Iron Horse Wealth Management LLC Purchases 900 Shares of The Bank of New York Mellon Corporation $BK

Iron Horse Wealth Management LLC lifted its position in The Bank of New York Mellon Corporation (NYSE:BK) by 4,500.0% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 920 shares of the bank’s stock after purchasing an additional 900 shares during the quarter. Iron Horse Wealth Management LLC’s holdings in Bank of New York Mellon were worth $84,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Alpine Bank Wealth Management bought a new stake in Bank of New York Mellon during the first quarter worth approximately $25,000. Opal Wealth Advisors LLC bought a new stake in Bank of New York Mellon during the first quarter worth approximately $25,000. Hoey Investments Inc. bought a new stake in Bank of New York Mellon during the second quarter worth approximately $32,000. Orion Capital Management LLC bought a new stake in Bank of New York Mellon during the first quarter worth approximately $32,000. Finally, Cornerstone Planning Group LLC increased its stake in Bank of New York Mellon by 100.0% during the first quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank’s stock worth $30,000 after acquiring an additional 196 shares during the last quarter. 85.31% of the stock is owned by institutional investors.

Bank of New York Mellon Trading Up 0.1%

BK opened at $106.48 on Friday. 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 stock has a market cap of $75.09 billion, a price-to-earnings ratio of 16.26, a P/E/G ratio of 1.01 and a beta of 1.13. The stock’s 50 day moving average price is $104.60 and its 200-day moving average price is $92.99. The Bank of New York Mellon Corporation has a one year low of $70.46 and a one year high of $110.87.

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 analysts’ consensus estimates 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 quarter in the previous year, the business earned $1.51 earnings per share. On average, 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 company also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were issued a $0.53 dividend. The ex-dividend date was Friday, July 25th. This is a positive change 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%. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 32.37%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. BMO Capital Markets assumed coverage on Bank of New York Mellon in a research note on Friday. They set an “outperform” rating and a $125.00 price objective on the stock. Evercore ISI boosted their price objective on 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, September 30th. Wells Fargo & Company boosted their price objective on Bank of New York Mellon from $96.00 to $100.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 16th. Keefe, Bruyette & Woods boosted 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. Finally, Citigroup upped their target price on Bank of New York Mellon from $92.00 to $105.00 and gave the company a “neutral” rating in a research note on Friday, September 5th. Ten 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 has a consensus rating of “Moderate Buy” and a consensus price target of $103.46.

Insider Activity

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the business’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 value of $1,969,000.00. Following the completion of the sale, the executive vice president owned 35,115 shares in the company, valued at approximately $3,457,071.75. The trade was 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 accessible through the SEC website. Insiders own 0.14% of the company’s stock.

Bank of New York Mellon Company 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.