Norden Group LLC Makes New $237,000 Investment in The Bank of New York Mellon Corporation $BK

Key Points

• Norden Group LLC has made a new investment of $237,000 in The Bank of New York Mellon Corporation, purchasing 2,598 shares during the second quarter.
• Multiple institutional investors, including Canada Post Corp and TrueMark Investments, have also recently increased their stakes in the bank, indicating strong institutional interest.
• Wall Street analysts are optimistic about the bank's performance, with a consensus price target of $98.00 and a "Moderate Buy" rating, following several upward revisions of price targets by major firms.

Norden Group LLC bought a new position in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 2,598 shares of the bank's stock, valued at approximately $237,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Canada Post Corp Registered Pension Plan bought a new position in Bank of New York Mellon during the 1st quarter worth about $1,035,000. TrueMark Investments LLC bought a new stake in shares of Bank of New York Mellon in the 1st quarter valued at about $4,282,000. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Bank of New York Mellon by 29.1% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 223,438 shares of the bank's stock valued at $18,740,000 after buying an additional 50,368 shares in the last quarter. Formidable Asset Management LLC bought a new stake in shares of Bank of New York Mellon in the 1st quarter valued at about $247,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in shares of Bank of New York Mellon by 121.8% in the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 183,602 shares of the bank's stock valued at $15,399,000 after buying an additional 100,810 shares in the last quarter. 85.31% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Citigroup raised their price target on shares of Bank of New York Mellon from $92.00 to $105.00 and gave the company a "neutral" rating in a report on Friday, September 5th. Truist Financial raised their price target on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the company a "hold" rating in a report on Thursday, August 14th. Wells Fargo & Company raised their price target on shares of Bank of New York Mellon from $96.00 to $100.00 and gave the company an "equal weight" rating in a report on Wednesday, July 16th. Keefe, Bruyette & Woods raised their price target on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the company an "outperform" rating in a report on Wednesday, July 16th. Finally, Evercore ISI raised their price target on shares of Bank of New York Mellon from $88.00 to $90.00 and gave the company an "in-line" rating in a report on Wednesday, July 2nd. Eight research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $98.00.

Bank of New York Mellon Price Performance

NYSE:BK opened at $109.58 on Friday. 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 firm has a market cap of $77.28 billion, a price-to-earnings ratio of 16.73, a price-to-earnings-growth ratio of 1.03 and a beta of 1.14. The company has a 50 day moving average price of $103.79 and a 200-day moving average price of $92.10. The Bank of New York Mellon Corporation has a 1-year low of $70.41 and a 1-year high of $110.87.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its quarterly 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. The company 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%.Bank of New York Mellon's quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.51 EPS. Equities research analysts forecast 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 business also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were issued a $0.53 dividend. 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 boost from Bank of New York Mellon's previous quarterly dividend of $0.47. Bank of New York Mellon's payout ratio is presently 32.37%.

Insider Buying and Selling

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the business's stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $98.45, for a total value of $1,969,000.00. Following the completion of the sale, the executive vice president owned 35,115 shares of the company's stock, valued at approximately $3,457,071.75. The trade was a 36.29% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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.

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