Bennett Associates Wealth Management Buys Shares of 3,025 The Bank of New York Mellon Corporation $BK

Bennett Associates Wealth Management purchased a new position in The Bank of New York Mellon Corporation (NYSE:BK) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,025 shares of the bank’s stock, valued at approximately $276,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Revolve Wealth Partners LLC bought a new position in Bank of New York Mellon in the 4th quarter valued at $220,000. Gateway Investment Advisers LLC boosted its stake in shares of Bank of New York Mellon by 3.0% during the first quarter. Gateway Investment Advisers LLC now owns 16,589 shares of the bank’s stock valued at $1,391,000 after purchasing an additional 478 shares during the period. Sivia Capital Partners LLC bought a new position in shares of Bank of New York Mellon in the first quarter worth about $208,000. Wedmont Private Capital increased its stake in Bank of New York Mellon by 12.4% in the 1st quarter. Wedmont Private Capital now owns 7,075 shares of the bank’s stock worth $550,000 after buying an additional 783 shares during the period. Finally, Patriot Financial Group Insurance Agency LLC lifted its holdings in Bank of New York Mellon by 6.0% during the 1st quarter. Patriot Financial Group Insurance Agency LLC now owns 18,589 shares of the bank’s stock valued at $1,559,000 after buying an additional 1,048 shares in the last quarter. 85.31% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on BK shares. Weiss Ratings reaffirmed a “buy (b+)” rating on shares of Bank of New York Mellon in a research report on Saturday, September 27th. Citigroup raised their price objective on Bank of New York Mellon from $92.00 to $105.00 and gave the stock a “neutral” rating in a report on Friday, September 5th. Evercore ISI lifted their target price on Bank of New York Mellon from $91.00 to $110.00 and gave the company an “in-line” rating in a research report on Tuesday, September 30th. BMO Capital Markets started coverage on Bank of New York Mellon in a research report on Friday. They set an “outperform” rating and a $125.00 price target on the stock. Finally, Keefe, Bruyette & Woods raised their price target on Bank of New York Mellon from $105.00 to $113.00 and gave the company an “outperform” rating in a research note on Wednesday, July 16th. Ten analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, Bank of New York Mellon has a consensus rating of “Moderate Buy” and a consensus price target of $106.77.

Insider Activity

In other news, EVP J Kevin Mccarthy sold 20,000 shares of Bank of New York Mellon stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $98.45, for a total value of $1,969,000.00. Following the transaction, the executive vice president owned 35,115 shares of the company’s stock, valued at $3,457,071.75. The trade was a 36.29% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.14% of the stock is currently owned by insiders.

Bank of New York Mellon Stock Down 0.1%

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

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 earnings per share for the quarter, topping analysts’ consensus estimates of $1.73 by $0.21. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%.The firm had revenue of $4.77 billion during the quarter, compared to analysts’ expectations of $4.80 billion. During the same period in the prior year, the business posted $1.51 EPS. The firm’s quarterly revenue was up 9.4% on a year-over-year basis. As a group, 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 company also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were issued a $0.53 dividend. The ex-dividend date was Friday, July 25th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.0%. This is an increase from Bank of New York Mellon’s previous quarterly dividend of $0.47. Bank of New York Mellon’s dividend payout ratio (DPR) is 32.37%.

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.