352,843 Shares in Bank of New York Mellon Corporation $BNY Purchased by HighTower Advisors LLC

HighTower Advisors LLC purchased a new stake in Bank of New York Mellon Corporation (NYSE:BNY) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 352,843 shares of the bank’s stock, valued at approximately $51,025,000.

Other large investors have also recently bought and sold shares of the company. Luken Investment Analytics LLC acquired a new stake in Bank of New York Mellon during the second quarter worth approximately $27,000. EFG International AG acquired a new stake in Bank of New York Mellon during the 2nd quarter worth approximately $29,000. Burnham & Co LLC bought a new stake in Bank of New York Mellon in the 2nd quarter valued at $29,000. Abound Financial LLC acquired a new position in Bank of New York Mellon in the 4th quarter valued at $25,000. Finally, N.E.W. Advisory Services LLC bought a new position in Bank of New York Mellon during the 2nd quarter worth $32,000. 85.31% of the stock is owned by institutional investors.

Bank of New York Mellon Stock Up 0.1%

Shares of NYSE BNY opened at $165.05 on Tuesday. The stock has a market capitalization of $111.99 billion, a P/E ratio of 19.21, a PEG ratio of 1.24 and a beta of 1.05. The stock’s fifty day moving average is $157.89 and its 200 day moving average is $139.97. Bank of New York Mellon Corporation has a 52 week low of $102.63 and a 52 week high of $165.84. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.72 and a current ratio of 0.72.

Bank of New York Mellon (NYSE:BNY) last announced its quarterly earnings data on Wednesday, July 15th. The bank reported $2.46 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to the consensus estimate of $5.35 billion. During the same period in the prior year, the company posted $1.93 earnings per share. The business’s revenue for the quarter was up 13.3% on a year-over-year basis. Sell-side analysts forecast that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Dermot Mcdonogh sold 31,800 shares of Bank of New York Mellon stock in a transaction that occurred 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 sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Jose Minaya sold 3,520 shares of the business’s stock in a transaction that occurred 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 owned 180,344 shares of the company’s stock, valued at approximately $29,331,148.16. This represents a 1.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.17% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on BNY. Citigroup upped their price target 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. JPMorgan Chase & Co. lifted their price objective 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. Wells Fargo & Company increased their target price on shares of Bank of New York Mellon from $152.00 to $162.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 16th. Weiss Ratings lowered shares of Bank of New York Mellon from a “buy (a)” rating to a “buy (a-)” rating in a research report on Thursday, August 13th. Finally, Argus raised their target price on shares of Bank of New York Mellon from $153.00 to $180.00 and gave the stock a “buy” rating in a report on Wednesday, July 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $157.13.

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.