Mackenzie Financial Corp raised its position in shares of The Bank of New York Mellon Co. (NYSE:BK - Free Report) by 11.8% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 100,179 shares of the bank's stock after acquiring an additional 10,590 shares during the period. Mackenzie Financial Corp's holdings in Bank of New York Mellon were worth $7,697,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also modified their holdings of the company. Forum Financial Management LP increased its position in shares of Bank of New York Mellon by 6.8% during the 4th quarter. Forum Financial Management LP now owns 24,091 shares of the bank's stock valued at $1,851,000 after purchasing an additional 1,526 shares during the last quarter. WCG Wealth Advisors LLC grew its position in Bank of New York Mellon by 4.7% in the 4th quarter. WCG Wealth Advisors LLC now owns 22,556 shares of the bank's stock valued at $1,733,000 after acquiring an additional 1,011 shares during the last quarter. Sunbelt Securities Inc. grew its position in Bank of New York Mellon by 1,298.5% in the 4th quarter. Sunbelt Securities Inc. now owns 7,454 shares of the bank's stock valued at $575,000 after acquiring an additional 6,921 shares during the last quarter. Vise Technologies Inc. grew its position in Bank of New York Mellon by 32.3% in the 4th quarter. Vise Technologies Inc. now owns 11,805 shares of the bank's stock valued at $907,000 after acquiring an additional 2,880 shares during the last quarter. Finally, Retirement Planning Group LLC bought a new position in Bank of New York Mellon in the 4th quarter valued at $210,000. 85.31% of the stock is owned by hedge funds and other institutional investors.
Insider Activity
In other news, EVP J Kevin Mccarthy sold 30,000 shares of Bank of New York Mellon stock in a transaction on Tuesday, April 29th. The stock was sold at an average price of $79.03, for a total value of $2,370,900.00. Following the completion of the sale, the executive vice president now directly owns 55,115 shares of the company's stock, valued at approximately $4,355,738.45. The trade was a 35.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Kurtis R. Kurimsky sold 5,641 shares of Bank of New York Mellon stock in a transaction on Monday, April 14th. The shares were sold at an average price of $77.50, for a total value of $437,177.50. Following the completion of the sale, the insider now directly owns 21,679 shares of the company's stock, valued at $1,680,122.50. The trade was a 20.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 101,114 shares of company stock valued at $7,869,795 in the last 90 days. Company insiders own 0.14% of the company's stock.
Bank of New York Mellon Price Performance
BK traded down $0.42 during trading on Friday, hitting $88.65. The company's stock had a trading volume of 6,337,730 shares, compared to its average volume of 4,073,595. The company has a current ratio of 0.69, a quick ratio of 0.70 and a debt-to-equity ratio of 0.83. The Bank of New York Mellon Co. has a twelve month low of $57.18 and a twelve month high of $90.63. The business's fifty day simple moving average is $82.36 and its 200 day simple moving average is $82.27. The firm has a market capitalization of $63.42 billion, a price-to-earnings ratio of 15.26, a P/E/G ratio of 0.97 and a beta of 1.05.
Bank of New York Mellon (NYSE:BK - Get Free Report) last released its earnings results on Friday, April 11th. The bank reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.50 by $0.08. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The business 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 business's quarterly revenue was up 5.9% compared to the same quarter last year. On average, equities research analysts forecast that The Bank of New York Mellon Co. will post 6.96 EPS for the current fiscal year.
Bank of New York Mellon Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, May 2nd. Shareholders of record on Monday, April 21st were issued a $0.47 dividend. The ex-dividend date of this dividend was Monday, April 21st. This represents a $1.88 annualized dividend and a yield of 2.12%. Bank of New York Mellon's payout ratio is 30.62%.
Analyst Upgrades and Downgrades
Several brokerages have commented on BK. Morgan Stanley cut their price objective on Bank of New York Mellon from $99.00 to $98.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 2nd. Truist Financial downgraded 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 report on Wednesday. Evercore ISI upped 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. Citigroup upped their target price on Bank of New York Mellon from $82.00 to $85.00 and gave the stock a "neutral" rating in a report on Monday, March 24th. Finally, Royal Bank of Canada reiterated a "sector perform" rating and issued a $90.00 target price on shares of Bank of New York Mellon in a report on Monday, March 17th. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $92.08.
Read Our Latest Stock Report on Bank of New York Mellon
Bank of New York Mellon Profile
(
Free Report)
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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