The Bank of New York Mellon Co. (NYSE:BK) Shares Purchased by Wedmont Private Capital

Wedmont Private Capital lifted its position in The Bank of New York Mellon Co. (NYSE:BK) by 12.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,075 shares of the bank’s stock after acquiring an additional 783 shares during the period. Wedmont Private Capital’s holdings in Bank of New York Mellon were worth $550,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in BK. Revolve Wealth Partners LLC acquired a new stake in Bank of New York Mellon during the 4th quarter worth about $220,000. Bleakley Financial Group LLC grew its position in Bank of New York Mellon by 5.4% during the 4th quarter. Bleakley Financial Group LLC now owns 11,244 shares of the bank’s stock worth $864,000 after purchasing an additional 580 shares during the period. Apollon Wealth Management LLC grew its position in Bank of New York Mellon by 16.2% during the 4th 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 during the period. Empowered Funds LLC grew its position in Bank of New York Mellon by 743.6% during the 4th quarter. Empowered Funds LLC now owns 116,085 shares of the bank’s stock worth $8,919,000 after purchasing an additional 102,325 shares during the period. Finally, Quotient Wealth Partners LLC grew its position in Bank of New York Mellon by 6.0% during the 4th quarter. Quotient Wealth Partners LLC now owns 3,030 shares of the bank’s stock worth $233,000 after purchasing an additional 172 shares during the period. 85.31% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have weighed in on BK shares. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $90.00 price target on shares of Bank of New York Mellon in a research report on Monday, March 17th. Wells Fargo & Company raised their target price on Bank of New York Mellon from $86.00 to $96.00 and gave the company an “equal weight” rating in a research report on Monday, March 3rd. Morgan Stanley raised their target price on Bank of New York Mellon from $94.00 to $95.00 and gave the company an “overweight” rating in a research report on Tuesday, June 3rd. Wall Street Zen cut Bank of New York Mellon from a “buy” rating to a “hold” rating in a research report on Wednesday, February 19th. Finally, Truist Financial cut Bank of New York Mellon from a “buy” rating to a “hold” rating and raised their target price for the company from $87.00 to $97.00 in a research report on Wednesday, May 28th. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, Bank of New York Mellon presently has an average rating of “Moderate Buy” and an average price target of $91.85.

Insider Transactions at Bank of New York Mellon

In other news, VP Catherine Keating sold 65,473 shares of the business’s stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $77.31, for a total transaction of $5,061,717.63. Following the transaction, the vice president now directly owns 87,542 shares in the company, valued at $6,767,872.02. The trade was a 42.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Kurtis R. Kurimsky sold 5,641 shares of the business’s stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $77.50, for a total value of $437,177.50. Following the transaction, the insider now owns 21,679 shares in the company, valued at approximately $1,680,122.50. This represents a 20.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 101,114 shares of company stock worth $7,869,795 in the last ninety days. Insiders own 0.14% of the company’s stock.

Bank of New York Mellon Trading Down 0.3%

BK stock opened at $90.02 on Tuesday. The company has a current ratio of 0.69, a quick ratio of 0.70 and a debt-to-equity ratio of 0.83. The Bank of New York Mellon Co. has a 12-month low of $57.18 and a 12-month high of $90.63. The stock has a market cap of $64.41 billion, a price-to-earnings ratio of 15.49, a PEG ratio of 0.97 and a beta of 1.08. The business’s 50-day moving average is $82.99 and its 200 day moving average is $82.72.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings data on Friday, April 11th. The bank reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.50 by $0.08. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The company had revenue of $4.79 billion for the quarter, compared to analysts’ expectations of $4.76 billion. During the same period in the previous year, the firm posted $1.29 EPS. Bank of New York Mellon’s revenue was up 5.9% compared to the same quarter last year. On average, sell-side 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 Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 2nd. Investors of record on Monday, April 21st were issued a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 2.09%. The ex-dividend date was Monday, April 21st. Bank of New York Mellon’s payout ratio is 30.62%.

Bank of New York Mellon Company 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.