Legacy Financial Advisors Inc. Invests $541,000 in Bank of New York Mellon Corporation $BNY

Legacy Financial Advisors Inc. bought a new position in Bank of New York Mellon Corporation (NYSE:BNY) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 3,740 shares of the bank’s stock, valued at approximately $541,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in BNY. EFG International AG acquired a new position in Bank of New York Mellon in the second quarter worth approximately $29,000. Burnham & Co LLC acquired a new stake in shares of Bank of New York Mellon during the 2nd quarter valued at $29,000. Abound Financial LLC acquired a new stake in shares of Bank of New York Mellon during the 4th quarter valued at $25,000. N.E.W. Advisory Services LLC bought a new stake in shares of Bank of New York Mellon during the 2nd quarter worth $32,000. Finally, MCF Advisors LLC boosted its stake 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 worth $27,000 after acquiring an additional 101 shares in the last quarter. 85.31% of the stock is owned by institutional investors and hedge funds.

Bank of New York Mellon Price Performance

Shares of BNY opened at $160.27 on Wednesday. The business’s 50-day moving average is $156.29 and its 200-day moving average is $138.65. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.72 and a quick ratio of 0.72. The company has a market capitalization of $108.74 billion, a price-to-earnings ratio of 18.66, a P/E/G ratio of 1.21 and a beta of 1.06. Bank of New York Mellon Corporation has a fifty-two week low of $102.63 and a fifty-two week high of $165.68.

Bank of New York Mellon (NYSE:BNY) last posted its quarterly earnings results on Wednesday, July 15th. The bank reported $2.46 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 analysts’ expectations of $5.35 billion. During the same period last year, the company posted $1.93 earnings per share. The firm’s quarterly revenue was up 13.3% compared to the same quarter last year. Equities research analysts expect that Bank of New York Mellon Corporation will post 9.26 EPS for the current fiscal year.

Insider Buying and Selling

In other Bank of New York Mellon news, VP Jose Minaya sold 3,520 shares of Bank of New York Mellon stock in a transaction 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 completion of the sale, the vice president owned 180,344 shares of the company’s stock, valued at $29,331,148.16. This trade represents a 1.91% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Dermot Mcdonogh sold 31,800 shares of Bank of New York Mellon stock in a transaction on 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 corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on BNY. Barclays boosted their target price 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. Truist Financial lifted their price target 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. Wells Fargo & Company boosted their price objective on Bank of New York Mellon from $152.00 to $162.00 and gave the stock an “equal weight” rating in a report on Thursday, July 16th. Wall Street Zen raised shares of Bank of New York Mellon to a “hold” rating in a research note on Saturday, May 23rd. Finally, Erste Group Bank assumed coverage on shares of Bank of New York Mellon in a report on Wednesday, July 15th. They issued a “buy” rating for the company. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price 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.