Legacy Financial Advisors Inc. Takes Position in The Bank of New York Mellon Corporation $BK

Legacy Financial Advisors Inc. purchased a new position in The Bank of New York Mellon Corporation (NYSE:BK) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 3,614 shares of the bank’s stock, valued at approximately $303,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of BK. Hsbc Holdings PLC increased its holdings in shares of Bank of New York Mellon by 0.5% in the first quarter. Hsbc Holdings PLC now owns 2,465,689 shares of the bank’s stock worth $206,311,000 after buying an additional 12,939 shares during the period. Wellington Management Group LLP grew its position in Bank of New York Mellon by 257.6% during the 1st quarter. Wellington Management Group LLP now owns 1,236,255 shares of the bank’s stock worth $103,685,000 after acquiring an additional 890,593 shares during the last quarter. Aptus Capital Advisors LLC grew its position in Bank of New York Mellon by 3.4% during the 1st quarter. Aptus Capital Advisors LLC now owns 8,542 shares of the bank’s stock worth $716,000 after acquiring an additional 280 shares during the last quarter. Brooklyn Investment Group increased its stake in Bank of New York Mellon by 25.2% in the 1st quarter. Brooklyn Investment Group now owns 4,782 shares of the bank’s stock worth $401,000 after purchasing an additional 961 shares during the period. Finally, FCG Investment Co bought a new stake in Bank of New York Mellon in the first quarter valued at approximately $1,378,000. 85.31% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have recently weighed in on BK. Morgan Stanley increased their price objective on Bank of New York Mellon from $95.00 to $101.00 and gave the company an “overweight” rating in a research note on Wednesday, July 16th. Wells Fargo & Company increased their price target on shares of Bank of New York Mellon from $96.00 to $100.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 16th. Truist Financial raised their price target on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the stock a “hold” rating in a report on Thursday, August 14th. Evercore ISI boosted their price objective on shares of Bank of New York Mellon from $88.00 to $90.00 and gave the company an “in-line” rating in a research report on Wednesday, July 2nd. Finally, Keefe, Bruyette & Woods increased 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 report on Wednesday, July 16th. Eight research analysts have rated the stock with a Buy rating and six have assigned a Hold 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 target price of $95.08.

Insider Buying and Selling at Bank of New York Mellon

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

Bank of New York Mellon Stock Up 0.1%

Shares of Bank of New York Mellon stock opened at $101.20 on Thursday. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.86. The Bank of New York Mellon Corporation has a 12-month low of $65.01 and a 12-month high of $104.47. The company has a market cap of $71.37 billion, a P/E ratio of 15.45, a PEG ratio of 0.95 and a beta of 1.12. The company’s fifty day simple moving average is $96.45 and its two-hundred day simple moving average is $88.39.

Bank of New York Mellon (NYSE:BK) last posted its earnings results on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, topping the consensus estimate of $1.73 by $0.21. The firm 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%. The company’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same period last year, the company posted $1.51 EPS. Research analysts anticipate that The Bank of New York Mellon Corporation will post 6.96 EPS for the current year.

Bank of New York Mellon Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Friday, July 25th were given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend was Friday, July 25th. This is a positive change from Bank of New York Mellon’s previous quarterly dividend of $0.47. Bank of New York Mellon’s payout ratio is presently 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.