Exchange Traded Concepts LLC Buys 45,275 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Exchange Traded Concepts LLC grew its holdings in The Bank of New York Mellon Co. (NYSE:BK - Free Report) by 27.1% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 212,367 shares of the bank's stock after purchasing an additional 45,275 shares during the period. Exchange Traded Concepts LLC's holdings in Bank of New York Mellon were worth $17,811,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. O Shaughnessy Asset Management LLC grew its stake in Bank of New York Mellon by 11.7% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 786,496 shares of the bank's stock valued at $60,426,000 after purchasing an additional 82,671 shares in the last quarter. Natixis Advisors LLC boosted its holdings in shares of Bank of New York Mellon by 6.5% in the 4th quarter. Natixis Advisors LLC now owns 285,965 shares of the bank's stock valued at $21,971,000 after buying an additional 17,457 shares during the last quarter. Benson Investment Management Company Inc. bought a new position in shares of Bank of New York Mellon in the first quarter valued at $5,259,000. NEOS Investment Management LLC increased its holdings in Bank of New York Mellon by 31.6% during the fourth quarter. NEOS Investment Management LLC now owns 46,647 shares of the bank's stock worth $3,584,000 after buying an additional 11,200 shares during the last quarter. Finally, Merit Financial Group LLC raised its position in Bank of New York Mellon by 89.0% during the first quarter. Merit Financial Group LLC now owns 13,296 shares of the bank's stock worth $1,115,000 after acquiring an additional 6,262 shares in the last quarter. Institutional investors own 85.31% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Royal Bank of Canada reissued a "sector perform" rating and issued a $90.00 price objective on shares of Bank of New York Mellon in a research report on Monday, March 17th. Wall Street Zen cut Bank of New York Mellon from a "buy" rating to a "hold" rating in a report on Wednesday, February 19th. Truist Financial lowered Bank of New York Mellon from a "buy" rating to a "hold" rating and upped their price objective for the company from $87.00 to $97.00 in a research note on Wednesday, May 28th. Evercore ISI raised their price objective on Bank of New York Mellon from $83.00 to $87.00 and gave the company an "in-line" rating in a research report on Tuesday, April 1st. Finally, Wells Fargo & Company boosted their target price on Bank of New York Mellon from $86.00 to $96.00 and gave the stock an "equal weight" rating in a report on Monday, March 3rd. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $91.85.

Bank of New York Mellon Stock Performance

Shares of BK traded down $1.21 during midday trading on Friday, reaching $88.50. 3,527,284 shares of the stock were exchanged, compared to its average volume of 4,074,326. The stock's 50 day simple moving average is $84.13 and its 200 day simple moving average is $82.93. The company has a market cap of $63.32 billion, a P/E ratio of 15.23, a PEG ratio of 0.97 and a beta of 1.08. The Bank of New York Mellon Co. has a twelve month low of $57.18 and a twelve month high of $90.63. The company has a quick ratio of 0.70, a current ratio of 0.69 and a debt-to-equity ratio of 0.83.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its quarterly earnings results on Friday, April 11th. The bank reported $1.58 EPS for the quarter, topping analysts' consensus estimates of $1.50 by $0.08. The business had revenue of $4.79 billion for the quarter, compared to analyst estimates of $4.76 billion. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. Bank of New York Mellon's revenue for the quarter was up 5.9% compared to the same quarter last year. During the same period last year, the firm earned $1.29 earnings per share. On average, sell-side analysts expect that The Bank of New York Mellon Co. will post 6.96 earnings per share for the current year.

Bank of New York Mellon Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 2nd. Stockholders of record on Monday, April 21st were given a $0.47 dividend. The ex-dividend date of this dividend was Monday, April 21st. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.12%. Bank of New York Mellon's payout ratio is 30.62%.

Insider Activity

In other news, VP Catherine Keating sold 65,473 shares of Bank of New York Mellon stock in a transaction 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 transaction, the vice president now owns 87,542 shares in the company, valued at approximately $6,767,872.02. This trade represents a 42.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Kurtis R. Kurimsky sold 5,641 shares of the company's stock in a transaction on Monday, April 14th. The stock was sold at an average price of $77.50, for a total value of $437,177.50. Following the sale, the insider now owns 21,679 shares of the company's stock, valued at approximately $1,680,122.50. This represents a 20.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 101,114 shares of company stock worth $7,869,795. Corporate insiders own 0.14% of the company's stock.

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.