Merit Financial Group LLC Increases Position in The Bank of New York Mellon Co. (NYSE:BK)

Merit Financial Group LLC lifted its holdings in The Bank of New York Mellon Co. (NYSE:BK) by 89.0% in the 1st quarter, Holdings Channel.com reports. The firm owned 13,296 shares of the bank’s stock after purchasing an additional 6,262 shares during the quarter. Merit Financial Group LLC’s holdings in Bank of New York Mellon were worth $1,115,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Revolve Wealth Partners LLC purchased a new stake in shares of Bank of New York Mellon in the fourth quarter valued at approximately $220,000. Bleakley Financial Group LLC increased its holdings in Bank of New York Mellon by 5.4% in the 4th quarter. Bleakley Financial Group LLC now owns 11,244 shares of the bank’s stock worth $864,000 after acquiring an additional 580 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in Bank of New York Mellon by 9.3% in the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 82,792 shares of the bank’s stock worth $6,361,000 after acquiring an additional 7,029 shares in the last quarter. Mezzasalma Advisors LLC increased its holdings in Bank of New York Mellon by 24.1% in the 4th quarter. Mezzasalma Advisors LLC now owns 5,561 shares of the bank’s stock worth $427,000 after acquiring an additional 1,081 shares in the last quarter. Finally, Apollon Wealth Management LLC increased its stake in shares of Bank of New York Mellon by 16.2% during the fourth quarter. Apollon Wealth Management LLC now owns 21,927 shares of the bank’s stock worth $1,685,000 after purchasing an additional 3,059 shares in the last quarter. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Insider Transactions at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 30,000 shares of the business’s stock in a transaction that occurred on Tuesday, April 29th. The stock was sold at an average price of $79.03, for a total transaction of $2,370,900.00. Following the completion of the sale, the executive vice president now owns 55,115 shares in the company, valued at $4,355,738.45. The trade was a 35.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Catherine Keating sold 65,473 shares of the business’s stock in a transaction on Monday, April 14th. The shares were sold at an average price of $77.31, for a total transaction of $5,061,717.63. Following the completion of the sale, the vice president now directly owns 87,542 shares of the company’s stock, valued at approximately $6,767,872.02. This trade represents a 42.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 101,114 shares of company stock valued at $7,869,795. Insiders own 0.14% of the company’s stock.

Bank of New York Mellon Trading Up 2.0%

NYSE BK opened at $90.33 on Friday. The firm has a 50 day simple moving average of $82.87 and a 200-day simple moving average of $82.62. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.70 and a current ratio of 0.69. The Bank of New York Mellon Co. has a one year low of $57.18 and a one year high of $90.63. The firm has a market cap of $64.63 billion, a price-to-earnings ratio of 15.55, a PEG ratio of 0.97 and a beta of 1.08.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings results on Friday, April 11th. The bank reported $1.58 EPS for the quarter, beating the consensus estimate of $1.50 by $0.08. The company had revenue of $4.79 billion during the quarter, compared to analysts’ expectations of $4.76 billion. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The firm’s revenue was up 5.9% compared to the same quarter last year. During the same quarter last year, the company posted $1.29 EPS. Equities research analysts anticipate that The Bank of New York Mellon Co. will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 2nd. Stockholders of record on Monday, April 21st were given a dividend of $0.47 per share. The ex-dividend date was Monday, April 21st. This represents a $1.88 annualized dividend and a dividend yield of 2.08%. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 30.62%.

Analyst Ratings Changes

BK has been the subject of a number of research reports. Morgan Stanley boosted their target price on shares of Bank of New York Mellon from $94.00 to $95.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 3rd. Citigroup boosted their price objective on Bank of New York Mellon from $82.00 to $85.00 and gave the stock a “neutral” rating in a research note on Monday, March 24th. Royal Bank of Canada reiterated a “sector perform” rating and set a $90.00 price objective on shares of Bank of New York Mellon in a research note on Monday, March 17th. Wells Fargo & Company boosted their price objective on Bank of New York Mellon from $86.00 to $96.00 and gave the stock an “equal weight” rating in a research note on Monday, March 3rd. Finally, Truist Financial cut Bank of New York Mellon from a “buy” rating to a “hold” rating and boosted their price target for the stock from $87.00 to $97.00 in a research report on Wednesday, May 28th. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, Bank of New York Mellon has a consensus rating of “Moderate Buy” and an average target price of $91.85.

Bank of New York Mellon Profile

The Bank of New York Mellon Corporation provides a range of financial products and services in the United States and internationally. The company operates through Securities Services, Market and Wealth Services, Investment and Wealth Management, and other segments. The Securities Services segment offers custody, trust and depositary, accounting, exchange-traded funds, middle-office solutions, transfer agency, services for private equity and real estate funds, foreign exchange, securities lending, liquidity/lending services, and data analytics.