Wealth Management Associates Inc. Invests $210,000 in The Bank of New York Mellon Corporation $BK

Wealth Management Associates Inc. bought a new position in shares of The Bank of New York Mellon Corporation (NYSE:BK) in the 1st quarter, Holdings Channel.com reports. The institutional investor bought 2,498 shares of the bank’s stock, valued at approximately $210,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in BK. Nuveen LLC bought a new stake in Bank of New York Mellon in the 1st quarter valued at $773,627,000. GAMMA Investing LLC boosted its stake in Bank of New York Mellon by 9,538.9% in the 1st quarter. GAMMA Investing LLC now owns 1,399,958 shares of the bank’s stock valued at $117,414,000 after purchasing an additional 1,385,434 shares during the period. AustralianSuper Pty Ltd bought a new stake in Bank of New York Mellon in the 1st quarter valued at $92,502,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Bank of New York Mellon by 15.9% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,689,477 shares of the bank’s stock valued at $590,783,000 after purchasing an additional 1,055,389 shares during the period. Finally, Goldman Sachs Group Inc. boosted its stake in Bank of New York Mellon by 26.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 5,053,744 shares of the bank’s stock valued at $423,858,000 after purchasing an additional 1,052,145 shares during the period. 85.31% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

BK has been the subject of several recent research reports. Evercore ISI boosted their price target on Bank of New York Mellon from $88.00 to $90.00 and gave the company an “in-line” rating in a research note on Wednesday, July 2nd. Keefe, Bruyette & Woods upped their target price on Bank of New York Mellon from $105.00 to $113.00 and gave the company an “outperform” rating in a research report on Wednesday, July 16th. Morgan Stanley upped their target price on Bank of New York Mellon from $95.00 to $101.00 and gave the company an “overweight” rating in a research report on Wednesday, July 16th. Truist Financial upped their target price on Bank of New York Mellon from $100.00 to $109.00 and gave the company a “hold” rating in a research report on Thursday, August 14th. Finally, Wells Fargo & Company upped their target price on 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. Eight equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, Bank of New York Mellon currently has an average rating of “Moderate Buy” and an average target price of $96.62.

Bank of New York Mellon Trading Down 0.8%

Shares of NYSE BK opened at $103.96 on Thursday. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.72 and a current ratio of 0.72. The Bank of New York Mellon Corporation has a 52-week low of $66.01 and a 52-week high of $106.57. The firm has a 50 day moving average price of $100.59 and a two-hundred day moving average price of $90.23. The stock has a market cap of $73.32 billion, a P/E ratio of 15.87, a price-to-earnings-growth ratio of 0.99 and a beta of 1.14.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.73 by $0.21. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. The firm had revenue of $4.77 billion during the quarter, compared to analysts’ expectations of $4.80 billion. During the same period in the prior year, the company posted $1.51 EPS. The company’s revenue was up 9.4% on a year-over-year basis. As a group, equities analysts forecast 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 firm also recently disclosed 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 is an increase from Bank of New York Mellon’s previous quarterly dividend of $0.47. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date was Friday, July 25th. Bank of New York Mellon’s dividend payout ratio is 32.37%.

Insider Activity

In other news, EVP J Kevin Mccarthy sold 20,000 shares of Bank of New York Mellon stock in a transaction dated Tuesday, July 22nd. The shares were 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 in the company, valued at $3,457,071.75. This trade represents a 36.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.14% of the stock is 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.