Archford Capital Strategies LLC Takes $3.83 Million Position in The Bank of New York Mellon Corporation (NYSE:BK)

Archford Capital Strategies LLC bought a new stake in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 45,672 shares of the bank's stock, valued at approximately $3,831,000.

A number of other hedge funds have also recently made changes to their positions in the company. Opal Wealth Advisors LLC bought a new position in Bank of New York Mellon in the 1st quarter valued at approximately $25,000. Parvin Asset Management LLC bought a new stake in Bank of New York Mellon during the 4th quarter worth approximately $25,000. Bellwether Advisors LLC acquired a new position in Bank of New York Mellon in the 4th quarter valued at approximately $28,000. REAP Financial Group LLC raised its stake in shares of 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. Finally, Transce3nd LLC acquired a new position in shares of Bank of New York Mellon during the fourth quarter worth $33,000. 85.31% of the stock is owned by institutional investors and hedge funds.

Bank of New York Mellon Trading Up 0.1%

Shares of BK stock traded up $0.11 during trading hours on Thursday, hitting $90.11. 4,527,836 shares of the company were exchanged, compared to its average volume of 4,099,117. The company has a 50 day simple moving average of $86.30 and a two-hundred day simple moving average of $83.45. The firm has a market cap of $64.46 billion, a P/E ratio of 14.68, a P/E/G ratio of 1.02 and a beta of 1.08. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.69 and a current ratio of 0.69. The Bank of New York Mellon Corporation has a fifty-two week low of $58.19 and a fifty-two week high of $92.64.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its earnings results on Friday, April 11th. The bank reported $1.58 earnings per share (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 period in the prior year, the firm earned $1.29 earnings per share. Bank of New York Mellon's revenue was up 5.9% on a year-over-year basis. Equities analysts anticipate that The Bank of New York Mellon Corporation will post 6.96 EPS for the current year.

Bank of New York Mellon Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 2nd. Stockholders of record on Monday, April 21st were paid a $0.47 dividend. The ex-dividend date was Monday, April 21st. This represents a $1.88 annualized dividend and a dividend yield of 2.09%. Bank of New York Mellon's dividend payout ratio is presently 30.62%.

Insider Activity

In related news, insider Kurtis R. Kurimsky sold 5,641 shares of Bank of New York Mellon 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 completion of the sale, the insider now owns 21,679 shares of the company's stock, valued at approximately $1,680,122.50. This trade represents a 20.65% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Catherine Keating sold 65,473 shares of the business's stock in a transaction on Monday, April 14th. The shares were sold at an average price of $77.31, for a total transaction of $5,061,717.63. Following the sale, the vice president now owns 87,542 shares of the company's stock, valued at $6,767,872.02. This trade represents a 42.79% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 101,114 shares of company stock worth $7,869,795 in the last three months. Company insiders own 0.14% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on BK shares. Royal Bank Of Canada restated a "sector perform" rating and issued a $90.00 price objective on shares of Bank of New York Mellon in a report on Monday, March 17th. Morgan Stanley increased their price target on Bank of New York Mellon from $94.00 to $95.00 and gave the company an "overweight" rating in a research note on Tuesday, June 3rd. Truist Financial lowered Bank of New York Mellon from a "buy" rating to a "hold" rating and lifted their price objective for the stock from $87.00 to $97.00 in a research note on Wednesday, May 28th. Citigroup upped their target price on Bank of New York Mellon from $82.00 to $85.00 and gave the company a "neutral" rating in a report on Monday, March 24th. Finally, Evercore ISI raised their price target on shares of Bank of New York Mellon from $83.00 to $87.00 and gave the stock an "in-line" rating in a report on Tuesday, April 1st. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $91.85.

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.