Dynamic Advisor Solutions LLC Takes $1.77 Million Position in The Bank of New York Mellon Co. (NYSE:BK)

Dynamic Advisor Solutions LLC bought a new position in The Bank of New York Mellon Co. (NYSE:BK) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 21,041 shares of the bank’s stock, valued at approximately $1,765,000.

A number of other hedge funds also recently made changes to their positions in the company. MFA Wealth Services lifted its position in shares of Bank of New York Mellon by 3.3% in the first quarter. MFA Wealth Services now owns 5,622 shares of the bank’s stock worth $472,000 after buying an additional 177 shares in the last quarter. CRA Financial Services LLC purchased a new stake in shares of Bank of New York Mellon in the first quarter worth about $214,000. Opal Wealth Advisors LLC purchased a new stake in shares of Bank of New York Mellon in the first quarter worth about $25,000. Farmers & Merchants Investments Inc. lifted its position in shares of Bank of New York Mellon by 4.1% in the first quarter. Farmers & Merchants Investments Inc. now owns 5,116 shares of the bank’s stock worth $429,000 after buying an additional 200 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its position in shares of Bank of New York Mellon by 29.1% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 223,438 shares of the bank’s stock worth $18,740,000 after buying an additional 50,368 shares in the last quarter. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Bank of New York Mellon Trading Up 2.1%

BK opened at $90.46 on Tuesday. 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 stock has a market cap of $64.72 billion, a price-to-earnings ratio of 15.57, a P/E/G ratio of 0.97 and a beta of 1.08. The stock’s 50 day moving average price is $84.48 and its 200-day moving average price is $83.00. The Bank of New York Mellon Co. has a one year low of $57.18 and a one year high of $90.63.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Friday, April 11th. The bank reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.50 by $0.08. The firm had revenue of $4.79 billion during the quarter, compared to analyst estimates of $4.76 billion. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. Bank of New York Mellon’s quarterly revenue was up 5.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.29 earnings per share. On average, equities analysts forecast that The Bank of New York Mellon Co. will post 6.96 EPS for the current year.

Bank of New York Mellon Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 2nd. Investors of record on Monday, April 21st were issued a $0.47 dividend. The ex-dividend date was Monday, April 21st. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.08%. Bank of New York Mellon’s payout ratio is 30.62%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on BK shares. Royal Bank of Canada reissued 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. Evercore ISI boosted their price objective on Bank of New York Mellon from $83.00 to $87.00 and gave the stock an “in-line” rating in a research note on Tuesday, April 1st. Morgan Stanley boosted their price objective on 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. Truist Financial cut Bank of New York Mellon from a “buy” rating to a “hold” rating and boosted their price objective for the stock from $87.00 to $97.00 in a research note on Wednesday, May 28th. Finally, 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. 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 data from MarketBeat, Bank of New York Mellon presently has an average rating of “Moderate Buy” and a consensus price target of $91.85.

Insider Activity at Bank of New York Mellon

In other Bank of New York Mellon news, VP Catherine Keating sold 65,473 shares of the company’s stock in a transaction 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 completion of the sale, the vice president now owns 87,542 shares in the company, valued at $6,767,872.02. This represents a 42.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Kurtis R. Kurimsky sold 5,641 shares of the company’s stock in a transaction 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 sale, the insider now owns 21,679 shares of the company’s stock, valued at approximately $1,680,122.50. This represents a 20.65% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 101,114 shares of company stock worth $7,869,795. Company insiders own 0.14% of the company’s stock.

About Bank of New York Mellon

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.