Hamel Associates Inc. Has $7.85 Million Stock Holdings in The Bank of New York Mellon Corporation (NYSE:BK)

Hamel Associates Inc. reduced its holdings in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 4.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 93,620 shares of the bank's stock after selling 4,370 shares during the quarter. Bank of New York Mellon makes up approximately 2.7% of Hamel Associates Inc.'s holdings, making the stock its 11th largest holding. Hamel Associates Inc.'s holdings in Bank of New York Mellon were worth $7,852,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of BK. TrueMark Investments LLC acquired a new position in Bank of New York Mellon during the 1st quarter worth $4,282,000. O Shaughnessy Asset Management LLC lifted its holdings in Bank of New York Mellon by 11.7% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 786,496 shares of the bank's stock worth $60,426,000 after buying an additional 82,671 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in Bank of New York Mellon by 29.1% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 223,438 shares of the bank's stock worth $18,740,000 after buying an additional 50,368 shares in the last quarter. Formidable Asset Management LLC acquired a new position in Bank of New York Mellon during the 1st quarter worth $247,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in Bank of New York Mellon by 121.8% during the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 183,602 shares of the bank's stock worth $15,399,000 after buying an additional 100,810 shares in the last quarter. 85.31% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have commented on the stock. Evercore ISI upped their target price on shares of Bank of New York Mellon from $88.00 to $90.00 and gave the company an "in-line" rating in a research report on Wednesday, July 2nd. Wells Fargo & Company upped 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 report on Wednesday, July 16th. Truist Financial upped 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 report on Wednesday, July 16th. Morgan Stanley upped 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 report on Wednesday, July 16th. Finally, Keefe, Bruyette & Woods upped 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 report on Wednesday, July 16th. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, Bank of New York Mellon has a consensus rating of "Moderate Buy" and a consensus target price of $94.38.

Bank of New York Mellon Stock Down 0.4%

BK stock traded down $0.43 during trading hours on Monday, reaching $100.50. 772,567 shares of the stock were exchanged, compared to its average volume of 4,307,784. The firm's 50-day moving average is $91.96 and its 200-day moving average is $86.10. The company has a market cap of $71.90 billion, a price-to-earnings ratio of 15.34, a PEG ratio of 0.98 and a beta of 1.07. 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 Bank of New York Mellon Corporation has a 12 month low of $60.93 and a 12 month high of $101.16.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.73 by $0.21. The firm had revenue of $4.77 billion during the quarter, compared to analysts' expectations of $4.80 billion. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%. The company's revenue was up 9.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.51 EPS. On average, equities research analysts expect 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 announced a quarterly dividend, which will be paid on Thursday, August 7th. Shareholders of record on Friday, July 25th will be issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 2.11%. The ex-dividend date of this dividend is Friday, July 25th. This is a boost from Bank of New York Mellon's previous quarterly dividend of $0.47. Bank of New York Mellon's dividend payout ratio is 32.37%.

Insider Transactions at Bank of New York Mellon

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 30,000 shares of the stock in a transaction dated 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 completion of the transaction, the executive vice president owned 55,115 shares in the company, valued at approximately $4,355,738.45. This represents a 35.25% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.14% of the company's stock.

About Bank of New York Mellon

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.