Verdence Capital Advisors LLC Boosts Stake in The Bank of New York Mellon Corporation $BK

Verdence Capital Advisors LLC grew its position in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 2.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 23,534 shares of the bank’s stock after purchasing an additional 509 shares during the period. Verdence Capital Advisors LLC’s holdings in Bank of New York Mellon were worth $2,144,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in BK. Nuveen LLC bought a new stake in Bank of New York Mellon during the first quarter worth about $773,627,000. AustralianSuper Pty Ltd bought a new stake in Bank of New York Mellon during the first quarter worth about $92,502,000. Goldman Sachs Group Inc. lifted its stake in Bank of New York Mellon by 26.3% during the first quarter. Goldman Sachs Group Inc. now owns 5,053,744 shares of the bank’s stock worth $423,858,000 after purchasing an additional 1,052,145 shares during the last quarter. Wellington Management Group LLP lifted its stake in Bank of New York Mellon by 257.6% during the first quarter. Wellington Management Group LLP now owns 1,236,255 shares of the bank’s stock worth $103,685,000 after purchasing an additional 890,593 shares during the last quarter. Finally, AQR Capital Management LLC lifted its stake in Bank of New York Mellon by 37.7% during the first quarter. AQR Capital Management LLC now owns 3,244,204 shares of the bank’s stock worth $266,349,000 after purchasing an additional 887,361 shares during the last quarter. Institutional investors own 85.31% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on BK. Citigroup lifted their price target on 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. TD Cowen assumed coverage on Bank of New York Mellon in a research note on Thursday, September 25th. They issued a “buy” rating for the company. The Goldman Sachs Group boosted their target price on Bank of New York Mellon from $106.00 to $120.00 and gave the company a “buy” rating in a research note on Monday, October 6th. Morgan Stanley boosted their target price on Bank of New York Mellon from $101.00 to $116.00 and gave the company an “overweight” rating in a research note on Monday, September 29th. Finally, Wells Fargo & Company boosted 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 note on Wednesday, July 16th. Ten research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, Bank of New York Mellon has an average rating of “Moderate Buy” and a consensus price target of $106.77.

Bank of New York Mellon Trading Up 1.6%

BK opened at $106.26 on Tuesday. The business has a 50 day simple moving average of $105.19 and a two-hundred day simple moving average of $93.97. The firm has a market capitalization of $74.94 billion, a price-to-earnings ratio of 16.22, a PEG ratio of 0.98 and a beta of 1.13. 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 one year low of $70.46 and a one year high of $110.87.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Tuesday, March 26th. The bank reported $1.30 EPS for the quarter. The business had revenue of $4.38 billion during the quarter. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%. Analysts predict that The Bank of New York Mellon Corporation will post 6.96 EPS for the current year.

Insider Buying and Selling

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of the company’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 transaction of $1,969,000.00. Following the completion of the transaction, the executive vice president owned 35,115 shares of the company’s stock, valued at $3,457,071.75. This represents a 36.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.14% of the stock is owned by insiders.

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.