Forum Financial Management LP Sells 3,592 Shares of The Bank of New York Mellon Corporation (NYSE:BK)

Forum Financial Management LP lessened its stake in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 14.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 20,499 shares of the bank's stock after selling 3,592 shares during the period. Forum Financial Management LP's holdings in Bank of New York Mellon were worth $1,719,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in BK. Revolve Wealth Partners LLC bought a new stake in shares of Bank of New York Mellon during the 4th quarter valued at $220,000. EverSource Wealth Advisors LLC grew its position in shares of Bank of New York Mellon by 25.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,295 shares of the bank's stock valued at $99,000 after acquiring an additional 259 shares during the period. Commonwealth Equity Services LLC grew its position in shares of Bank of New York Mellon by 2.7% during the 4th quarter. Commonwealth Equity Services LLC now owns 162,376 shares of the bank's stock valued at $12,475,000 after acquiring an additional 4,200 shares during the period. Envestnet Portfolio Solutions Inc. grew its position in shares of Bank of New York Mellon by 15.4% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 58,892 shares of the bank's stock valued at $4,525,000 after acquiring an additional 7,863 shares during the period. Finally, Corient Private Wealth LLC grew its position in shares of Bank of New York Mellon by 18.3% during the 4th quarter. Corient Private Wealth LLC now owns 335,507 shares of the bank's stock valued at $24,896,000 after acquiring an additional 51,913 shares during the period. Institutional investors own 85.31% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Keefe, Bruyette & Woods lifted their target price on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the company an "outperform" rating in a research note on Wednesday. Morgan Stanley lifted their target price on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the company an "overweight" rating in a research note on Wednesday. Truist Financial lifted their target price on shares of Bank of New York Mellon from $97.00 to $100.00 and gave the company a "hold" rating in a research note on Wednesday. Citigroup lifted their target price on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the company a "neutral" rating in a research note on Monday, March 24th. Finally, Wells Fargo & Company lifted their target price on shares of Bank of New York Mellon from $96.00 to $100.00 and gave the company an "equal weight" rating in a research note on Wednesday. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $94.38.

Insider Buying and Selling at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 30,000 shares of the company's stock in a transaction dated 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. This represents a 35.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.14% of the stock is currently owned by company insiders.

Bank of New York Mellon Price Performance

Shares of Bank of New York Mellon stock traded up $0.89 during trading hours on Friday, reaching $98.81. The company's stock had a trading volume of 5,658,224 shares, compared to its average volume of 4,139,281. The firm has a 50 day moving average price of $90.58 and a 200-day moving average price of $85.07. The Bank of New York Mellon Corporation has a one year low of $60.93 and a one year high of $99.03. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.69. The stock has a market cap of $70.69 billion, a P/E ratio of 15.09, a P/E/G ratio of 1.01 and a beta of 1.07.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share for the quarter, topping analysts' consensus estimates 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 firm had revenue of $4.77 billion for the quarter, compared to the consensus estimate of $4.80 billion. During the same period in the previous year, the firm posted $1.51 EPS. The business's quarterly revenue was up 9.4% on a year-over-year basis. On average, analysts predict that The Bank of New York Mellon Corporation will post 6.96 EPS for the current year.

Bank of New York Mellon Increases Dividend

The firm also recently announced 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 2.15%. Bank of New York Mellon's payout ratio is 30.62%.

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.