Polar Asset Management Partners Inc. Invests $6.28 Million in Bank of New York Mellon Corporation $BNY

Polar Asset Management Partners Inc. purchased a new stake in shares of Bank of New York Mellon Corporation (NYSE:BNY) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 43,446 shares of the bank’s stock, valued at approximately $6,283,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Jupiter Topco LLC bought a new stake in shares of Bank of New York Mellon during the second quarter worth $84,751,000. Hsbc Holdings PLC acquired a new position in Bank of New York Mellon during the 2nd quarter worth about $255,681,000. EFG International AG bought a new stake in Bank of New York Mellon during the 2nd quarter worth about $29,000. Ancora Advisors LLC acquired a new stake in Bank of New York Mellon in the 2nd quarter valued at about $198,000. Finally, Primecap Management Co. CA bought a new position in shares of Bank of New York Mellon in the second quarter worth about $376,498,000. Institutional investors and hedge funds own 85.31% of the company’s stock.

Analysts Set New Price Targets

BNY has been the subject of several research analyst reports. Argus boosted 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 report on Wednesday, July 22nd. Royal Bank Of Canada lifted their target price 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. JPMorgan Chase & Co. boosted their target price on Bank of New York Mellon from $149.00 to $159.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 4th. Bank of America lifted their price objective on 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. Finally, Wells Fargo & Company upped 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 report on Thursday, July 16th. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $157.13.

Insider Buying and Selling

In other Bank of New York Mellon news, CFO Dermot Mcdonogh sold 31,800 shares of the stock in a transaction on 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 document filed with the SEC, which is available through the SEC website. Insiders own 0.17% of the company’s stock.

Bank of New York Mellon Price Performance

Bank of New York Mellon stock opened at $163.76 on Wednesday. The firm has a market capitalization of $111.11 billion, a P/E ratio of 19.06, a PEG ratio of 1.15 and a beta of 1.06. Bank of New York Mellon Corporation has a 1 year low of $102.55 and a 1 year high of $165.68. The business has a 50-day moving average of $154.63 and a 200-day moving average of $137.32. 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 (NYSE:BNY) last announced its quarterly 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 net margin of 15.52% and a return on equity of 16.00%. The business had revenue of $5.70 billion for the quarter, compared to the consensus estimate of $5.35 billion. During the same period last year, the company posted $1.93 EPS. Bank of New York Mellon’s revenue for the quarter was up 13.3% on a year-over-year basis. On average, equities analysts anticipate that Bank of New York Mellon Corporation will post 9.26 EPS for the current year.

Bank of New York Mellon Company 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.