State of Alaska Department of Revenue Increases Stock Position in The Bank of New York Mellon Corporation (NYSE:BK)

State of Alaska Department of Revenue lifted its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 1.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 84,104 shares of the bank’s stock after purchasing an additional 1,200 shares during the period. State of Alaska Department of Revenue’s holdings in Bank of New York Mellon were worth $7,053,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Opal Wealth Advisors LLC purchased a new position in Bank of New York Mellon in the 1st quarter valued at about $25,000. Parvin Asset Management LLC purchased a new stake in shares of Bank of New York Mellon during the fourth quarter worth about $25,000. Bellwether Advisors LLC acquired a new position in shares of Bank of New York Mellon in the fourth quarter valued at approximately $28,000. REAP Financial Group LLC lifted its stake in shares of Bank of New York Mellon by 123.2% during the fourth quarter. REAP Financial Group LLC now owns 395 shares of the bank’s stock valued at $30,000 after buying an additional 218 shares during the period. Finally, Transce3nd LLC purchased a new position in shares of Bank of New York Mellon during the fourth quarter valued at approximately $33,000. 85.31% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, VP Catherine Keating sold 65,473 shares of the firm’s stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $77.31, for a total transaction 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 legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP J Kevin Mccarthy sold 30,000 shares of the business’s stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $79.03, for a total value of $2,370,900.00. Following the completion of the transaction, the executive vice president now owns 55,115 shares in the company, valued at approximately $4,355,738.45. This trade represents a 35.25% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 101,114 shares of company stock valued at $7,869,795. Corporate insiders own 0.14% of the company’s stock.

Bank of New York Mellon Trading Up 1.9%

Shares of BK stock opened at $91.49 on Friday. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 0.81. The Bank of New York Mellon Corporation has a fifty-two week low of $58.19 and a fifty-two week high of $92.08. The firm’s 50 day moving average price is $85.23 and its two-hundred day moving average price is $83.17. The stock has a market cap of $65.46 billion, a price-to-earnings ratio of 14.90, a price-to-earnings-growth ratio of 1.02 and a beta of 1.08.

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

Bank of New York Mellon Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 2nd. Investors of record on Monday, April 21st were issued a dividend of $0.47 per share. 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 currently 30.62%.

Analysts Set New Price Targets

Several research analysts have weighed in on BK shares. Citigroup boosted their price target on Bank of New York Mellon from $82.00 to $85.00 and gave the company a “neutral” rating in a report on Monday, March 24th. Evercore ISI upped 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. Wells Fargo & Company raised their price target on Bank of New York Mellon from $86.00 to $96.00 and gave the stock an “equal weight” rating in a research note on Monday, March 3rd. Truist Financial cut Bank of New York Mellon from a “buy” rating to a “hold” rating and lifted their price target for the company from $87.00 to $97.00 in a report on Wednesday, May 28th. Finally, Morgan Stanley increased their price objective on shares of Bank of New York Mellon from $94.00 to $95.00 and gave the stock an “overweight” rating in a report on Tuesday, June 3rd. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, Bank of New York Mellon presently has a consensus 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.