Cove Private Wealth LLC Takes $449,000 Position in The Bank of New York Mellon Corporation $BK

Key Points

• Cove Private Wealth LLC has acquired a new stake in The Bank of New York Mellon Corporation, purchasing 4,929 shares valued at approximately $449,000 during the second quarter.
• Recent analyst upgrades reflect positive outlooks with Morgan Stanley and Keefe, Bruyette & Woods raising price targets to $101.00 and $113.00 respectively, indicating strong market confidence.
• The Bank of New York Mellon has recently increased its dividend to $0.53 per share, providing a 1.9% yield for investors, up from the previous $0.47 per share.

Cove Private Wealth LLC acquired a new stake in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) during the second quarter, according to its most recent filing with the SEC. The firm acquired 4,929 shares of the bank's stock, valued at approximately $449,000.

Other hedge funds have also recently bought and sold shares of the company. Canada Post Corp Registered Pension Plan bought a new position in Bank of New York Mellon in the 1st quarter valued at $1,035,000. TrueMark Investments LLC bought a new position in Bank of New York Mellon in the 1st quarter valued at $4,282,000. Wealth Enhancement Advisory Services LLC boosted its position in Bank of New York Mellon by 29.1% in 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 during the last quarter. Formidable Asset Management LLC bought a new position in Bank of New York Mellon in the 1st quarter valued at $247,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd boosted its position in Bank of New York Mellon by 121.8% in the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 183,602 shares of the bank's stock valued at $15,399,000 after buying an additional 100,810 shares during the last quarter. 85.31% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the firm's stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $98.45, for a total transaction of $1,969,000.00. Following the sale, the executive vice president owned 35,115 shares of the company's stock, valued at approximately $3,457,071.75. This trade represents a 36.29% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.14% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Morgan Stanley increased 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 report on Wednesday, July 16th. Keefe, Bruyette & Woods increased their price objective on 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 increased their price target 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. Evercore ISI increased their price target 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. Finally, Citigroup increased their price target on Bank of New York Mellon from $92.00 to $105.00 and gave the company a "neutral" rating in a research note on Friday, September 5th. Eight investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $98.00.

Bank of New York Mellon Stock Performance

Shares of Bank of New York Mellon stock opened at $109.58 on Friday. The company has a market capitalization of $77.28 billion, a PE ratio of 16.73, a PEG ratio of 1.03 and a beta of 1.14. The Bank of New York Mellon Corporation has a 12 month low of $70.41 and a 12 month high of $110.87. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.86. The stock's fifty day simple moving average is $103.79 and its 200 day simple moving average is $92.02.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, topping the consensus estimate of $1.73 by $0.21. The business 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 return on equity of 13.46% and a net margin of 12.27%.The firm's revenue was up 9.4% compared to the same quarter last year. During the same quarter last year, the business posted $1.51 EPS. On average, research analysts predict that The Bank of New York Mellon Corporation will post 6.96 EPS for the current year.

Bank of New York Mellon Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were paid a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend was Friday, July 25th. This is a boost from Bank of New York Mellon's previous quarterly dividend of $0.47. Bank of New York Mellon's dividend payout ratio (DPR) is 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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