8,624 Shares in The Bank of New York Mellon Corporation (NYSE:BK) Purchased by Denali Advisors LLC

Denali Advisors LLC acquired a new stake in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 8,624 shares of the bank's stock, valued at approximately $723,000.

Other institutional investors have also added to or reduced their stakes in the company. Alpine Bank Wealth Management bought a new stake in Bank of New York Mellon during the first quarter valued at about $25,000. Opal Wealth Advisors LLC purchased a new position in shares of Bank of New York Mellon during the first quarter valued at approximately $25,000. Parvin Asset Management LLC purchased a new stake in shares of Bank of New York Mellon in the fourth quarter valued at approximately $25,000. Bellwether Advisors LLC bought a new position in Bank of New York Mellon in the fourth quarter worth approximately $28,000. Finally, Cornerstone Planning Group LLC increased its position in shares of Bank of New York Mellon by 100.0% during the first quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank's stock worth $30,000 after purchasing an additional 196 shares in the last quarter. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Bank of New York Mellon Price Performance

Shares of Bank of New York Mellon stock traded up $0.04 during mid-day trading on Wednesday, reaching $98.94. 1,157,363 shares of the stock were exchanged, compared to its average volume of 4,114,413. The company has a market cap of $70.79 billion, a price-to-earnings ratio of 15.12, a price-to-earnings-growth ratio of 0.97 and a beta of 1.07. The company has a current ratio of 0.72, a quick ratio of 0.69 and a debt-to-equity ratio of 0.86. The firm has a 50-day simple moving average of $90.84 and a 200 day simple moving average of $85.34. The Bank of New York Mellon Corporation has a fifty-two week low of $60.93 and a fifty-two week high of $100.07.

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

Bank of New York Mellon Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 7th. Stockholders of record on Friday, July 25th will be issued a $0.53 dividend. The ex-dividend date is Friday, July 25th. This is an increase from Bank of New York Mellon's previous quarterly dividend of $0.47. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.14%. Bank of New York Mellon's dividend payout ratio (DPR) is 28.70%.

Insider Activity

In related news, EVP J Kevin Mccarthy sold 30,000 shares of the business's stock in a transaction on Tuesday, April 29th. The shares were sold at an average price of $79.03, for a total transaction of $2,370,900.00. Following the transaction, the executive vice president directly owned 55,115 shares in the company, valued at approximately $4,355,738.45. The trade was a 35.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.14% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts have commented on BK shares. Truist Financial upped their price target on shares of Bank of New York Mellon from $97.00 to $100.00 and gave the company a "hold" rating in a report on Wednesday, July 16th. Keefe, Bruyette & Woods increased their target price on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 16th. Wells Fargo & Company increased their target price on shares of Bank of New York Mellon from $96.00 to $100.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 16th. Evercore ISI increased their target price on shares of Bank of New York Mellon from $88.00 to $90.00 and gave the stock an "in-line" rating in a research note on Wednesday, July 2nd. Finally, Morgan Stanley increased their target price on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 16th. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, Bank of New York Mellon currently has a consensus rating of "Moderate Buy" and an average price target of $94.38.

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.