Apollon Wealth Management LLC Acquires 1,288 Shares of The Bank of New York Mellon Corporation $BK

Apollon Wealth Management LLC boosted its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 4.8% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 27,858 shares of the bank’s stock after buying an additional 1,288 shares during the quarter. Apollon Wealth Management LLC’s holdings in Bank of New York Mellon were worth $2,538,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the company. Hemington Wealth Management boosted its position in shares of Bank of New York Mellon by 6.3% in the second quarter. Hemington Wealth Management now owns 1,730 shares of the bank’s stock worth $157,000 after purchasing an additional 102 shares during the period. Fifth Third Wealth Advisors LLC boosted its position in shares of Bank of New York Mellon by 43.5% in the second quarter. Fifth Third Wealth Advisors LLC now owns 20,895 shares of the bank’s stock worth $1,904,000 after purchasing an additional 6,333 shares during the period. Aberdeen Group plc boosted its position in shares of Bank of New York Mellon by 10.5% in the second quarter. Aberdeen Group plc now owns 676,637 shares of the bank’s stock worth $61,608,000 after purchasing an additional 64,157 shares during the period. JFS Wealth Advisors LLC boosted its position in shares of Bank of New York Mellon by 12.5% in the second quarter. JFS Wealth Advisors LLC now owns 4,738 shares of the bank’s stock worth $432,000 after purchasing an additional 527 shares during the period. Finally, PDS Planning Inc boosted its position in shares of Bank of New York Mellon by 12.5% in the second quarter. PDS Planning Inc now owns 4,119 shares of the bank’s stock worth $375,000 after purchasing an additional 459 shares during the period. 85.31% of the stock is currently owned by institutional investors.

Insider Buying and Selling

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

Bank of New York Mellon Price Performance

BK stock opened at $104.63 on Monday. The Bank of New York Mellon Corporation has a 52 week low of $70.46 and a 52 week high of $110.87. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.86. The company has a fifty day simple moving average of $105.10 and a two-hundred day simple moving average of $93.80. The firm has a market capitalization of $73.79 billion, a P/E ratio of 15.97, a price-to-earnings-growth ratio of 0.98 and a beta of 1.13.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings data on Tuesday, March 26th. The bank reported $1.30 EPS for the quarter. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. The business had revenue of $4.38 billion during the quarter. Analysts anticipate that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Increases Dividend

The firm also recently disclosed 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 an increase from Bank of New York Mellon’s previous quarterly dividend of $0.47. The ex-dividend date was Friday, July 25th. Bank of New York Mellon’s dividend payout ratio (DPR) is 32.37%.

Analysts Set New Price Targets

BK has been the subject of a number of recent analyst reports. The Goldman Sachs Group upped 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 research report on Monday, October 6th. Keefe, Bruyette & Woods upped their price target on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 16th. BMO Capital Markets initiated coverage on shares of Bank of New York Mellon in a research note on Friday, October 3rd. They set an “outperform” rating and a $125.00 target price for the company. Truist Financial lifted their price target on shares of Bank of New York Mellon from $109.00 to $118.00 and gave the company a “hold” rating in a report on Thursday, October 2nd. Finally, Wells Fargo & Company raised their price objective 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. Ten analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $106.77.

Bank of New York Mellon 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.