Bellars Harris Wealth Management LLC Takes Position in Bank of New York Mellon Corporation $BNY

Bellars Harris Wealth Management LLC purchased a new position in shares of Bank of New York Mellon Corporation (NYSE:BNY - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 71,394 shares of the bank's stock, valued at approximately $10,324,000. Bank of New York Mellon accounts for 2.1% of Bellars Harris Wealth Management LLC's investment portfolio, making the stock its 9th largest holding.

Several other institutional investors also recently modified their holdings of BNY. Abound Financial LLC acquired a new position in Bank of New York Mellon during the 4th quarter worth about $25,000. MCF Advisors LLC increased its stake in shares of Bank of New York Mellon by 74.8% in the fourth quarter. MCF Advisors LLC now owns 236 shares of the bank's stock valued at $27,000 after buying an additional 101 shares during the period. Heritage Wealth Advisors bought a new position in shares of Bank of New York Mellon during the fourth quarter worth about $31,000. Wilkerson Advisory Group LLC acquired a new position in shares of Bank of New York Mellon in the fourth quarter worth approximately $31,000. Finally, Atlas Capital Advisors Inc. acquired a new position in shares of Bank of New York Mellon in the fourth quarter worth approximately $44,000. Institutional investors own 85.31% of the company's stock.

Analysts Set New Price Targets

Several analysts recently commented on the company. Bank of America upped their target price on 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. Keefe, Bruyette & Woods raised their price target on shares of Bank of New York Mellon from $166.00 to $177.00 and gave the stock an "outperform" rating in a report on Thursday, July 16th. Erste Group Bank started coverage on shares of Bank of New York Mellon in a research report on Wednesday, July 15th. They issued a "buy" rating on the stock. Barclays upped their price objective on shares of Bank of New York Mellon from $149.00 to $178.00 and gave the company an "overweight" rating in a research note on Thursday, July 16th. Finally, JPMorgan Chase & Co. lifted their target price 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. Two equities research 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 company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $157.13.

Bank of New York Mellon Stock Performance

Shares of BNY stock opened at $163.30 on Friday. The company has a market cap of $110.80 billion, a price-to-earnings ratio of 19.01, a price-to-earnings-growth ratio of 1.16 and a beta of 1.06. Bank of New York Mellon Corporation has a 52 week low of $99.67 and a 52 week high of $163.77. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.76. The firm has a 50 day moving average of $151.97 and a 200-day moving average of $135.17.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last released its quarterly earnings data on Wednesday, July 15th. The bank reported $2.46 earnings per share for the quarter, beating the consensus estimate of $2.16 by $0.30. The company had revenue of $5.70 billion during 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%. Bank of New York Mellon's revenue for the quarter was up 13.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.93 EPS. On average, equities analysts forecast that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current year.

Insider Transactions at Bank of New York Mellon

In other Bank of New York Mellon news, CFO Dermot Mcdonogh sold 31,800 shares of the firm'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 value of $4,937,268.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.17% of the company's stock.

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.

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