Barnes Wealth Management Group Inc Invests $213,000 in The Bank of New York Mellon Corporation $BK

Key Points

• Barnes Wealth Management Group Inc has invested approximately $213,000 in The Bank of New York Mellon Corporation by acquiring 2,534 shares during the first quarter.
• Multiple hedge funds, including Ameriprise Financial and Capital Fund Management, increased their positions in Bank of New York Mellon, indicating strong institutional interest in the stock.
• The company has recently raised its quarterly dividend from $0.47 to $0.53, reflecting a commitment to returning value to shareholders.

Barnes Wealth Management Group Inc acquired a new position in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 2,534 shares of the bank's stock, valued at approximately $213,000.

Several other hedge funds have also bought and sold shares of the business. Ameriprise Financial Inc. grew its position in Bank of New York Mellon by 1.9% in the 1st quarter. Ameriprise Financial Inc. now owns 12,043,601 shares of the bank's stock valued at $1,010,093,000 after purchasing an additional 221,613 shares during the period. Norinchukin Bank The grew its position in Bank of New York Mellon by 14.4% in the 1st quarter. Norinchukin Bank The now owns 37,829 shares of the bank's stock valued at $3,173,000 after purchasing an additional 4,749 shares during the period. CW Advisors LLC grew its position in Bank of New York Mellon by 0.5% in the 1st quarter. CW Advisors LLC now owns 39,166 shares of the bank's stock valued at $3,286,000 after purchasing an additional 191 shares during the period. Summit Financial LLC grew its position in Bank of New York Mellon by 2.2% in the 1st quarter. Summit Financial LLC now owns 11,642 shares of the bank's stock valued at $976,000 after purchasing an additional 249 shares during the period. Finally, Capital Fund Management S.A. grew its position in Bank of New York Mellon by 128.1% in the 1st quarter. Capital Fund Management S.A. now owns 281,137 shares of the bank's stock valued at $23,579,000 after purchasing an additional 157,875 shares during the period. Institutional investors and hedge funds own 85.31% of the company's stock.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Keefe, Bruyette & Woods lifted their price target on shares of 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. 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 note on Wednesday, July 16th. Truist Financial raised their price objective on Bank of New York Mellon from $100.00 to $109.00 and gave the company a "hold" rating in a research note on Thursday, August 14th. Morgan Stanley raised their price objective on Bank of New York Mellon from $95.00 to $101.00 and gave the company an "overweight" rating in a research note on Wednesday, July 16th. Finally, Evercore ISI raised their price objective on Bank of New York Mellon from $88.00 to $90.00 and gave the company an "in-line" rating in a research note on Wednesday, July 2nd. Eight analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, Bank of New York Mellon presently has a consensus rating of "Moderate Buy" and an average price target of $95.08.

Insider Buying and Selling at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the business's stock in a transaction dated 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 transaction, the executive vice president directly 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

Shares of NYSE:BK opened at $101.7220 on Friday. The company's 50-day moving average is $96.69 and its 200 day moving average is $88.50. 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 company has a market capitalization of $71.74 billion, a P/E ratio of 15.53, a price-to-earnings-growth ratio of 0.96 and a beta of 1.12. The Bank of New York Mellon Corporation has a fifty-two week low of $65.24 and a fifty-two week high of $104.47.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its quarterly earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share for the quarter, topping analysts' consensus estimates of $1.73 by $0.21. The company had revenue of $4.77 billion for the quarter, compared to the consensus estimate of $4.80 billion. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. The firm's quarterly revenue was up 9.4% on a year-over-year basis. During the same period in the previous year, the firm earned $1.51 EPS. On average, equities research analysts forecast that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current year.

Bank of New York Mellon Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were issued a $0.53 dividend. This is an increase 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 dividend yield of 2.1%. Bank of New York Mellon's payout ratio is presently 32.37%.

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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