Murphy Middleton Hinkle & Parker Inc. Purchases Shares of 2,398 The Bank of New York Mellon Co. (NYSE:BK)

Murphy Middleton Hinkle & Parker Inc. purchased a new position in The Bank of New York Mellon Co. (NYSE:BK) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 2,398 shares of the bank’s stock, valued at approximately $201,000.

Other large investors have also modified their holdings of the company. O Shaughnessy Asset Management LLC boosted its stake in Bank of New York Mellon by 11.7% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 786,496 shares of the bank’s stock worth $60,426,000 after purchasing an additional 82,671 shares in the last quarter. Natixis Advisors LLC raised its holdings in shares of Bank of New York Mellon by 6.5% in the fourth quarter. Natixis Advisors LLC now owns 285,965 shares of the bank’s stock worth $21,971,000 after buying an additional 17,457 shares during the last quarter. Benson Investment Management Company Inc. acquired a new stake in shares of Bank of New York Mellon during the first quarter worth $5,259,000. NEOS Investment Management LLC grew its holdings in shares of Bank of New York Mellon by 31.6% during the fourth quarter. NEOS Investment Management LLC now owns 46,647 shares of the bank’s stock valued at $3,584,000 after buying an additional 11,200 shares during the last quarter. Finally, State of Tennessee Department of Treasury grew its holdings in shares of Bank of New York Mellon by 2.0% during the fourth quarter. State of Tennessee Department of Treasury now owns 324,440 shares of the bank’s stock valued at $24,927,000 after buying an additional 6,307 shares during the last quarter. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Price Performance

Shares of NYSE BK opened at $89.96 on Wednesday. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.69 and a quick ratio of 0.70. The firm’s 50 day simple moving average is $83.19 and its 200-day simple moving average is $82.77. 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 capitalization of $64.36 billion, a price-to-earnings ratio of 15.48, a PEG ratio of 0.97 and a beta of 1.08.

Bank of New York Mellon (NYSE:BK) last posted its earnings results on Friday, April 11th. The bank reported $1.58 EPS for the quarter, beating analysts’ consensus estimates of $1.50 by $0.08. The firm had revenue of $4.79 billion for the quarter, compared to analysts’ expectations of $4.76 billion. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The company’s quarterly revenue was up 5.9% on a year-over-year basis. During the same period last year, the firm earned $1.29 EPS. Analysts expect 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 firm also recently disclosed a quarterly dividend, which was paid on Friday, May 2nd. Shareholders 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 of this dividend was Monday, April 21st. Bank of New York Mellon’s payout ratio is currently 30.62%.

Analyst Upgrades and Downgrades

BK has been the subject of a number of research reports. Evercore ISI boosted their price target on Bank of New York Mellon from $83.00 to $87.00 and gave the company an “in-line” rating in a research note on Tuesday, April 1st. Wall Street Zen lowered Bank of New York Mellon from a “buy” rating to a “hold” rating in a research report on Wednesday, February 19th. Truist Financial downgraded shares of Bank of New York Mellon from a “buy” rating to a “hold” rating and increased their price target for the stock from $87.00 to $97.00 in a report on Wednesday, May 28th. Citigroup lifted their price objective on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the company a “neutral” rating in a research note on Monday, March 24th. Finally, Wells Fargo & Company upped their price objective on shares of Bank of New York Mellon from $86.00 to $96.00 and gave the company an “equal weight” rating in a report on Monday, March 3rd. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, Bank of New York Mellon has a consensus rating of “Moderate Buy” and an average price target of $91.85.

Insider Activity

In related news, EVP J Kevin Mccarthy sold 30,000 shares of the firm’s stock in a transaction dated Tuesday, April 29th. The shares were sold at an average price of $79.03, for a total value of $2,370,900.00. Following the transaction, the executive vice president now directly owns 55,115 shares of the company’s stock, valued at approximately $4,355,738.45. This trade represents a 35.25% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Catherine Keating sold 65,473 shares of Bank of New York Mellon stock in a transaction dated Monday, April 14th. The stock was 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 in the company, valued at approximately $6,767,872.02. The trade was a 42.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 101,114 shares of company stock worth $7,869,795 over the last three months. 0.14% of the stock is currently owned by corporate insiders.

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.