Axxcess Wealth Management LLC Trims Holdings in The Bank of New York Mellon Corporation $BK

Key Points

• Axxcess Wealth Management LLC reduced its holdings in The Bank of New York Mellon Corporation (BK) by 52.7% in the second quarter, now owning 18,927 shares valued at approximately $1.7 million.
• Several institutional investors, including GAMMA Investing LLC and Wealth Enhancement Advisory Services LLC, have recently increased their stakes in BK, indicating renewed interest among hedge funds.
• The Bank of New York Mellon reported $1.30 earnings per share and a revenue of $4.38 billion for the last quarter, with analysts projecting an earnings per share of 6.96 for the current fiscal year.

Axxcess Wealth Management LLC trimmed its position in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 52.7% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 18,927 shares of the bank's stock after selling 21,118 shares during the quarter. Axxcess Wealth Management LLC's holdings in Bank of New York Mellon were worth $1,725,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in BK. Revolve Wealth Partners LLC purchased a new stake in Bank of New York Mellon in the 4th quarter worth approximately $220,000. GAMMA Investing LLC increased its holdings in Bank of New York Mellon by 14.9% in the 1st quarter. GAMMA Investing LLC now owns 16,692 shares of the bank's stock worth $1,400,000 after acquiring an additional 2,168 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in Bank of New York Mellon by 29.1% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 223,438 shares of the bank's stock valued at $18,740,000 after buying an additional 50,368 shares in the last quarter. Mission Wealth Management LP grew its holdings in Bank of New York Mellon by 5.1% during the 1st quarter. Mission Wealth Management LP now owns 15,506 shares of the bank's stock valued at $1,300,000 after buying an additional 756 shares in the last quarter. Finally, Sowell Financial Services LLC purchased a new stake in Bank of New York Mellon during the 1st quarter valued at approximately $695,000. 85.31% of the stock is owned by hedge funds and other institutional investors.

Bank of New York Mellon Trading Up 1.7%

BK stock opened at $108.94 on Thursday. The firm has a fifty day moving average price of $105.45 and a 200 day moving average price of $94.16. The Bank of New York Mellon Corporation has a fifty-two week low of $70.46 and a fifty-two week high of $110.87. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.72 and a current ratio of 0.72. The firm has a market cap of $76.83 billion, a PE ratio of 16.63, a price-to-earnings-growth ratio of 1.00 and a beta of 1.13.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its earnings results on Tuesday, March 26th. The bank reported $1.30 earnings per share for the quarter. The firm had revenue of $4.38 billion during the quarter. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. Sell-side analysts anticipate that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have issued reports on BK shares. Keefe, Bruyette & Woods increased their price objective on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the company an "outperform" rating in a report on Wednesday, July 16th. BMO Capital Markets started coverage on shares of Bank of New York Mellon in a report on Friday, October 3rd. They set an "outperform" rating and a $125.00 price objective for the company. Citigroup increased their price objective on shares of Bank of New York Mellon from $92.00 to $105.00 and gave the company a "neutral" rating in a report on Friday, September 5th. TD Cowen started coverage on shares of Bank of New York Mellon in a report on Thursday, September 25th. They set a "buy" rating for the company. Finally, Wells Fargo & Company increased their price objective on shares of Bank of New York Mellon from $96.00 to $100.00 and gave the company an "equal weight" rating in a report on Wednesday, July 16th. Ten analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $106.77.

Insider Buying and Selling

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

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