The Bank of New York Mellon Corporation (NYSE:BK) is Granite Group Advisors LLC’s 7th Largest Position

Granite Group Advisors LLC trimmed its stake in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 21.5% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 30,537 shares of the bank’s stock after selling 8,361 shares during the period. Bank of New York Mellon makes up 1.8% of Granite Group Advisors LLC’s investment portfolio, making the stock its 7th largest holding. Granite Group Advisors LLC’s holdings in Bank of New York Mellon were worth $2,561,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Parvin Asset Management LLC purchased a new stake in Bank of New York Mellon during the fourth quarter valued at approximately $25,000. Opal Wealth Advisors LLC purchased a new stake in Bank of New York Mellon during the first quarter valued at approximately $25,000. Alpine Bank Wealth Management bought a new position in shares of Bank of New York Mellon in the first quarter worth approximately $25,000. Bellwether Advisors LLC bought a new position in shares of Bank of New York Mellon in the fourth quarter worth approximately $28,000. Finally, REAP Financial Group LLC boosted its position in shares of 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 during the period. 85.31% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

BK has been the subject of a number of research reports. Keefe, Bruyette & Woods upped their target price on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 16th. Wells Fargo & Company upped their target price on shares of Bank of New York Mellon from $96.00 to $100.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 16th. Truist Financial upped their target price on shares of Bank of New York Mellon from $97.00 to $100.00 and gave the stock a “hold” rating in a research report on Wednesday, July 16th. Evercore ISI upped their target price on shares of Bank of New York Mellon from $88.00 to $90.00 and gave the stock an “in-line” rating in a research report on Wednesday, July 2nd. Finally, Morgan Stanley upped their target price on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 16th. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, Bank of New York Mellon has a consensus rating of “Moderate Buy” and a consensus price target of $94.38.

Insider Transactions at Bank of New York Mellon

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 30,000 shares of Bank of New York Mellon stock in a transaction 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 sale, the executive vice president owned 55,115 shares of the company’s stock, valued at $4,355,738.45. The trade was a 35.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.14% of the stock is currently owned by company insiders.

Bank of New York Mellon Stock Up 0.4%

Shares of Bank of New York Mellon stock opened at $99.04 on Wednesday. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.69. The Bank of New York Mellon Corporation has a 1 year low of $60.93 and a 1 year high of $99.42. The firm’s 50-day moving average is $90.84 and its two-hundred day moving average is $85.34. The stock has a market cap of $70.85 billion, a price-to-earnings ratio of 15.12, a PEG ratio of 0.97 and a beta of 1.07.

Bank of New York Mellon (NYSE:BK) last released its earnings results on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, topping analysts’ consensus estimates of $1.73 by $0.21. The company had revenue of $4.77 billion during the quarter, compared to analysts’ expectations of $4.80 billion. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. Bank of New York Mellon’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same period last year, the business earned $1.51 EPS. As a group, research analysts expect that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 7th. Investors of record on Friday, July 25th will be paid a $0.53 dividend. The ex-dividend date of this dividend is Friday, July 25th. This represents a $2.12 dividend on an annualized basis and a yield of 2.14%. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.47. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 28.70%.

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.