Bridgewater Advisors Inc. Makes New $520,000 Investment in Bank of New York Mellon Corporation $BNY

Bridgewater Advisors Inc. bought a new stake in Bank of New York Mellon Corporation (NYSE:BNY) during the 2nd quarter, Holdings Channel.com reports. The institutional investor bought 3,691 shares of the bank’s stock, valued at approximately $520,000.

Several other hedge funds and other institutional investors have also 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 holdings in Bank of New York Mellon by 74.8% during the 4th quarter. MCF Advisors LLC now owns 236 shares of the bank’s stock valued at $27,000 after buying an additional 101 shares during the last quarter. Heritage Wealth Advisors purchased a new position in Bank of New York Mellon during the fourth quarter worth $31,000. Wilkerson Advisory Group LLC acquired a new position in shares of Bank of New York Mellon in the fourth quarter worth $31,000. Finally, Atlas Capital Advisors Inc. purchased a new stake in shares of Bank of New York Mellon in the fourth quarter valued at $44,000. Institutional investors and hedge funds own 85.31% of the company’s stock.

Bank of New York Mellon Trading Up 0.6%

Shares of BNY stock opened at $163.30 on Friday. The firm’s 50-day simple moving average is $151.97 and its 200-day simple moving average is $135.17. 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 Corporation has a 1-year low of $99.67 and a 1-year high of $163.77. The firm 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.

Bank of New York Mellon (NYSE:BNY) last released its earnings results on Wednesday, July 15th. The bank reported $2.46 earnings per share (EPS) 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 firm 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 firm earned $1.93 earnings per share. Bank of New York Mellon’s revenue was up 13.3% compared to the same quarter last year. As a group, equities analysts forecast that Bank of New York Mellon Corporation will post 9.26 EPS for the current year.

Insider Activity

In other news, CFO Dermot Mcdonogh sold 31,800 shares of the company’s stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $155.26, for a total transaction of $4,937,268.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.17% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have issued reports 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. Citigroup raised their target price 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. JPMorgan Chase & Co. lifted their target price on shares of Bank of New York Mellon from $149.00 to $159.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 4th. Wall Street Zen raised Bank of New York Mellon to a “hold” rating in a research note on Saturday, May 23rd. Finally, Zacks Research upgraded Bank of New York Mellon from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 22nd. Two equities 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’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price 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.