Cambridge Investment Research Advisors Inc. Has $6.48 Million Stake in The Bank of New York Mellon Corporation (NYSE:BK)

Cambridge Investment Research Advisors Inc. raised its stake in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 6.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 77,278 shares of the bank's stock after acquiring an additional 4,866 shares during the period. Cambridge Investment Research Advisors Inc.'s holdings in Bank of New York Mellon were worth $6,481,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Parvin Asset Management LLC bought a new position in shares of Bank of New York Mellon in the fourth quarter valued at approximately $25,000. Opal Wealth Advisors LLC acquired a new stake in Bank of New York Mellon during the 1st quarter valued at $25,000. Bellwether Advisors LLC bought a new position in Bank of New York Mellon in the 4th quarter valued at $28,000. REAP Financial Group LLC boosted its stake 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 worth $30,000 after purchasing an additional 218 shares in the last quarter. Finally, Transce3nd LLC acquired a new position in Bank of New York Mellon in the fourth quarter worth $33,000. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on BK. Citigroup raised their target price on Bank of New York Mellon from $82.00 to $85.00 and gave the company a "neutral" rating in a research note on Monday, March 24th. Evercore ISI boosted their target price on shares of Bank of New York Mellon from $83.00 to $87.00 and gave the stock an "in-line" rating in a research note on Tuesday, April 1st. Wells Fargo & Company upped their target price on shares of Bank of New York Mellon from $86.00 to $96.00 and gave the stock an "equal weight" rating in a research report on Monday, March 3rd. Royal Bank Of Canada reissued a "sector perform" rating and issued a $90.00 price target on shares of Bank of New York Mellon in a report on Monday, March 17th. Finally, Truist Financial cut shares of Bank of New York Mellon from a "buy" rating to a "hold" rating and boosted their price objective for the stock from $87.00 to $97.00 in a research report on Wednesday, May 28th. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat, Bank of New York Mellon has an average rating of "Moderate Buy" and a consensus price target of $91.85.

Bank of New York Mellon Stock Performance

Shares of NYSE:BK opened at $90.11 on Friday. The firm's 50 day simple moving average is $86.58 and its 200 day simple moving average is $83.51. The Bank of New York Mellon Corporation has a fifty-two week low of $59.00 and a fifty-two week high of $92.64. The company has a market capitalization of $64.46 billion, a price-to-earnings ratio of 14.68, a P/E/G ratio of 1.01 and a beta of 1.08. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.69 and a quick ratio of 0.69.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its earnings results on Friday, April 11th. The bank reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.50 by $0.08. Bank of New York Mellon had a net margin of 11.78% and a return on equity of 12.96%. The company had revenue of $4.79 billion for the quarter, compared to analyst estimates of $4.76 billion. During the same period last year, the business posted $1.29 earnings per share. The business's revenue for the quarter was up 5.9% compared to the same quarter last year. As a group, sell-side 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 Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 2nd. Shareholders of record on Monday, April 21st were paid a $0.47 dividend. The ex-dividend date of this dividend was Monday, April 21st. This represents a $1.88 dividend on an annualized basis and a yield of 2.09%. Bank of New York Mellon's payout ratio is 30.62%.

Insiders Place Their Bets

In related news, VP Catherine Keating sold 65,473 shares of the business's stock in a transaction on Monday, April 14th. The shares were sold at an average price of $77.31, for a total value of $5,061,717.63. Following the sale, the vice president now directly owns 87,542 shares of the company's stock, valued at approximately $6,767,872.02. The trade was a 42.79% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP J Kevin Mccarthy sold 30,000 shares of Bank of New York Mellon stock in a transaction dated Tuesday, April 29th. The shares were sold at an average price of $79.03, for a total value of $2,370,900.00. Following the completion of the sale, the executive vice president now directly owns 55,115 shares in the company, valued at $4,355,738.45. This represents a 35.25% decrease in their position. The disclosure for this sale can be found here. Insiders sold 101,114 shares of company stock worth $7,869,795 over the last ninety days. 0.14% of the stock is currently owned by corporate insiders.

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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