Varma Mutual Pension Insurance Co Makes New $23.32 Million Investment in Bank of New York Mellon Corporation $BNY

Varma Mutual Pension Insurance Co purchased a new stake in Bank of New York Mellon Corporation (NYSE:BNY) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 161,290 shares of the bank’s stock, valued at approximately $23,324,000.

A number of other hedge funds also recently made changes to their positions in the business. Burnham & Co LLC bought a new stake in Bank of New York Mellon in the second quarter valued at about $29,000. Abound Financial LLC bought a new position in 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 during the second quarter worth about $32,000. MCF Advisors LLC boosted 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 in the last quarter. Finally, MidFirst Bank acquired a new stake in Bank of New York Mellon during the second quarter valued at approximately $38,000. Institutional investors and hedge funds own 85.31% of the company’s stock.

Bank of New York Mellon Stock Up 0.9%

NYSE BNY opened at $158.72 on Friday. The stock’s 50 day simple moving average is $153.85 and its 200 day simple moving average is $136.61. Bank of New York Mellon Corporation has a one year low of $101.71 and a one year high of $165.68. The firm has a market cap of $107.69 billion, a PE ratio of 18.48, a price-to-earnings-growth ratio of 1.12 and a beta of 1.06. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.72 and a quick ratio of 0.72.

Bank of New York Mellon (NYSE:BNY) last issued its quarterly earnings data 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. The firm had revenue of $5.70 billion during the quarter, compared to the consensus estimate of $5.35 billion. Bank of New York Mellon had a return on equity of 16.00% and a net margin of 15.52%.The business’s revenue for the quarter was up 13.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.93 EPS. As a group, sell-side analysts forecast that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on BNY. Barclays increased their target price on Bank of New York Mellon from $149.00 to $178.00 and gave the stock an “overweight” rating in a report on Thursday, July 16th. Royal Bank Of Canada boosted their price target on Bank of New York Mellon from $142.00 to $168.00 and gave the company a “sector perform” rating in a research note on Thursday, July 16th. Keefe, Bruyette & Woods upped their price target on Bank of New York Mellon from $166.00 to $177.00 and gave the company an “outperform” rating in a research report on Thursday, July 16th. Wells Fargo & Company increased their price objective on Bank of New York Mellon from $152.00 to $162.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 16th. Finally, Weiss Ratings cut Bank of New York Mellon from a “buy (a)” rating to a “buy (a-)” rating in a report on Thursday, August 13th. 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 company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target 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 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 legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.17% of the company’s stock.

About Bank of New York Mellon

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.