Chase Investment Counsel Corp Purchases New Position in Bank of New York Mellon Corporation $BNY

Chase Investment Counsel Corp acquired a new position in shares of Bank of New York Mellon Corporation (NYSE:BNY) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 90,652 shares of the bank’s stock, valued at approximately $13,109,000. Bank of New York Mellon comprises about 2.8% of Chase Investment Counsel Corp’s portfolio, making the stock its 9th biggest holding.

A number of other institutional investors have also recently bought and sold shares of the company. Abound Financial LLC bought a new stake in Bank of New York Mellon in the fourth quarter valued at approximately $25,000. MCF Advisors LLC boosted its position in shares of Bank of New York Mellon by 74.8% during the fourth quarter. MCF Advisors LLC now owns 236 shares of the bank’s stock worth $27,000 after purchasing an additional 101 shares in the last quarter. Heritage Wealth Advisors acquired a new position in shares of Bank of New York Mellon in the 4th quarter valued at $31,000. Wilkerson Advisory Group LLC acquired a new position in shares of Bank of New York Mellon in the 4th quarter valued at $31,000. Finally, N.E.W. Advisory Services LLC bought a new stake in shares of Bank of New York Mellon in the 2nd quarter valued at $32,000. Institutional investors and hedge funds own 85.31% of the company’s stock.

Bank of New York Mellon Stock Performance

BNY opened at $163.30 on Monday. The company has a market capitalization of $110.80 billion, a price-to-earnings ratio of 19.01, a P/E/G ratio of 1.16 and a beta of 1.06. The business’s 50-day moving average price is $151.97 and its two-hundred day moving average price is $135.28. Bank of New York Mellon Corporation has a 1 year low of $99.67 and a 1 year high of $163.77. 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 (NYSE:BNY) last posted its quarterly earnings data on Wednesday, July 15th. The bank reported $2.46 earnings per share for the quarter, topping the consensus estimate of $2.16 by $0.30. The company had revenue of $5.70 billion during the quarter, compared to analysts’ expectations of $5.35 billion. Bank of New York Mellon had a return on equity of 16.00% and a net margin of 15.52%.Bank of New York Mellon’s revenue for the quarter 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. Equities analysts expect that Bank of New York Mellon Corporation will post 9.26 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Argus raised their price objective on Bank of New York Mellon from $153.00 to $180.00 and gave the stock a “buy” rating in a research note on Wednesday, July 22nd. Erste Group Bank assumed coverage on Bank of New York Mellon in a report on Wednesday, July 15th. They issued a “buy” rating for the company. Wall Street Zen upgraded Bank of New York Mellon to a “hold” rating in a report on Saturday, May 23rd. Truist Financial increased their target price on Bank of New York Mellon from $160.00 to $178.00 and gave the stock a “buy” rating in a research note on Thursday, July 16th. Finally, Keefe, Bruyette & Woods lifted their price target on shares of Bank of New York Mellon from $166.00 to $177.00 and gave the company an “outperform” rating in a research note on Thursday, July 16th. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, Bank of New York Mellon has a consensus rating of “Moderate Buy” and a consensus price target of $157.13.

Insider Buying and Selling

In other Bank of New York Mellon news, CFO Dermot Mcdonogh sold 31,800 shares of the company’s stock in a transaction that occurred 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 is available at the SEC website. Insiders own 0.17% of the company’s stock.

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.