Formidable Asset Management LLC Buys Shares of 2,940 The Bank of New York Mellon Corporation (NYSE:BK)

Formidable Asset Management LLC bought a new stake in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 2,940 shares of the bank's stock, valued at approximately $247,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Parvin Asset Management LLC bought a new position in Bank of New York Mellon in the fourth quarter valued at about $25,000. Opal Wealth Advisors LLC bought a new position in shares of Bank of New York Mellon during the first quarter worth approximately $25,000. Alpine Bank Wealth Management bought a new position in Bank of New York Mellon during the 1st quarter worth $25,000. Bellwether Advisors LLC bought a new stake in Bank of New York Mellon during the 4th quarter worth $28,000. Finally, REAP Financial Group LLC lifted its holdings in Bank of New York Mellon by 123.2% during the 4th quarter. REAP Financial Group LLC now owns 395 shares of the bank's stock worth $30,000 after buying an additional 218 shares during the period. Institutional investors and hedge funds own 85.31% of the company's stock.

Analyst Ratings Changes

BK has been the subject of a number of recent research reports. Wells Fargo & Company boosted their price objective on Bank of New York Mellon from $96.00 to $100.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 16th. Evercore ISI boosted their price target on Bank of New York Mellon from $88.00 to $90.00 and gave the company an "in-line" rating in a report on Wednesday, July 2nd. Morgan Stanley boosted their price target on Bank of New York Mellon from $95.00 to $101.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 16th. Truist Financial upped their price objective on Bank of New York Mellon from $97.00 to $100.00 and gave the stock a "hold" rating in a research note on Wednesday, July 16th. Finally, Keefe, Bruyette & Woods raised their price objective on Bank of New York Mellon from $105.00 to $113.00 and gave the company an "outperform" rating in a research report on Wednesday, July 16th. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $94.38.

Bank of New York Mellon Stock Up 1.1%

Bank of New York Mellon stock traded up $1.12 during mid-day trading on Thursday, reaching $100.75. 939,149 shares of the company's stock were exchanged, compared to its average volume of 4,310,723. The company has a quick ratio of 0.69, a current ratio of 0.72 and a debt-to-equity ratio of 0.86. The company has a fifty day moving average of $91.53 and a 200-day moving average of $85.68. The company has a market cap of $72.08 billion, a P/E ratio of 15.41, a P/E/G ratio of 0.97 and a beta of 1.07. The Bank of New York Mellon Corporation has a twelve month low of $60.93 and a twelve month high of $101.02.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.73 by $0.21. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. The company had revenue of $4.77 billion for the quarter, compared to the consensus estimate of $4.80 billion. During the same period last year, the firm posted $1.51 EPS. Bank of New York Mellon's revenue for the quarter was up 9.4% on a year-over-year basis. Sell-side analysts expect that The Bank of New York Mellon Corporation will post 6.96 EPS for the current year.

Bank of New York Mellon Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 7th. Stockholders of record on Friday, July 25th will be issued a dividend of $0.53 per share. The ex-dividend date is Friday, July 25th. This is an increase from Bank of New York Mellon's previous quarterly dividend of $0.47. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.10%. Bank of New York Mellon's payout ratio is 28.70%.

Insider Transactions at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 30,000 shares of the business's stock in a transaction that occurred on Tuesday, April 29th. The shares were sold at an average price of $79.03, for a total value of $2,370,900.00. Following the completion of the sale, the executive vice president directly owned 55,115 shares in the company, valued at approximately $4,355,738.45. The trade was a 35.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.14% of the company's stock.

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.