Yoffe Investment Management LLC Purchases Shares of 10,200 The Bank of New York Mellon Co. (NYSE:BK)

Yoffe Investment Management LLC purchased a new stake in shares of The Bank of New York Mellon Co. (NYSE:BK) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 10,200 shares of the bank’s stock, valued at approximately $784,000. Bank of New York Mellon accounts for approximately 1.1% of Yoffe Investment Management LLC’s portfolio, making the stock its 21st largest holding.

A number of other hedge funds also recently bought and sold shares of BK. Janney Montgomery Scott LLC lifted its stake in shares of Bank of New York Mellon by 11.5% in the fourth quarter. Janney Montgomery Scott LLC now owns 142,423 shares of the bank’s stock valued at $10,942,000 after buying an additional 14,675 shares during the period. Avior Wealth Management LLC lifted its stake in shares of Bank of New York Mellon by 33.4% in the fourth quarter. Avior Wealth Management LLC now owns 5,940 shares of the bank’s stock valued at $456,000 after buying an additional 1,488 shares during the period. CX Institutional lifted its stake in shares of Bank of New York Mellon by 1.8% in the fourth quarter. CX Institutional now owns 8,588 shares of the bank’s stock valued at $660,000 after buying an additional 153 shares during the period. Harel Insurance Investments & Financial Services Ltd. bought a new stake in shares of Bank of New York Mellon in the fourth quarter valued at about $342,000. Finally, Fifth Third Bancorp lifted its stake in shares of Bank of New York Mellon by 9.2% in the fourth quarter. Fifth Third Bancorp now owns 94,046 shares of the bank’s stock valued at $7,226,000 after buying an additional 7,935 shares during the period. 85.31% of the stock is currently owned by institutional investors.

Bank of New York Mellon Stock Performance

NYSE BK opened at $89.12 on Monday. The firm has a market cap of $63.76 billion, a price-to-earnings ratio of 15.34, a PEG ratio of 0.97 and a beta of 1.05. The company has a 50 day moving average of $81.87 and a 200-day moving average of $81.87. 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 1-year low of $57.18 and a 1-year high of $90.63.

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 for the quarter, topping the consensus estimate of $1.50 by $0.08. The company had revenue of $4.79 billion during the quarter, compared to analyst estimates 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 company’s revenue was up 5.9% on a year-over-year basis. During the same quarter last year, the business posted $1.29 earnings per share. On average, equities analysts forecast that The Bank of New York Mellon Co. will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The business 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. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.11%. The ex-dividend date was Monday, April 21st. Bank of New York Mellon’s dividend payout ratio is currently 30.62%.

Insider Activity at Bank of New York Mellon

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

Analysts Set New Price Targets

Several equities research analysts recently weighed in on BK shares. Wall Street Zen cut shares of Bank of New York Mellon from a “buy” rating to a “hold” rating in a research note on Wednesday, February 19th. Wells Fargo & Company increased their target price on shares of Bank of New York Mellon from $86.00 to $96.00 and gave the company an “equal weight” rating in a research note on Monday, March 3rd. Morgan Stanley reduced their target price on shares of Bank of New York Mellon from $99.00 to $98.00 and set an “overweight” rating for the company in a research note on Wednesday, April 2nd. Truist Financial cut their price target on shares of Bank of New York Mellon from $90.00 to $87.00 and set a “buy” rating for the company in a research note on Monday, April 14th. Finally, Evercore ISI raised their price target on shares of 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. Six investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $91.31.

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.