FCG Investment Co Has $1.04 Million Stock Position in The Bank of New York Mellon Corporation $BK

Key Points

• FCG Investment Co reduced its holdings in The Bank of New York Mellon Corporation by 30.9%, now owning 11,356 shares valued at approximately $1.04 million.
• Institutional investors control 85.31% of the stock, indicating significant interest from major financial entities.
• Bank of New York Mellon recently increased its quarterly dividend to $0.53 per share, reflecting a more favorable company outlook.

FCG Investment Co lowered its position in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 30.9% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,356 shares of the bank's stock after selling 5,075 shares during the quarter. FCG Investment Co's holdings in Bank of New York Mellon were worth $1,035,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Leonard Rickey Investment Advisors P.L.L.C. increased its position in shares of Bank of New York Mellon by 2.2% during the 2nd quarter. Leonard Rickey Investment Advisors P.L.L.C. now owns 5,094 shares of the bank's stock worth $464,000 after purchasing an additional 112 shares in the last quarter. Sax Wealth Advisors LLC increased its position in Bank of New York Mellon by 2.3% in the 1st quarter. Sax Wealth Advisors LLC now owns 5,278 shares of the bank's stock valued at $443,000 after acquiring an additional 117 shares in the last quarter. Hemington Wealth Management increased its position in Bank of New York Mellon by 8.0% in the 1st quarter. Hemington Wealth Management now owns 1,628 shares of the bank's stock valued at $136,000 after acquiring an additional 121 shares in the last quarter. Y.D. More Investments Ltd increased its position in Bank of New York Mellon by 13.8% in the 1st quarter. Y.D. More Investments Ltd now owns 1,030 shares of the bank's stock valued at $86,000 after acquiring an additional 125 shares in the last quarter. Finally, Resources Management Corp CT ADV increased its position in Bank of New York Mellon by 5.9% in the 1st quarter. Resources Management Corp CT ADV now owns 2,260 shares of the bank's stock valued at $190,000 after acquiring an additional 125 shares in the last quarter. Institutional investors and hedge funds own 85.31% of the company's stock.

Insiders Place Their Bets

In related news, EVP J Kevin Mccarthy sold 20,000 shares of Bank of New York Mellon stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $98.45, for a total transaction of $1,969,000.00. Following the transaction, the executive vice president owned 35,115 shares of the company's stock, valued at $3,457,071.75. This trade represents a 36.29% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.14% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research firms have weighed in on BK. Keefe, Bruyette & Woods raised their price objective on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the company an "outperform" rating in a research report on Wednesday, July 16th. Citigroup raised their price objective on shares of Bank of New York Mellon from $92.00 to $105.00 and gave the company a "neutral" rating in a research report on Friday, September 5th. TD Cowen began coverage on shares of Bank of New York Mellon in a research report on Thursday. They issued a "buy" rating for the company. Truist Financial raised their price objective on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the company a "hold" rating in a research report on Thursday, August 14th. Finally, Morgan Stanley raised their price objective on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the company an "overweight" rating in a research report on Wednesday, July 16th. Eight research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $98.00.

Bank of New York Mellon Stock Up 0.9%

Shares of NYSE:BK opened at $109.12 on Friday. The Bank of New York Mellon Corporation has a one year low of $70.41 and a one year high of $110.87. The company has a 50 day moving average of $103.58 and a 200-day moving average of $91.82. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.72. The stock has a market cap of $76.95 billion, a price-to-earnings ratio of 16.66, a P/E/G ratio of 1.02 and a beta of 1.14.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 earnings per share for the quarter, topping 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 business 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. Bank of New York Mellon's quarterly revenue was up 9.4% compared to the same quarter last year. On average, sell-side analysts forecast that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current year.

Bank of New York Mellon Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were paid a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend was Friday, July 25th. This is a positive change from Bank of New York Mellon's previous quarterly dividend of $0.47. Bank of New York Mellon's payout ratio is 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.

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