Dakota Wealth Management Grows Stock Position in The Bank of New York Mellon Corporation (NYSE:BK)

Dakota Wealth Management raised its holdings in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 9.8% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 191,685 shares of the bank's stock after buying an additional 17,048 shares during the quarter. Dakota Wealth Management's holdings in Bank of New York Mellon were worth $16,077,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in BK. Parvin Asset Management LLC purchased a new position in shares of Bank of New York Mellon in the fourth quarter worth about $25,000. Opal Wealth Advisors LLC purchased a new position in shares of Bank of New York Mellon in the first quarter worth about $25,000. Alpine Bank Wealth Management purchased a new position in shares of Bank of New York Mellon in the first quarter worth about $25,000. Bellwether Advisors LLC purchased a new position in shares of Bank of New York Mellon in the fourth quarter worth about $28,000. Finally, REAP Financial Group LLC raised its stake in shares of 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 during the last quarter. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently issued reports on BK shares. Citigroup raised their price objective on Bank of New York Mellon from $82.00 to $85.00 and gave the stock a "neutral" rating in a research note on Monday, March 24th. Evercore ISI lifted 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 report on Wednesday, July 2nd. Morgan Stanley lifted their price target on Bank of New York Mellon from $94.00 to $95.00 and gave the company an "overweight" rating in a research report on Tuesday, June 3rd. Truist Financial cut Bank of New York Mellon from a "buy" rating to a "hold" rating and lifted their price target for the company from $87.00 to $97.00 in a research report on Wednesday, May 28th. Finally, Royal Bank Of Canada reiterated a "sector perform" rating and set a $90.00 price target on shares of Bank of New York Mellon in a research report on Monday, March 17th. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat, Bank of New York Mellon currently has a consensus rating of "Moderate Buy" and a consensus price target of $92.08.

Bank of New York Mellon Stock Performance

Shares of NYSE:BK opened at $93.70 on Monday. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.69 and a quick ratio of 0.69. The business's 50 day moving average price is $89.60 and its 200-day moving average price is $84.66. The firm has a market capitalization of $67.04 billion, a PE ratio of 15.26, a P/E/G ratio of 1.00 and a beta of 1.07. The Bank of New York Mellon Corporation has a 1 year low of $60.93 and a 1 year high of $93.93.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its quarterly earnings results on Friday, April 11th. The bank reported $1.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.50 by $0.08. The firm had revenue of $4.79 billion for the quarter, compared to analyst estimates of $4.76 billion. Bank of New York Mellon had a return on equity of 12.96% and a net margin of 11.78%. The business's revenue was up 5.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.29 earnings per share. As a group, equities research analysts expect that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP J Kevin Mccarthy sold 30,000 shares of Bank of New York Mellon stock in a transaction that occurred on Tuesday, April 29th. The stock was sold at an average price of $79.03, for a total value of $2,370,900.00. Following the sale, the executive vice president directly owned 55,115 shares of the company's stock, valued at $4,355,738.45. The trade was a 35.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.14% of the stock is owned by corporate insiders.

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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