Archford Capital Strategies LLC Reduces Stock Holdings in The Bank of New York Mellon Corporation $BK

Key Points

• Archford Capital Strategies LLC has reduced its holdings in The Bank of New York Mellon Corporation (NYSE:BK) by 62.0%, selling 28,311 shares during the second quarter.
• The Bank of New York Mellon recently increased its quarterly dividend from $0.47 to $0.53 per share, resulting in an annualized dividend yield of 1.9%.
• Despite a recent insider sale of 20,000 shares by EVP J. Kevin McCarthy, who cut his stake by 36.29%, the stock has seen price target upgrades from multiple analysts, with ratings mostly in the "Moderate Buy" category.

Archford Capital Strategies LLC lowered its position in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 62.0% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 17,361 shares of the bank's stock after selling 28,311 shares during the period. Archford Capital Strategies LLC's holdings in Bank of New York Mellon were worth $1,582,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the company. Opal Wealth Advisors LLC acquired a new stake in Bank of New York Mellon during the first quarter worth $25,000. Alpine Bank Wealth Management purchased a new position in shares of Bank of New York Mellon during the 1st quarter worth $25,000. Cornerstone Planning Group LLC grew its holdings in shares of Bank of New York Mellon by 100.0% during the 1st quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank's stock worth $30,000 after purchasing an additional 196 shares during the period. Orion Capital Management LLC acquired a new stake in shares of Bank of New York Mellon during the 1st quarter worth about $32,000. Finally, Hoey Investments Inc. purchased a new stake in Bank of New York Mellon in the 2nd quarter valued at about $32,000. Hedge funds and other institutional investors own 85.31% of the company's stock.

Insider Buying and Selling at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $98.45, for a total value of $1,969,000.00. Following the sale, the executive vice president owned 35,115 shares of the company's stock, valued at $3,457,071.75. This trade represents a 36.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.14% of the company's stock.

Bank of New York Mellon Stock Performance

NYSE:BK opened at $109.58 on Monday. The Bank of New York Mellon Corporation has a 52 week low of $70.41 and a 52 week high of $110.87. The company has a fifty day simple moving average of $103.79 and a two-hundred day simple moving average of $92.19. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.86. The company has a market cap of $77.28 billion, a price-to-earnings ratio of 16.73, a price-to-earnings-growth ratio of 1.03 and a beta of 1.14.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.73 by $0.21. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%.The firm had revenue of $4.77 billion during the quarter, compared to analyst estimates of $4.80 billion. During the same period last year, the business posted $1.51 earnings per share. Bank of New York Mellon's revenue was up 9.4% compared to the same quarter last year. As a group, equities analysts anticipate 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 Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were given a dividend of $0.53 per share. This is a boost 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 1.9%. The ex-dividend date of this dividend was Friday, July 25th. Bank of New York Mellon's dividend payout ratio is presently 32.37%.

Wall Street Analyst Weigh In

A number of research analysts have commented on BK shares. Citigroup increased their target price on shares of 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. Evercore ISI upped their price objective on shares of Bank of New York Mellon from $88.00 to $90.00 and gave the stock an "in-line" rating in a report on Wednesday, July 2nd. TD Cowen initiated coverage on shares of Bank of New York Mellon in a research report on Thursday. They set a "buy" rating for the company. Keefe, Bruyette & Woods boosted their target price 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. Finally, Morgan Stanley upped 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 note on Wednesday, July 16th. Eight research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $98.00.

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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