HB Wealth Management LLC Raises Stake in The Bank of New York Mellon Corporation $BK

HB Wealth Management LLC raised its position in The Bank of New York Mellon Corporation (NYSE:BK) by 7.4% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 32,050 shares of the bank’s stock after acquiring an additional 2,201 shares during the quarter. HB Wealth Management LLC’s holdings in Bank of New York Mellon were worth $2,920,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in BK. Leonard Rickey Investment Advisors P.L.L.C. grew its stake in shares of Bank of New York Mellon by 2.2% during the 2nd quarter. Leonard Rickey Investment Advisors P.L.L.C. now owns 5,094 shares of the bank’s stock worth $464,000 after purchasing an additional 112 shares during the period. Sax Wealth Advisors LLC grew its stake in shares of Bank of New York Mellon by 2.3% during the 1st quarter. Sax Wealth Advisors LLC now owns 5,278 shares of the bank’s stock worth $443,000 after purchasing an additional 117 shares during the period. Hemington Wealth Management grew its stake in shares of Bank of New York Mellon by 8.0% during the 1st quarter. Hemington Wealth Management now owns 1,628 shares of the bank’s stock worth $136,000 after purchasing an additional 121 shares during the period. Y.D. More Investments Ltd grew its stake in shares of Bank of New York Mellon by 13.8% during the 1st quarter. Y.D. More Investments Ltd now owns 1,030 shares of the bank’s stock worth $86,000 after purchasing an additional 125 shares during the period. Finally, Resources Management Corp CT ADV grew its stake in shares of Bank of New York Mellon by 5.9% during the 1st quarter. Resources Management Corp CT ADV now owns 2,260 shares of the bank’s stock worth $190,000 after purchasing an additional 125 shares during the period. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. Evercore ISI upped their price target on shares of Bank of New York Mellon from $91.00 to $110.00 and gave the stock an “in-line” rating in a research note on Tuesday. TD Cowen assumed coverage on shares of Bank of New York Mellon in a research note on Thursday, September 25th. They set a “buy” rating on the stock. Keefe, Bruyette & Woods upped 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. Truist Financial upped 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 research note on Thursday, August 14th. Finally, Citigroup upped their price target on shares of Bank of New York Mellon from $92.00 to $105.00 and gave the stock a “neutral” rating in a research note on Friday, September 5th. Eight equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $100.92.

Bank of New York Mellon Price Performance

NYSE:BK opened at $106.89 on Thursday. The firm has a market cap of $75.39 billion, a price-to-earnings ratio of 16.32, a price-to-earnings-growth ratio of 1.03 and a beta of 1.13. 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 company’s 50-day moving average is $104.36 and its two-hundred day moving average is $92.60. The Bank of New York Mellon Corporation has a 12-month low of $70.41 and a 12-month high of $110.87.

Bank of New York Mellon (NYSE:BK) last released its earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.73 by $0.21. The company had revenue of $4.77 billion for the quarter, compared to analyst estimates 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 firm’s quarterly revenue was up 9.4% on a year-over-year basis. During the same period in the prior year, the firm earned $1.51 EPS. Research analysts expect 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 announced a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Friday, July 25th were issued a $0.53 dividend. This is a positive change from Bank of New York Mellon’s previous quarterly dividend of $0.47. The ex-dividend date was Friday, July 25th. This represents a $2.12 dividend on an annualized basis and a yield of 2.0%. Bank of New York Mellon’s payout ratio is currently 32.37%.

Insider Transactions at Bank of New York Mellon

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of the company’s stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $98.45, for a total value of $1,969,000.00. Following the transaction, the executive vice president directly owned 35,115 shares in the company, valued at approximately $3,457,071.75. This represents a 36.29% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.14% of the company’s stock.

Bank of New York Mellon 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.