The Bank of New York Mellon Corporation $BK Shares Sold by TD Asset Management Inc

TD Asset Management Inc lessened its position in The Bank of New York Mellon Corporation (NYSE:BK) by 25.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 263,089 shares of the bank’s stock after selling 88,225 shares during the quarter. TD Asset Management Inc’s holdings in Bank of New York Mellon were worth $23,970,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in BK. Revolve Wealth Partners LLC purchased a new stake in Bank of New York Mellon during the 4th quarter worth approximately $220,000. GAMMA Investing LLC increased its position in shares of Bank of New York Mellon by 14.9% during the first quarter. GAMMA Investing LLC now owns 16,692 shares of the bank’s stock worth $1,400,000 after acquiring an additional 2,168 shares during the period. Wealth Enhancement Advisory Services LLC raised its stake in shares of Bank of New York Mellon by 29.1% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 223,438 shares of the bank’s stock valued at $18,740,000 after acquiring an additional 50,368 shares in the last quarter. Sowell Financial Services LLC purchased a new position in Bank of New York Mellon in the first quarter valued at $695,000. Finally, State of Alaska Department of Revenue grew its stake in Bank of New York Mellon by 1.4% during the 1st quarter. State of Alaska Department of Revenue now owns 84,104 shares of the bank’s stock worth $7,053,000 after purchasing an additional 1,200 shares in the last quarter. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Wall Street Analyst Weigh In

BK has been the topic of a number of analyst reports. TD Cowen initiated coverage on Bank of New York Mellon in a research report on Thursday, September 25th. They issued a “buy” rating on the stock. Barclays raised their target price on shares of Bank of New York Mellon from $104.00 to $120.00 and gave the company an “overweight” rating in a report on Friday. The Goldman Sachs Group boosted their price target on shares of Bank of New York Mellon from $106.00 to $120.00 and gave the stock a “buy” rating in a report on Monday, October 6th. Truist Financial raised their price objective on shares of Bank of New York Mellon from $118.00 to $119.00 and gave the company a “hold” rating in a report on Friday. Finally, 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 note on Monday, September 29th. Ten analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $109.62.

Bank of New York Mellon Price Performance

Shares of NYSE BK opened at $105.77 on Friday. The stock’s 50-day simple moving average is $105.59 and its 200-day simple moving average is $94.47. The firm has a market capitalization of $74.59 billion, a PE ratio of 15.26, a price-to-earnings-growth ratio of 1.00 and a beta of 1.13. The Bank of New York Mellon Corporation has a fifty-two week low of $70.46 and a fifty-two week high of $110.87. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.72 and a current ratio of 0.70.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Tuesday, March 26th. The bank reported $1.30 EPS for the quarter. The company had revenue of $4.38 billion for the quarter. Bank of New York Mellon had a net margin of 12.86% and a return on equity of 14.03%. As a group, equities 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 Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 7th. Investors of record on Monday, October 27th will be given a $0.53 dividend. The ex-dividend date of this dividend is Monday, October 27th. 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 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 firm’s stock in a transaction dated 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 transaction, the executive vice president owned 35,115 shares of the company’s stock, valued at approximately $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 SEC, which can be accessed through this hyperlink. 0.14% of the stock is owned by corporate insiders.

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.