Interchange Capital Partners LLC Invests $304,000 in The Bank of New York Mellon Corporation (NYSE:BK)

Interchange Capital Partners LLC purchased a new stake in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 3,626 shares of the bank's stock, valued at approximately $304,000.

Other hedge funds have also bought and sold shares of the company. Alpine Bank Wealth Management bought a new position in Bank of New York Mellon during the 1st quarter valued at $25,000. Opal Wealth Advisors LLC bought a new position in Bank of New York Mellon during the 1st quarter valued at $25,000. Parvin Asset Management LLC bought a new position in Bank of New York Mellon during the 4th quarter valued at $25,000. Bellwether Advisors LLC bought a new stake in shares of Bank of New York Mellon during the 4th quarter worth $28,000. Finally, REAP Financial Group LLC raised its stake in shares of Bank of New York Mellon by 123.2% during the 4th quarter. REAP Financial Group LLC now owns 395 shares of the bank's stock worth $30,000 after purchasing an additional 218 shares during the period. Institutional investors and hedge funds own 85.31% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on BK shares. Royal Bank Of Canada reiterated a "sector perform" rating and set a $90.00 target price on shares of Bank of New York Mellon in a research note on Monday, March 17th. Morgan Stanley lifted their target price on Bank of New York Mellon from $94.00 to $95.00 and gave the stock an "overweight" rating in a research note on Tuesday, June 3rd. Truist Financial cut Bank of New York Mellon from a "buy" rating to a "hold" rating and lifted their target price for the stock from $87.00 to $97.00 in a research note on Wednesday, May 28th. Evercore ISI lifted their target price on Bank of New York Mellon from $88.00 to $90.00 and gave the stock an "in-line" rating in a research note on Wednesday, July 2nd. Finally, Citigroup lifted their target price on Bank of New York Mellon from $82.00 to $85.00 and gave the stock a "neutral" rating in a research note on Monday, March 24th. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $92.08.

Bank of New York Mellon Price Performance

NYSE:BK traded up $0.04 during trading hours on Friday, hitting $93.70. The stock had a trading volume of 4,276,886 shares, compared to its average volume of 4,138,902. The company has a 50 day simple moving average of $89.60 and a two-hundred day simple moving average of $84.57. The firm has a market capitalization of $67.04 billion, a price-to-earnings ratio of 15.26, a P/E/G ratio of 1.00 and a beta of 1.07. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.69 and a quick ratio of 0.69. The Bank of New York Mellon Corporation has a one year low of $60.93 and a one year high of $93.93.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its quarterly earnings data on Friday, April 11th. The bank reported $1.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.50 by $0.08. Bank of New York Mellon had a return on equity of 12.96% and a net margin of 11.78%. The company had revenue of $4.79 billion for the quarter, compared to the consensus estimate of $4.76 billion. During the same quarter last year, the business posted $1.29 earnings per share. The firm's revenue was up 5.9% compared to the same quarter last year. Research analysts forecast that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Announces Dividend

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

Insider Transactions at Bank of New York Mellon

In other news, VP Catherine Keating sold 65,473 shares of the business's stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $77.31, for a total transaction of $5,061,717.63. Following the completion of the transaction, the vice president owned 87,542 shares of the company's stock, valued at approximately $6,767,872.02. The trade was a 42.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP J Kevin Mccarthy sold 30,000 shares of the firm's stock in a transaction dated Tuesday, April 29th. The shares were sold at an average price of $79.03, for a total value of $2,370,900.00. Following the sale, the executive vice president owned 55,115 shares in the company, valued at $4,355,738.45. The trade was a 35.25% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 101,114 shares of company stock valued at $7,869,795. 0.14% of the stock is owned by corporate insiders.

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.