SMART Wealth LLC Takes $288,000 Position in The Bank of New York Mellon Corporation (NYSE:BK)

SMART Wealth LLC bought a new position in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 3,431 shares of the bank's stock, valued at approximately $288,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Parvin Asset Management LLC purchased a new stake in Bank of New York Mellon during 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 1st quarter valued at about $25,000. Alpine Bank Wealth Management bought a new position in shares of Bank of New York Mellon during the 1st quarter valued at about $25,000. Bellwether Advisors LLC purchased a new position in shares of Bank of New York Mellon during the 4th quarter valued at about $28,000. Finally, REAP Financial Group LLC grew its position in Bank of New York Mellon by 123.2% during the fourth quarter. REAP Financial Group LLC now owns 395 shares of the bank's stock valued at $30,000 after acquiring an additional 218 shares during the last quarter. Hedge funds and other institutional investors own 85.31% of the company's stock.

Bank of New York Mellon Stock Down 0.2%

Shares of BK stock traded down $0.16 during mid-day trading on Friday, reaching $91.93. 2,408,224 shares of the company's stock traded hands, compared to its average volume of 4,121,885. The company's 50-day moving average price is $88.06 and its 200-day moving average price is $83.92. The company has a market cap of $65.77 billion, a P/E ratio of 14.97, a P/E/G ratio of 1.03 and a beta of 1.07. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 0.81. The Bank of New York Mellon Corporation has a 12 month low of $59.19 and a 12 month high of $92.85.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its quarterly earnings data on Friday, April 11th. The bank reported $1.58 EPS for the quarter, topping the consensus estimate of $1.50 by $0.08. Bank of New York Mellon had a net margin of 11.78% and a return on equity of 12.96%. The business had revenue of $4.79 billion for the quarter, compared to analyst estimates of $4.76 billion. During the same quarter in the previous year, the firm posted $1.29 earnings per share. Bank of New York Mellon's quarterly revenue was up 5.9% on a year-over-year basis. On average, equities analysts expect 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 business also recently disclosed a quarterly dividend, which was paid on Friday, May 2nd. Shareholders of record on Monday, April 21st were paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 2.05%. The ex-dividend date was Monday, April 21st. Bank of New York Mellon's payout ratio is 30.62%.

Insiders Place Their Bets

In other news, VP Catherine Keating sold 65,473 shares of the firm's stock in a transaction on Monday, April 14th. The stock was sold at an average price of $77.31, for a total transaction of $5,061,717.63. Following the completion of the transaction, the vice president directly owned 87,542 shares in the company, valued at $6,767,872.02. This trade represents a 42.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Kurtis R. Kurimsky sold 5,641 shares of the stock in a transaction on Monday, April 14th. The shares were sold at an average price of $77.50, for a total value of $437,177.50. Following the sale, the insider directly owned 21,679 shares in the company, valued at $1,680,122.50. This trade represents a 20.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 101,114 shares of company stock valued at $7,869,795. 0.14% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

BK has been the topic of a number of analyst reports. Morgan Stanley lifted their target price on shares of Bank of New York Mellon from $94.00 to $95.00 and gave the stock an "overweight" rating in a research report on Tuesday, June 3rd. Truist Financial lowered Bank of New York Mellon from a "buy" rating to a "hold" rating and raised their price target for the stock from $87.00 to $97.00 in a research report on Wednesday, May 28th. Evercore ISI increased their price objective on Bank of New York Mellon from $88.00 to $90.00 and gave the company an "in-line" rating in a research note on Wednesday. Royal Bank Of Canada reaffirmed a "sector perform" rating and issued a $90.00 target price on shares of Bank of New York Mellon in a research note on Monday, March 17th. Finally, Citigroup boosted their price objective on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the company a "neutral" rating in a research report on Monday, March 24th. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $92.08.

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.