Norden Group LLC Makes New $237,000 Investment in The Bank of New York Mellon Corporation $BK

Norden Group LLC bought a new position in shares of The Bank of New York Mellon Corporation (NYSE:BK) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor bought 2,598 shares of the bank’s stock, valued at approximately $237,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in BK. Nuveen LLC acquired a new stake in Bank of New York Mellon during the 1st quarter worth $773,627,000. GAMMA Investing LLC boosted its stake in Bank of New York Mellon by 9,538.9% during the 1st quarter. GAMMA Investing LLC now owns 1,399,958 shares of the bank’s stock worth $117,414,000 after purchasing an additional 1,385,434 shares during the last quarter. AustralianSuper Pty Ltd acquired a new position in shares of Bank of New York Mellon during the 1st quarter valued at about $92,502,000. Goldman Sachs Group Inc. boosted its position in shares of Bank of New York Mellon by 26.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 5,053,744 shares of the bank’s stock valued at $423,858,000 after acquiring an additional 1,052,145 shares during the last quarter. Finally, Wellington Management Group LLP boosted its position in shares of 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 valued at $103,685,000 after acquiring an additional 890,593 shares during the last quarter. Institutional investors and hedge funds own 85.31% of the company’s stock.

Insider Buying and Selling at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the stock in a transaction 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 sale, the executive vice president directly owned 35,115 shares of the company’s stock, 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 document filed with the Securities & Exchange Commission, which is available through this link. 0.14% of the stock is currently owned by corporate insiders.

Bank of New York Mellon Stock Performance

Shares of Bank of New York Mellon stock opened at $109.58 on Friday. The firm has a market capitalization of $77.28 billion, a P/E ratio of 16.73, a P/E/G ratio of 1.03 and a beta of 1.14. The Bank of New York Mellon Corporation has a 52 week low of $70.41 and a 52 week high of $110.87. The firm’s 50 day moving average is $103.79 and its two-hundred day moving average is $92.10. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.86.

Bank of New York Mellon (NYSE:BK) last posted 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 business had revenue of $4.77 billion during the quarter, compared to the consensus estimate of $4.80 billion. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%.The company’s revenue was up 9.4% compared to the same quarter last year. During the same period in the prior year, the company earned $1.51 earnings per share. Research analysts forecast that The Bank of New York Mellon Corporation will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were issued a dividend of $0.53 per share. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.47. This represents a $2.12 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend was Friday, July 25th. Bank of New York Mellon’s dividend payout ratio is 32.37%.

Analyst Ratings Changes

Several brokerages have recently weighed in on BK. Evercore ISI boosted their price target 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. Morgan Stanley boosted their price target on shares of 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 boosted their price target on shares of 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. Citigroup upped their target price on shares of Bank of New York Mellon from $92.00 to $105.00 and gave the company a “neutral” rating in a research report on Friday, September 5th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 16th. Eight research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, Bank of New York Mellon presently has a consensus rating of “Moderate Buy” and a consensus target price of $98.00.

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.