Envestnet Asset Management Inc. Boosts Stock Position in The Bank of New York Mellon Corporation (NYSE:BK)

Envestnet Asset Management Inc. lifted its stake in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 4.1% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,357,747 shares of the bank's stock after buying an additional 93,850 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.33% of Bank of New York Mellon worth $197,744,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Penserra Capital Management LLC lifted its stake in Bank of New York Mellon by 141.0% in the first quarter. Penserra Capital Management LLC now owns 12,655 shares of the bank's stock valued at $1,060,000 after buying an additional 7,403 shares during the last quarter. Tradewinds LLC. raised its stake in shares of Bank of New York Mellon by 4.8% during the first quarter. Tradewinds LLC. now owns 7,505 shares of the bank's stock worth $629,000 after purchasing an additional 344 shares during the last quarter. McGlone Suttner Wealth Management Inc. raised its stake in shares of Bank of New York Mellon by 15.2% during the first quarter. McGlone Suttner Wealth Management Inc. now owns 8,161 shares of the bank's stock worth $684,000 after purchasing an additional 1,077 shares during the last quarter. HM Payson & Co. raised its stake in shares of Bank of New York Mellon by 4.4% during the first quarter. HM Payson & Co. now owns 8,581 shares of the bank's stock worth $720,000 after purchasing an additional 358 shares during the last quarter. Finally, Macroview Investment Management LLC purchased a new stake in shares of Bank of New York Mellon during the first quarter worth approximately $214,000. 85.31% of the stock is owned by institutional investors and hedge funds.

Bank of New York Mellon Trading Up 0.0%

Shares of Bank of New York Mellon stock traded up $0.04 during trading hours on Friday, reaching $93.70. The stock had a trading volume of 4,276,885 shares, compared to its average volume of 4,271,808. The firm has a 50 day simple moving average of $89.37 and a two-hundred day simple moving average of $84.46. The firm has a market capitalization of $67.04 billion, a price-to-earnings ratio of 15.26, a P/E/G ratio of 1.04 and a beta of 1.07. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 0.81. 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 announced its earnings results on Friday, April 11th. The bank reported $1.58 EPS for the quarter, beating the consensus estimate of $1.50 by $0.08. The business had revenue of $4.79 billion for the quarter, compared to the consensus estimate 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 company's revenue was up 5.9% on a year-over-year basis. During the same period last year, the business posted $1.29 EPS. As a group, equities research analysts anticipate that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current year.

Bank of New York Mellon Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 2nd. Investors of record on Monday, April 21st were issued a dividend of $0.47 per share. The ex-dividend date of this dividend was Monday, April 21st. This represents a $1.88 annualized dividend and a dividend yield of 2.01%. Bank of New York Mellon's payout ratio is currently 30.62%.

Insider Activity at Bank of New York Mellon

In other Bank of New York Mellon 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 transaction of $2,370,900.00. Following the sale, the executive vice president directly owned 55,115 shares in the company, valued at $4,355,738.45. The trade was a 35.25% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Catherine Keating sold 65,473 shares of Bank of New York Mellon stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $77.31, for a total value of $5,061,717.63. Following the sale, the vice president owned 87,542 shares in the company, valued at $6,767,872.02. This represents a 42.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 101,114 shares of company stock worth $7,869,795. 0.14% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

BK has been the subject of several analyst reports. Royal Bank Of Canada restated a "sector perform" rating and set a $90.00 price target on shares of Bank of New York Mellon in a research note on Monday, March 17th. Citigroup upped their price objective on Bank of New York Mellon from $82.00 to $85.00 and gave the stock a "neutral" rating in a report on Monday, March 24th. Truist Financial lowered Bank of New York Mellon from a "buy" rating to a "hold" rating and upped their price objective for the stock from $87.00 to $97.00 in a report on Wednesday, May 28th. Evercore ISI upped their price objective on Bank of New York Mellon from $88.00 to $90.00 and gave the stock an "in-line" rating in a report on Wednesday, July 2nd. Finally, Morgan Stanley upped their target price on Bank of New York Mellon from $94.00 to $95.00 and gave the company an "overweight" rating in a report on Tuesday, June 3rd. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $92.08.

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.