Meridian Wealth Management LLC Makes New $297,000 Investment in The Bank of New York Mellon Corporation (NYSE:BK)

Meridian Wealth Management LLC acquired a new position in shares of The Bank of New York Mellon Corporation (NYSE:BK) during the first quarter, HoldingsChannel.com reports. The fund acquired 3,540 shares of the bank’s stock, valued at approximately $297,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. TrueMark Investments LLC acquired a new position in shares of Bank of New York Mellon during the first quarter worth about $4,282,000. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Bank of New York Mellon by 29.1% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 223,438 shares of the bank’s stock worth $18,740,000 after purchasing an additional 50,368 shares in the last quarter. Formidable Asset Management LLC acquired a new position in shares of Bank of New York Mellon during the first quarter worth about $247,000. Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in shares of Bank of New York Mellon by 121.8% during the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 183,602 shares of the bank’s stock worth $15,399,000 after purchasing an additional 100,810 shares in the last quarter. Finally, Benson Investment Management Company Inc. acquired a new position in shares of Bank of New York Mellon during the first quarter worth about $5,259,000. Institutional investors and hedge funds own 85.31% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on BK. Keefe, Bruyette & Woods lifted their target price on 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. Evercore ISI lifted their target price on 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. Truist Financial lifted their target price on 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. Wells Fargo & Company lifted their target price on 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. Finally, Morgan Stanley lifted their target price on 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 investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $94.38.

Insider Activity at Bank of New York Mellon

In other news, EVP J Kevin Mccarthy sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $98.45, for a total transaction of $1,969,000.00. Following the completion of the transaction, the executive vice president directly owned 35,115 shares of the company’s stock, valued at approximately $3,457,071.75. This represents a 36.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.14% of the company’s stock.

Bank of New York Mellon Stock Down 1.6%

Shares of Bank of New York Mellon stock opened at $101.91 on Thursday. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.86. The firm has a market cap of $71.87 billion, a P/E ratio of 15.56, a P/E/G ratio of 1.00 and a beta of 1.12. The Bank of New York Mellon Corporation has a fifty-two week low of $63.50 and a fifty-two week high of $104.47. The business has a 50-day moving average price of $95.25 and a 200 day moving average price of $87.86.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 earnings per share for the quarter, beating the consensus estimate of $1.73 by $0.21. The firm had revenue of $4.77 billion during the quarter, compared to analyst estimates of $4.80 billion. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%. Bank of New York Mellon’s quarterly revenue was up 9.4% on a year-over-year basis. During the same period in the previous year, the company earned $1.51 earnings per share. On average, sell-side analysts forecast 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 announced a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 2.1%. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.47. The ex-dividend date of this dividend was Friday, July 25th. Bank of New York Mellon’s dividend payout ratio is currently 32.37%.

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.