Axxcess Wealth Management LLC Raises Stock Position in The Bank of New York Mellon Corporation (NYSE:BK)

Axxcess Wealth Management LLC boosted its position in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 117.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 40,045 shares of the bank's stock after purchasing an additional 21,609 shares during the period. Axxcess Wealth Management LLC's holdings in Bank of New York Mellon were worth $3,359,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. FMR LLC raised its stake in shares of Bank of New York Mellon by 19.3% in the 4th quarter. FMR LLC now owns 23,071,584 shares of the bank's stock valued at $1,772,590,000 after acquiring an additional 3,732,862 shares during the period. Norges Bank acquired a new stake in Bank of New York Mellon during the 4th quarter worth approximately $1,150,462,000. Ameriprise Financial Inc. lifted its holdings in Bank of New York Mellon by 0.3% during the 4th quarter. Ameriprise Financial Inc. now owns 11,821,988 shares of the bank's stock worth $908,281,000 after buying an additional 35,413 shares in the last quarter. Northern Trust Corp lifted its holdings in Bank of New York Mellon by 19.1% during the 4th quarter. Northern Trust Corp now owns 9,533,615 shares of the bank's stock worth $732,468,000 after buying an additional 1,526,686 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in Bank of New York Mellon by 17.0% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,751,219 shares of the bank's stock worth $595,526,000 after buying an additional 1,125,493 shares in the last quarter. 85.31% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Morgan Stanley raised their price objective on shares of Bank of New York Mellon from $94.00 to $95.00 and gave the company an "overweight" rating in a report on Tuesday, June 3rd. 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. Truist Financial downgraded shares of Bank of New York Mellon from a "buy" rating to a "hold" rating and increased their target price for the company from $87.00 to $97.00 in a research report on Wednesday, May 28th. Evercore ISI increased their target price on shares of Bank of New York Mellon from $88.00 to $90.00 and gave the company an "in-line" rating in a research report on Wednesday, July 2nd. Finally, Citigroup increased their target price 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 research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $92.08.

Insider Activity

In related news, VP Catherine Keating sold 65,473 shares of the business's stock in a transaction dated 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 owned 87,542 shares of the company's stock, valued at approximately $6,767,872.02. The trade was a 42.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Kurtis R. Kurimsky sold 5,641 shares of the business's stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $77.50, for a total transaction of $437,177.50. Following the sale, the insider directly owned 21,679 shares in the company, valued at approximately $1,680,122.50. This represents a 20.65% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 101,114 shares of company stock valued at $7,869,795 over the last quarter. Corporate insiders own 0.14% of the company's stock.

Bank of New York Mellon Stock Up 0.4%

Shares of NYSE:BK opened at $93.04 on Thursday. The company has a market cap of $66.56 billion, a price-to-earnings ratio of 15.15, a PEG ratio of 1.03 and a beta of 1.07. The firm's 50-day simple moving average is $89.11 and its 200-day simple moving average is $84.35. 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 fifty-two week low of $60.02 and a fifty-two week high of $93.79.

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 for the quarter, beating the consensus estimate of $1.50 by $0.08. The business had revenue of $4.79 billion for the quarter, compared to the consensus estimate of $4.76 billion. Bank of New York Mellon had a net margin of 11.78% and a return on equity of 12.96%. The business's quarterly revenue was up 5.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.29 earnings per share. As a group, equities research analysts predict that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current year.

Bank of New York Mellon Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 2nd. Stockholders of record on Monday, April 21st were issued a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 2.02%. The ex-dividend date of this dividend was Monday, April 21st. Bank of New York Mellon's payout ratio is 30.62%.

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.

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