2,951 Shares in The Bank of New York Mellon Corporation $BK Bought by Balboa Wealth Partners

Key Points

• Balboa Wealth Partners has acquired 2,951 shares of The Bank of New York Mellon Corporation, valued at approximately $269,000, as per their latest SEC filing.
• Several hedge funds have increased their positions in the company, with institutional investors now holding approximately 85.31% of the stock.
• The Bank of New York Mellon recently announced a quarterly dividend of $0.53 per share, scheduled for payment on November 7th, 2023, representing an annualized yield of 2.0%.

Balboa Wealth Partners acquired a new stake in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 2,951 shares of the bank's stock, valued at approximately $269,000.

A number of other hedge funds also recently made changes to their positions in the business. Alpine Bank Wealth Management bought a new position in Bank of New York Mellon during the first quarter valued at about $25,000. Cornerstone Planning Group LLC boosted its stake in Bank of New York Mellon by 100.0% in the first quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank's stock valued at $30,000 after acquiring an additional 196 shares during the last quarter. Orion Capital Management LLC bought a new position in shares of Bank of New York Mellon during the 1st quarter valued at approximately $32,000. Hoey Investments Inc. purchased a new stake in shares of Bank of New York Mellon during the 2nd quarter worth approximately $32,000. Finally, Golden State Wealth Management LLC increased its stake in shares of Bank of New York Mellon by 226.4% during the 1st quarter. Golden State Wealth Management LLC now owns 408 shares of the bank's stock worth $34,000 after purchasing an additional 283 shares during the last quarter. 85.31% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

BK has been the subject of several research reports. Truist Financial increased their price objective on Bank of New York Mellon from $118.00 to $119.00 and gave the company a "hold" rating in a report on Friday, October 17th. BMO Capital Markets started coverage on Bank of New York Mellon in a research note on Friday, October 3rd. They issued an "outperform" rating and a $125.00 target price on the stock. Citigroup increased their price target on Bank of New York Mellon from $92.00 to $105.00 and gave the stock a "neutral" rating in a research note on Friday, September 5th. The Goldman Sachs Group lifted their price objective on Bank of New York Mellon from $106.00 to $120.00 and gave the stock a "buy" rating in a report on Monday, October 6th. Finally, Barclays upped their price objective on shares of Bank of New York Mellon from $104.00 to $120.00 and gave the company an "overweight" rating in a report on Friday, October 17th. Ten research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $111.29.

Bank of New York Mellon Trading Down 1.3%

Shares of BK opened at $107.05 on Wednesday. The Bank of New York Mellon Corporation has a 1-year low of $70.46 and a 1-year high of $110.87. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.70 and a quick ratio of 0.72. The company has a market capitalization of $75.50 billion, a P/E ratio of 15.45, a P/E/G ratio of 1.00 and a beta of 1.13. The firm's 50 day simple moving average is $105.77 and its 200 day simple moving average is $94.98.

Bank of New York Mellon (NYSE:BK - Get Free Report) last announced its earnings results on Tuesday, March 26th. The bank reported $1.30 earnings per share (EPS) for the quarter. Bank of New York Mellon had a net margin of 12.86% and a return on equity of 14.03%. The company had revenue of $4.38 billion during the quarter. Sell-side analysts forecast 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 Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 7th. Shareholders of record on Monday, October 27th will be paid a dividend of $0.53 per share. The ex-dividend date of this dividend is Monday, October 27th. This represents a $2.12 annualized dividend and a dividend yield of 2.0%. Bank of New York Mellon's dividend payout ratio (DPR) is 30.59%.

About Bank of New York Mellon

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.

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