Daiichi Life Insurance Co. Ltd. Buys New Stake in Bank of New York Mellon Corporation $BNY

by · The Markets Daily

Daiichi Life Insurance Co. Ltd. bought a new stake in Bank of New York Mellon Corporation (NYSE:BNY – Free Report) during the second quarter, HoldingsChannel reports. The institutional investor bought 31,638 shares of the bank’s stock, valued at approximately $4,575,000.

A number of other large investors also recently added to or reduced their stakes in the company. Commerce Bank purchased a new position in shares of Bank of New York Mellon during the second quarter worth $7,636,000. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Bank of New York Mellon in the second quarter valued at $13,234,000. Quantbot Technologies LP purchased a new stake in shares of Bank of New York Mellon in the 2nd quarter valued at $1,418,000. Evolve Private Wealth LLC purchased a new stake in shares of Bank of New York Mellon in the 2nd quarter valued at $522,000. Finally, Farringdon Capital Ltd. acquired a new position in Bank of New York Mellon during the 2nd quarter worth about $238,000. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Barclays raised their target price on Bank of New York Mellon from $149.00 to $178.00 and gave the company an “overweight” rating in a report on Thursday, July 16th. Argus increased their price target 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 raised 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 note on Thursday, July 16th. Bank of America lifted their price objective on shares of Bank of New York Mellon from $165.00 to $175.00 and gave the company a “buy” rating in a report on Monday, July 20th. Finally, Wall Street Zen raised shares of Bank of New York Mellon to a “hold” rating in a research note on Saturday, May 23rd. Two equities research 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’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $157.13.

Check Out Our Latest Research Report on BNY

Bank of New York Mellon Stock Performance

Shares of BNY opened at $158.72 on Monday. Bank of New York Mellon Corporation has a 1 year low of $101.71 and a 1 year high of $165.68. The stock has a market capitalization of $107.69 billion, a PE ratio of 18.48, a PEG ratio of 1.12 and a beta of 1.06. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.72 and a current ratio of 0.72. The stock has a 50-day simple moving average of $153.85 and a 200-day simple moving average of $136.72.

Bank of New York Mellon (NYSE:BNY – Get Free Report) last released its earnings results on Wednesday, July 15th. The bank reported $2.46 earnings per share for the quarter, topping analysts’ consensus estimates of $2.16 by $0.30. The firm had revenue of $5.70 billion for the quarter, compared to analyst estimates of $5.35 billion. Bank of New York Mellon had a net margin of 15.52% and a return on equity of 16.00%. The business’s quarterly revenue was up 13.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.93 earnings per share. On average, analysts predict that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current fiscal year.

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 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 filing with the SEC, which is available through this link. 0.17% of the stock is owned by company insiders.

Bank of New York Mellon Profile

(Free Report)

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.

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