Legacy Financial Advisors Inc. Takes Position in Bank of New York Mellon Corporation $BNY

Legacy Financial Advisors Inc. purchased a new stake in Bank of New York Mellon Corporation (NYSE:BNY) in the 2nd quarter, HoldingsChannel reports. The firm purchased 3,740 shares of the bank’s stock, valued at approximately $541,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. EFG International AG acquired a new stake in Bank of New York Mellon in the second quarter valued at approximately $29,000. Burnham & Co LLC bought a new stake in Bank of New York Mellon in the second quarter worth approximately $29,000. Abound Financial LLC acquired a new position in shares of Bank of New York Mellon during the 4th quarter worth $25,000. N.E.W. Advisory Services LLC bought a new position in shares of Bank of New York Mellon during the 2nd quarter valued at $32,000. Finally, MCF Advisors LLC raised its holdings in shares of 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 purchasing an additional 101 shares in the last quarter. Institutional investors and hedge funds own 85.31% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on BNY. Royal Bank Of Canada lifted 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. Erste Group Bank initiated coverage on Bank of New York Mellon in a report on Wednesday, July 15th. They set a “buy” rating on the stock. Barclays boosted their price target on Bank of New York Mellon from $149.00 to $178.00 and gave the stock an “overweight” rating in a research report on Thursday, July 16th. Zacks Research upgraded Bank of New York Mellon from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 22nd. Finally, JPMorgan Chase & Co. increased their price objective on Bank of New York Mellon from $149.00 to $159.00 and gave the company an “overweight” rating in a report on Tuesday, August 4th. Two investment 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. Based on data from MarketBeat.com, Bank of New York Mellon currently has an average rating of “Moderate Buy” and an average target price of $157.13.

Bank of New York Mellon Price Performance

Shares of Bank of New York Mellon stock opened at $160.27 on Wednesday. The firm has a fifty day simple moving average of $156.29 and a 200-day simple moving average of $138.65. 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 Corporation has a 1-year low of $102.63 and a 1-year high of $165.68. The stock has a market capitalization of $108.74 billion, a price-to-earnings ratio of 18.66, a PEG ratio of 1.21 and a beta of 1.06.

Bank of New York Mellon (NYSE:BNY) last posted 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 net margin of 15.52% and a return on equity of 16.00%. The business had revenue of $5.70 billion during the quarter, compared to the consensus estimate of $5.35 billion. During the same period in the prior year, the firm earned $1.93 EPS. Bank of New York Mellon’s quarterly revenue was up 13.3% compared to the same quarter last year. On average, sell-side analysts expect that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current year.

Insiders Place Their Bets

In other Bank of New York Mellon news, VP Jose Minaya sold 3,520 shares of the company’s stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $162.64, for a total transaction of $572,492.80. Following the completion of the sale, the vice president directly owned 180,344 shares in the company, valued at $29,331,148.16. This represents a 1.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Dermot Mcdonogh sold 31,800 shares of the company’s 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. Additional details regarding this sale are available in the official SEC disclosure. 0.17% of the stock is owned by insiders.

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.