Arete Wealth Advisors LLC Purchases New Shares in The Bank of New York Mellon Corporation $BK

Key Points

• Arete Wealth Advisors LLC has acquired a new stake in The Bank of New York Mellon Corporation by purchasing 2,715 shares valued at approximately $228,000 during the first quarter.
• Wells Fargo & Company and Morgan Stanley have raised their price objectives for Bank of New York Mellon, with targets now set at $100.00 and $101.00, respectively, indicating a positive outlook for the stock.
• The company recently increased its quarterly dividend from $0.47 to $0.53, reflecting a favorable growth in shareholder returns with an annualized yield of 2.0%.

Arete Wealth Advisors LLC purchased a new stake in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 2,715 shares of the bank's stock, valued at approximately $228,000.

Several other large investors have also added to or reduced their stakes in BK. Opal Wealth Advisors LLC bought a new stake in Bank of New York Mellon in the first quarter valued at $25,000. Alpine Bank Wealth Management bought a new stake in Bank of New York Mellon in the first quarter valued at $25,000. REAP Financial Group LLC boosted its holdings in Bank of New York Mellon by 123.2% in 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 in the last quarter. Cornerstone Planning Group LLC boosted its holdings 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 in the last quarter. Finally, Orion Capital Management LLC bought a new stake in Bank of New York Mellon in the first quarter valued at $32,000. Institutional investors own 85.31% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Wells Fargo & Company raised their price objective on Bank of New York Mellon from $96.00 to $100.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 16th. Morgan Stanley upped their price objective on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the stock an "overweight" rating in a report on Wednesday, July 16th. 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. Keefe, Bruyette & Woods upped their price objective on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the stock an "outperform" rating in a report on Wednesday, July 16th. Finally, Citigroup upped their price objective on shares of Bank of New York Mellon from $92.00 to $105.00 and gave the stock a "neutral" rating in a report on Friday, September 5th. Eight equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $96.62.

Insiders Place Their Bets

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of the business's stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $98.45, for a total value of $1,969,000.00. Following the completion of the transaction, the executive vice president owned 35,115 shares of the company's stock, valued at approximately $3,457,071.75. The trade was a 36.29% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.14% of the company's stock.

Bank of New York Mellon Price Performance

BK opened at $105.57 on Friday. The stock has a 50-day moving average price of $100.86 and a 200-day moving average price of $90.35. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.72. The firm has a market cap of $74.45 billion, a PE ratio of 16.12, a P/E/G ratio of 0.98 and a beta of 1.14. The Bank of New York Mellon Corporation has a 1 year low of $68.01 and a 1 year high of $106.57.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its quarterly earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.73 by $0.21. The firm had revenue of $4.77 billion during the quarter, compared to analyst estimates of $4.80 billion. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%.Bank of New York Mellon's quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.51 EPS. Sell-side analysts predict 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 firm also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Friday, July 25th were given a $0.53 dividend. This is a positive change from Bank of New York Mellon's previous quarterly dividend of $0.47. The ex-dividend date of this dividend was Friday, July 25th. This represents a $2.12 dividend on an annualized basis and a yield of 2.0%. Bank of New York Mellon's payout ratio is presently 32.37%.

Bank of New York Mellon Company 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.

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