon Corporation has a 52 week low of $99.67 and a 52 week high of $163.77.

Bank of New York Mellon (NYSE:BNY) last issued its earnings results 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. Bank of New York Mellon had a return on equity of 16.00% and a net margin of 15.52%.The firm had revenue of $5.70 billion for the quarter, compared to analysts’ expectations of $5.35 billion. During the same quarter last year, the firm earned $1.93 earnings per share. The firm’s revenue for the quarter was up 13.3% compared to the same quarter last year. On average, equities research analysts expect that Bank of New York Mellon Corporation will post 9.26 EPS for the current year.

Insider Buying and Selling

In other news, CFO Dermot Mcdonogh sold 31,800 shares of the firm’s stock in a transaction dated Wednesday, July 29th. The stock was 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. 0.17% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts recently weighed in on BNY shares. 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. Weiss Ratings cut Bank of New York Mellon from a “buy (a)” rating to a “buy (a-)” rating in a report on Thursday. Citigroup upped their price objective on shares of Bank of New York Mellon from $167.00 to $172.00 and gave the company a “neutral” rating in a research note on Monday, July 20th. Keefe, Bruyette & Woods increased 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 report on Thursday, July 16th. Finally, Bank of America raised their target price on shares of Bank of New York Mellon from $165.00 to $175.00 and gave the stock a “buy” rating in a research report on Monday, July 20th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $157.13.

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.