Hanson & Doremus Investment Management Raises Stake in The Bank of New York Mellon Co. (NYSE:BK)

Hanson & Doremus Investment Management lifted its position in The Bank of New York Mellon Co. (NYSE:BK) by 37.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,202 shares of the bank’s stock after acquiring an additional 600 shares during the quarter. Hanson & Doremus Investment Management’s holdings in Bank of New York Mellon were worth $185,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Opal Wealth Advisors LLC bought a new stake in shares of Bank of New York Mellon in the first quarter valued at about $25,000. Parvin Asset Management LLC bought a new position in Bank of New York Mellon in the fourth quarter worth about $25,000. Bellwether Advisors LLC bought a new position in Bank of New York Mellon in the fourth quarter worth about $28,000. REAP Financial Group LLC raised its holdings in Bank of New York Mellon by 123.2% in the fourth quarter. REAP Financial Group LLC now owns 395 shares of the bank’s stock worth $30,000 after purchasing an additional 218 shares in the last quarter. Finally, Transce3nd LLC bought a new position in Bank of New York Mellon in the fourth quarter worth about $33,000. 85.31% of the stock is currently owned by institutional investors.

Bank of New York Mellon Price Performance

Shares of NYSE BK opened at $90.46 on Tuesday. The business’s 50 day moving average price is $84.48 and its 200 day moving average price is $83.00. The firm has a market cap of $64.72 billion, a P/E ratio of 15.57, a P/E/G ratio of 0.97 and a beta of 1.08. The Bank of New York Mellon Co. has a 52 week low of $57.18 and a 52 week high of $90.63. The company has a quick ratio of 0.70, a current ratio of 0.69 and a debt-to-equity ratio of 0.83.

Bank of New York Mellon (NYSE:BK) last issued 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 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 revenue for the quarter was up 5.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.29 earnings per share. On average, sell-side analysts expect that The Bank of New York Mellon Co. will post 6.96 earnings per share for the current year.

Bank of New York Mellon Dividend Announcement

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

Insider Activity at Bank of New York Mellon

In other Bank of New York Mellon news, insider Kurtis R. Kurimsky sold 5,641 shares of the company’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 sale, 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 position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP J Kevin Mccarthy sold 30,000 shares of the company’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 value 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 approximately $4,355,738.45. This represents a 35.25% decrease in their position. 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 over the last quarter. Insiders own 0.14% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on BK shares. 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 report on Tuesday, June 3rd. Truist Financial downgraded shares of Bank of New York Mellon from a “buy” rating to a “hold” rating and boosted their target price for the stock from $87.00 to $97.00 in a report on Wednesday, May 28th. Evercore ISI boosted their target price on shares of Bank of New York Mellon from $83.00 to $87.00 and gave the stock an “in-line” rating in a report on Tuesday, April 1st. Wall Street Zen downgraded shares of Bank of New York Mellon from a “buy” rating to a “hold” rating in a report on Wednesday, February 19th. Finally, Citigroup upped 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 report on Monday, March 24th. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target 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.