62,704 Shares in The Bank of New York Mellon Co. (NYSE:BK) Acquired by Benson Investment Management Company Inc.

Benson Investment Management Company Inc. purchased a new position in shares of The Bank of New York Mellon Co. (NYSE:BK - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 62,704 shares of the bank's stock, valued at approximately $5,259,000. Bank of New York Mellon accounts for 2.3% of Benson Investment Management Company Inc.'s holdings, making the stock its 20th largest position.

A number of other institutional investors have also modified their holdings of BK. Teamwork Financial Advisors LLC boosted its position in Bank of New York Mellon by 2.6% in the 1st quarter. Teamwork Financial Advisors LLC now owns 37,929 shares of the bank's stock valued at $3,181,000 after buying an additional 945 shares during the period. Apella Capital LLC acquired a new position in shares of Bank of New York Mellon in the first quarter worth $257,000. Hennion & Walsh Asset Management Inc. increased its position in shares of Bank of New York Mellon by 111.8% during the first quarter. Hennion & Walsh Asset Management Inc. now owns 25,585 shares of the bank's stock worth $2,146,000 after acquiring an additional 13,503 shares during the period. Sentry Investment Management LLC acquired a new stake in shares of Bank of New York Mellon in the first quarter valued at $204,000. Finally, Merit Financial Group LLC raised its stake in shares of Bank of New York Mellon by 89.0% in the first quarter. Merit Financial Group LLC now owns 13,296 shares of the bank's stock valued at $1,115,000 after acquiring an additional 6,262 shares in the last quarter. 85.31% of the stock is owned by institutional investors and hedge funds.

Bank of New York Mellon Stock Performance

Shares of BK stock traded up $0.13 during mid-day trading on Thursday, hitting $88.46. The stock had a trading volume of 3,214,332 shares, compared to its average volume of 4,072,267. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.69 and a quick ratio of 0.70. The Bank of New York Mellon Co. has a fifty-two week low of $57.18 and a fifty-two week high of $90.63. The firm has a market cap of $63.29 billion, a PE ratio of 15.23, a PEG ratio of 0.97 and a beta of 1.05. The company's 50-day simple moving average is $82.65 and its 200-day simple moving average is $82.43.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its quarterly earnings results on Friday, April 11th. The bank reported $1.58 EPS for the quarter, topping analysts' consensus estimates of $1.50 by $0.08. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The business had revenue of $4.79 billion during the quarter, compared to the consensus estimate of $4.76 billion. During the same period in the previous year, the firm posted $1.29 earnings per share. The company's quarterly revenue was up 5.9% compared to the same quarter last year. Sell-side analysts anticipate that The Bank of New York Mellon Co. will post 6.96 earnings per share for the current year.

Bank of New York Mellon Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 2nd. Shareholders of record on Monday, April 21st were issued a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 2.13%. The ex-dividend date of this dividend was Monday, April 21st. Bank of New York Mellon's dividend payout ratio (DPR) is 30.62%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Citigroup upped their price target on Bank of New York Mellon from $82.00 to $85.00 and gave the stock a "neutral" rating in a report on Monday, March 24th. Wells Fargo & Company upped their target price on shares of Bank of New York Mellon from $86.00 to $96.00 and gave the stock an "equal weight" rating in a research note on Monday, March 3rd. Truist Financial downgraded Bank of New York Mellon from a "buy" rating to a "hold" rating and lifted their price target for the stock from $87.00 to $97.00 in a report on Wednesday, May 28th. Evercore ISI raised their price target on Bank of New York Mellon from $83.00 to $87.00 and gave the stock an "in-line" rating in a research note on Tuesday, April 1st. Finally, Royal Bank of Canada reaffirmed a "sector perform" rating and set a $90.00 price target on shares of Bank of New York Mellon in a research report on Monday, March 17th. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $91.85.

Insider Activity

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 30,000 shares of the company's stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $79.03, for a total transaction of $2,370,900.00. Following the completion of the sale, the executive vice president now directly owns 55,115 shares in the company, valued at $4,355,738.45. This represents a 35.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Catherine Keating sold 65,473 shares of Bank of New York Mellon stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $77.31, for a total value of $5,061,717.63. Following the completion of the transaction, the vice president now directly owns 87,542 shares in the company, valued at $6,767,872.02. This represents a 42.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 101,114 shares of company stock valued at $7,869,795 in the last 90 days. 0.14% of the stock is currently owned by insiders.

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.