Denali Advisors LLC Takes Position in The Bank of New York Mellon Corporation (NYSE:BK)

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 13F filing with the Securities and Exchange Commission. The firm acquired 8,624 shares of the bank's stock, valued at approximately $723,000.

A number of other hedge funds have also recently bought and sold shares of the business. Alpine Bank Wealth Management acquired a new position in shares of Bank of New York Mellon in the 1st quarter worth approximately $25,000. Opal Wealth Advisors LLC bought a new stake in shares of Bank of New York Mellon in the 1st quarter worth approximately $25,000. Parvin Asset Management LLC bought a new stake in Bank of New York Mellon during the 4th quarter valued at $25,000. Bellwether Advisors LLC bought a new stake in Bank of New York Mellon during the 4th quarter valued at $28,000. Finally, Cornerstone Planning Group LLC raised its stake in Bank of New York Mellon by 100.0% during the 1st quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank's stock valued at $30,000 after acquiring an additional 196 shares in the last quarter. Institutional investors and hedge funds own 85.31% of the company's stock.

Insider Transactions at Bank of New York Mellon

In related 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 shares were sold at an average price of $79.03, for a total value of $2,370,900.00. Following the transaction, the executive vice president directly owned 55,115 shares of the company's stock, valued at $4,355,738.45. This trade represents a 35.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.14% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on BK shares. Morgan Stanley lifted their target price on Bank of New York Mellon from $95.00 to $101.00 and gave the stock an "overweight" rating in a report on Wednesday, July 16th. Truist Financial lifted their target price on Bank of New York Mellon from $97.00 to $100.00 and gave the stock a "hold" rating in a report on Wednesday, July 16th. 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 report on Wednesday, July 2nd. Keefe, Bruyette & Woods lifted their price target on Bank of New York Mellon from $105.00 to $113.00 and gave the company an "outperform" rating in a report on Wednesday, July 16th. Finally, Wells Fargo & Company lifted 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 report on Wednesday, July 16th. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, Bank of New York Mellon presently has an average rating of "Moderate Buy" and a consensus price target of $94.38.

Bank of New York Mellon Price Performance

NYSE BK traded up $0.41 during trading hours on Tuesday, reaching $99.01. 1,614,781 shares of the company's stock were exchanged, compared to its average volume of 4,120,598. The firm has a fifty day moving average of $90.84 and a 200-day moving average of $85.34. The Bank of New York Mellon Corporation has a one year low of $60.93 and a one year high of $99.42. 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 stock has a market cap of $70.84 billion, a PE ratio of 15.12, a price-to-earnings-growth ratio of 0.97 and a beta of 1.07.

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

Bank of New York Mellon Increases Dividend

The business 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. This is a boost from Bank of New York Mellon's previous quarterly dividend of $0.47. The ex-dividend date is Friday, July 25th. This represents a $2.12 annualized dividend and a dividend yield of 2.14%. Bank of New York Mellon's dividend payout ratio (DPR) is presently 32.37%.

Bank of New York Mellon 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.