Northwestern Mutual Wealth Management Co. Invests $13.23 Million in Bank of New York Mellon Corporation $BNY

Northwestern Mutual Wealth Management Co. purchased a new position in shares of Bank of New York Mellon Corporation (NYSE:BNY) during the second quarter, Holdings Channel reports. The firm purchased 91,513 shares of the bank’s stock, valued at approximately $13,234,000.

Several other large investors also recently bought and sold shares of BNY. Focus Partners Advisor Solutions LLC purchased a new stake in shares of Bank of New York Mellon during the 2nd quarter valued at approximately $1,128,000. CIBC Asset Management Inc boosted its holdings in Bank of New York Mellon by 53.8% during the 4th quarter. CIBC Asset Management Inc now owns 182,002 shares of the bank’s stock valued at $21,129,000 after acquiring an additional 63,627 shares during the period. Todd Asset Management LLC boosted its stake in shares of Bank of New York Mellon by 37.5% in the fourth quarter. Todd Asset Management LLC now owns 370,998 shares of the bank’s stock valued at $43,069,000 after purchasing an additional 101,142 shares during the period. Prospera Financial Services Inc grew its stake in shares of Bank of New York Mellon by 106.5% in the fourth quarter. Prospera Financial Services Inc now owns 19,126 shares of the bank’s stock worth $2,220,000 after acquiring an additional 9,865 shares in the last quarter. Finally, Bellars Harris Wealth Management LLC purchased a new stake in Bank of New York Mellon during the 2nd quarter worth about $10,324,000. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Insiders Place Their Bets

In other news, VP Jose Minaya sold 3,520 shares of the company’s stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $162.64, for a total transaction of $572,492.80. Following the transaction, the vice president directly owned 180,344 shares of the company’s stock, valued at $29,331,148.16. This represents a 1.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Dermot Mcdonogh sold 31,800 shares of the stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $155.26, for a total transaction of $4,937,268.00. The SEC filing for this sale provides additional information. Corporate insiders own 0.17% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on BNY shares. Royal Bank Of Canada increased their price objective on shares of Bank of New York Mellon from $142.00 to $168.00 and gave the company a “sector perform” rating in a research report on Thursday, July 16th. Barclays boosted their target price on shares of Bank of New York Mellon from $149.00 to $178.00 and gave the stock an “overweight” rating in a research note on Thursday, July 16th. Erste Group Bank started coverage on Bank of New York Mellon in a report on Wednesday, July 15th. They issued a “buy” rating on the stock. Truist Financial lifted their price target on Bank of New York Mellon from $160.00 to $178.00 and gave the stock a “buy” rating in a report on Thursday, July 16th. Finally, Citigroup boosted their price objective 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. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $157.13.

Bank of New York Mellon Price Performance

Shares of NYSE:BNY opened at $162.09 on Thursday. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.76. Bank of New York Mellon Corporation has a 52 week low of $102.63 and a 52 week high of $165.68. The company has a market cap of $109.98 billion, a P/E ratio of 18.87, a PEG ratio of 1.21 and a beta of 1.05. The company has a 50-day moving average price of $156.65 and a 200 day moving average price of $138.99.

Bank of New York Mellon (NYSE:BNY) last released its quarterly earnings data on Wednesday, July 15th. The bank reported $2.46 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $5.70 billion during the quarter, compared to analysts’ expectations of $5.35 billion. During the same quarter in the prior year, the business posted $1.93 earnings per share. Bank of New York Mellon’s revenue was up 13.3% compared to the same quarter last year. Research analysts predict that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current year.

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.