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

Chase Investment Counsel Corp purchased a new stake in Bank of New York Mellon Corporation (NYSE:BNY) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 90,652 shares of the bank’s stock, valued at approximately $13,109,000. Bank of New York Mellon comprises 2.8% of Chase Investment Counsel Corp’s holdings, making the stock its 9th biggest holding.

A number of other hedge funds have also recently added to or reduced their stakes in BNY. Northwestern Mutual Wealth Management Co. increased its position in Bank of New York Mellon by 18,044.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 19,670,202 shares of the bank’s stock valued at $2,283,514,000 after acquiring an additional 19,561,793 shares in the last quarter. Norges Bank acquired a new position in shares of Bank of New York Mellon during the fourth quarter worth approximately $1,398,624,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Bank of New York Mellon by 639.5% during the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,076,729 shares of the bank’s stock worth $771,080,000 after purchasing an additional 6,119,749 shares in the last quarter. Bank of New York Mellon Corp bought a new stake in shares of Bank of New York Mellon during the second quarter valued at approximately $492,663,000. Finally, Eurizon Capital SGR S.p.A. bought a new stake in shares of Bank of New York Mellon during the fourth quarter valued at approximately $227,437,000. Institutional investors own 85.31% of the company’s stock.

Analyst Upgrades and Downgrades

BNY has been the subject of several research analyst reports. Zacks Research upgraded shares of Bank of New York Mellon from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 22nd. Truist Financial increased their price objective on Bank of New York Mellon from $160.00 to $178.00 and gave the company a “buy” rating in a research report on Thursday, July 16th. Keefe, Bruyette & Woods increased their price objective on Bank of New York Mellon from $166.00 to $177.00 and gave the company an “outperform” rating in a research report on Thursday, July 16th. Argus lifted their target price on Bank of New York Mellon from $153.00 to $180.00 and gave the company a “buy” rating in a research note on Wednesday, July 22nd. Finally, Wells Fargo & Company boosted their target price on Bank of New York Mellon from $152.00 to $162.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 16th. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $157.13.

Bank of New York Mellon Stock Up 0.0%

Shares of NYSE:BNY opened at $163.30 on Monday. 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 stock has a market cap 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 company has a 50 day moving average of $151.97 and a 200-day moving average of $135.28. Bank of New York Mellon Corporation has a one year low of $99.67 and a one year high of $163.77.

Bank of New York Mellon (NYSE:BNY) last announced 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. 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 for the quarter, compared to analyst estimates of $5.35 billion. During the same period in the prior year, the business posted $1.93 earnings per share. Bank of New York Mellon’s revenue was up 13.3% compared to the same quarter last year. On average, sell-side analysts forecast that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current year.

Insider Activity at Bank of New York Mellon

In other news, CFO Dermot Mcdonogh sold 31,800 shares of the stock in a transaction 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 transaction was disclosed in a filing with the SEC, which is accessible through 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.