Hartford Financial Management Inc. Purchases 219 Shares of The Bank of New York Mellon Corporation (NYSE:BK)

Hartford Financial Management Inc. lifted its position in The Bank of New York Mellon Corporation (NYSE:BK) by 43.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 723 shares of the bank’s stock after purchasing an additional 219 shares during the quarter. Hartford Financial Management Inc.’s holdings in Bank of New York Mellon were worth $61,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Premier Path Wealth Partners LLC increased its holdings in shares of Bank of New York Mellon by 0.7% in the first quarter. Premier Path Wealth Partners LLC now owns 23,214 shares of the bank’s stock worth $1,947,000 after purchasing an additional 170 shares during the period. Friedenthal Financial increased its stake in Bank of New York Mellon by 26.0% in the first quarter. Friedenthal Financial now owns 926 shares of the bank’s stock valued at $78,000 after acquiring an additional 191 shares during the last quarter. State of Alaska Department of Revenue increased its stake in Bank of New York Mellon by 1.4% in the first quarter. State of Alaska Department of Revenue now owns 84,104 shares of the bank’s stock valued at $7,053,000 after acquiring an additional 1,200 shares during the last quarter. CWA Asset Management Group LLC increased its stake in Bank of New York Mellon by 8.1% in the first quarter. CWA Asset Management Group LLC now owns 42,159 shares of the bank’s stock valued at $3,536,000 after acquiring an additional 3,148 shares during the last quarter. Finally, Warner Financial Inc. bought a new position in Bank of New York Mellon in the first quarter valued at $506,000. Institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Stock Up 1.9%

Shares of NYSE:BK opened at $91.49 on Thursday. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 0.81. The stock’s 50-day moving average price is $84.93 and its 200-day moving average price is $83.10. The stock has a market capitalization of $65.46 billion, a P/E ratio of 14.90, a price-to-earnings-growth ratio of 1.00 and a beta of 1.08. The Bank of New York Mellon Corporation has a 12-month low of $58.19 and a 12-month high of $92.08.

Bank of New York Mellon (NYSE:BK) last posted its earnings results on Friday, April 11th. The bank reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.50 by $0.08. The company had revenue of $4.79 billion for the quarter, compared to analysts’ expectations of $4.76 billion. Bank of New York Mellon had a return on equity of 12.96% and a net margin of 11.78%. Bank of New York Mellon’s quarterly revenue was up 5.9% on a year-over-year basis. During the same period last year, the firm earned $1.29 earnings per share. On average, equities analysts anticipate that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current year.

Bank of New York Mellon Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 2nd. Investors of record on Monday, April 21st were paid a $0.47 dividend. The ex-dividend date of this dividend was Monday, April 21st. This represents a $1.88 annualized dividend and a dividend yield of 2.05%. Bank of New York Mellon’s payout ratio is presently 30.62%.

Insider Buying and Selling

In other Bank of New York Mellon news, VP Catherine Keating sold 65,473 shares of the firm’s stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $77.31, for a total value of $5,061,717.63. Following the completion of the sale, the vice president now directly owns 87,542 shares in the company, valued at $6,767,872.02. This trade represents a 42.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP J Kevin Mccarthy sold 30,000 shares of the firm’s stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $79.03, for a total transaction of $2,370,900.00. Following the completion of the sale, the executive vice president now owns 55,115 shares of the company’s stock, valued at $4,355,738.45. This trade represents a 35.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 101,114 shares of company stock valued at $7,869,795 over the last ninety days. 0.14% of the stock is owned by insiders.

Analyst Ratings Changes

BK has been the topic of a number of research analyst reports. Wall Street Zen cut Bank of New York Mellon from a “buy” rating to a “hold” rating in a research note on Wednesday, February 19th. Royal Bank Of Canada reissued a “sector perform” rating and issued a $90.00 target price on shares of Bank of New York Mellon in a research note on Monday, March 17th. Evercore ISI increased their target price on Bank of New York Mellon from $83.00 to $87.00 and gave the company an “in-line” rating in a research note on Tuesday, April 1st. Truist Financial cut Bank of New York Mellon from a “buy” rating to a “hold” rating and increased their target price for the company from $87.00 to $97.00 in a research note on Wednesday, May 28th. Finally, Morgan Stanley increased their target price on Bank of New York Mellon from $94.00 to $95.00 and gave the company an “overweight” rating in a research note on Tuesday, June 3rd. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $91.85.

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.