Sax Wealth Advisors LLC Increases Stock Holdings in The Bank of New York Mellon Corporation $BK

Sax Wealth Advisors LLC boosted its position in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 3.8% in the second quarter, HoldingsChannel.com reports. The fund owned 5,480 shares of the bank’s stock after purchasing an additional 202 shares during the period. Sax Wealth Advisors LLC’s holdings in Bank of New York Mellon were worth $499,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Alpine Bank Wealth Management purchased a new position in Bank of New York Mellon during the 1st quarter valued at about $25,000. Opal Wealth Advisors LLC purchased a new position in Bank of New York Mellon during the 1st quarter valued at about $25,000. Hoey Investments Inc. purchased a new position in Bank of New York Mellon during the 2nd quarter valued at about $32,000. Orion Capital Management LLC acquired a new stake in Bank of New York Mellon in the 1st quarter valued at about $32,000. Finally, Cornerstone Planning Group LLC raised its position in Bank of New York Mellon by 100.0% in the 1st quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank’s stock valued at $30,000 after purchasing an additional 196 shares in the last quarter. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on BK. Citigroup increased their price target on Bank of New York Mellon from $92.00 to $105.00 and gave the company a “neutral” rating in a research report on Friday, September 5th. The Goldman Sachs Group increased their price target on Bank of New York Mellon from $106.00 to $120.00 and gave the company a “buy” rating in a research report on Monday. Truist Financial increased their price target on Bank of New York Mellon from $109.00 to $118.00 and gave the company a “hold” rating in a research report on Thursday, October 2nd. Wells Fargo & Company increased their price target on Bank of New York Mellon from $96.00 to $100.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 16th. Finally, BMO Capital Markets began coverage on Bank of New York Mellon in a research report on Friday, October 3rd. They issued an “outperform” rating and a $125.00 price target on the stock. Ten research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $106.77.

Insider Buying and Selling

In other Bank of New York Mellon 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 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 $3,457,071.75. The trade was a 36.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.14% of the stock is currently owned by company insiders.

Bank of New York Mellon Price Performance

Shares of NYSE BK opened at $106.02 on Thursday. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.72 and a current ratio of 0.72. 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 firm has a market capitalization of $74.77 billion, a PE ratio of 16.19, a price-to-earnings-growth ratio of 1.00 and a beta of 1.13. The stock’s 50-day simple moving average is $104.89 and its 200-day simple moving average is $93.39.

Bank of New York Mellon (NYSE:BK) last issued its earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share for the quarter, topping the consensus estimate of $1.73 by $0.21. The business had revenue of $4.77 billion for the quarter, compared to analyst estimates of $4.80 billion. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%.The business’s quarterly revenue was up 9.4% on a year-over-year basis. During the same quarter last year, the company earned $1.51 EPS. 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 Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Friday, July 25th were given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 2.0%. This is a positive change from Bank of New York Mellon’s previous quarterly dividend of $0.47. The ex-dividend date of this dividend was Friday, July 25th. Bank of New York Mellon’s dividend payout ratio is presently 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.