The Bank of New York Mellon Corporation $BK Shares Purchased by SteelPeak Wealth LLC

SteelPeak Wealth LLC raised its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 1,270.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 47,364 shares of the bank’s stock after buying an additional 43,908 shares during the period. SteelPeak Wealth LLC’s holdings in Bank of New York Mellon were worth $4,315,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Alpine Bank Wealth Management acquired a new position in Bank of New York Mellon during the first quarter valued at approximately $25,000. Opal Wealth Advisors LLC acquired a new position in shares of Bank of New York Mellon during the first quarter worth $25,000. Hoey Investments Inc. acquired a new position in shares of Bank of New York Mellon during the second quarter worth $32,000. Orion Capital Management LLC acquired a new position in shares of Bank of New York Mellon during the first quarter worth $32,000. Finally, Cornerstone Planning Group LLC lifted its position in shares of 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 purchasing an additional 196 shares in the last quarter. 85.31% of the stock is owned by institutional investors and hedge funds.

Bank of New York Mellon Trading Down 0.1%

BK opened at $106.46 on Tuesday. The stock has a market capitalization of $75.08 billion, a PE ratio of 16.25, a P/E/G ratio of 1.01 and a beta of 1.13. The firm’s fifty day moving average price is $104.71 and its 200 day moving average price is $93.21. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.72. The Bank of New York Mellon Corporation has a 12-month low of $70.46 and a 12-month high of $110.87.

Bank of New York Mellon (NYSE:BK) last posted 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 for the quarter, compared to analysts’ expectations of $4.80 billion. During the same period in the prior year, the company posted $1.51 earnings per share. The firm’s quarterly revenue was up 9.4% on a year-over-year basis. As a group, research analysts expect 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 firm also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Friday, July 25th were paid a dividend of $0.53 per share. 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 annualized dividend and a yield of 2.0%. Bank of New York Mellon’s payout ratio is presently 32.37%.

Insiders Place Their Bets

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of the business’s stock in a transaction on 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 sale, the executive vice president owned 35,115 shares in the company, valued at $3,457,071.75. The trade was a 36.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.14% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Morgan Stanley boosted their target price on shares of Bank of New York Mellon from $101.00 to $116.00 and gave the stock an “overweight” rating in a research report on Monday, September 29th. Evercore ISI boosted their target price 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 report on Tuesday, September 30th. TD Cowen assumed coverage on shares of Bank of New York Mellon in a research report on Thursday, September 25th. They set a “buy” rating on the stock. Keefe, Bruyette & Woods boosted 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 research report on Wednesday, July 16th. Finally, BMO Capital Markets started coverage on shares of Bank of New York Mellon in a report on Friday. They issued an “outperform” rating and a $125.00 price target on the stock. Ten equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $106.77.

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.