Ransom Advisory Ltd Purchases New Position in The Bank of New York Mellon Corporation $BK

Key Points

• Ransom Advisory Ltd has acquired a new stake in The Bank of New York Mellon Corporation valued at approximately $561,000, purchasing 6,692 shares during the first quarter.
• Several large investors have also increased their positions in the bank, with TrueMark Investments LLC investing $4.28 million and Wealth Enhancement Advisory Services LLC lifting its position by 29.1%.
• Wall Street analysts have optimistic forecasts for the bank, with price targets increased by firms like Wells Fargo and Citigroup, reflecting a consensus rating of "Moderate Buy" and a price target of $96.62.

Ransom Advisory Ltd purchased a new position in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 6,692 shares of the bank's stock, valued at approximately $561,000.

Other large investors also recently bought and sold shares of the company. Opal Wealth Advisors LLC acquired a new stake in shares of Bank of New York Mellon during the first quarter valued at $25,000. Alpine Bank Wealth Management acquired a new stake in Bank of New York Mellon during the 1st quarter valued at approximately $25,000. REAP Financial Group LLC grew its stake in 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 valued at $30,000 after purchasing an additional 218 shares in the last quarter. Cornerstone Planning Group LLC grew its position in shares of Bank of New York Mellon by 100.0% in the 1st quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank's stock worth $30,000 after acquiring an additional 196 shares in the last quarter. Finally, Orion Capital Management LLC acquired a new position in shares of Bank of New York Mellon in the 1st quarter worth approximately $32,000. Institutional investors and hedge funds own 85.31% of the company's stock.

Bank of New York Mellon Price Performance

NYSE:BK traded up $0.86 during trading hours on Friday, reaching $106.46. 2,609,349 shares of the company were exchanged, compared to its average volume of 2,833,322. The business has a 50 day moving average of $101.15 and a 200 day moving average of $90.49. 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 Bank of New York Mellon Corporation has a 1-year low of $68.51 and a 1-year high of $106.57. The company has a market capitalization of $75.08 billion, a P/E ratio of 16.25, a P/E/G ratio of 1.00 and a beta of 1.14.

Bank of New York Mellon (NYSE:BK - Get Free Report) last announced its earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.73 by $0.21. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%.The business had revenue of $4.77 billion during the quarter, compared to analyst estimates of $4.80 billion. During the same period last year, the company earned $1.51 EPS. Bank of New York Mellon's revenue for the quarter was up 9.4% compared to the same quarter last year. 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 is a boost from Bank of New York Mellon's previous quarterly dividend of $0.47. The ex-dividend date of this dividend was Friday, July 25th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.0%. Bank of New York Mellon's payout ratio is presently 32.37%.

Analyst Ratings Changes

BK has been the topic of several recent analyst reports. Keefe, Bruyette & Woods lifted their target price on Bank of New York Mellon from $105.00 to $113.00 and gave the company an "outperform" rating in a research note on Wednesday, July 16th. Wells Fargo & Company boosted their target price on 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, July 16th. Citigroup increased their target price on Bank of New York Mellon from $92.00 to $105.00 and gave the company a "neutral" rating in a research note on Friday, September 5th. Morgan Stanley increased their target price on Bank of New York Mellon from $95.00 to $101.00 and gave the stock an "overweight" rating in a report on Wednesday, July 16th. Finally, Truist Financial lifted their target price on Bank of New York Mellon from $100.00 to $109.00 and gave the company a "hold" rating in a research note on Thursday, August 14th. Eight analysts have rated the stock with a Buy rating and six have assigned a Hold 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 $96.62.

Insiders Place Their Bets

In related news, EVP J Kevin Mccarthy sold 20,000 shares of Bank of New York Mellon stock in a transaction that occurred 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 transaction, the executive vice president directly owned 35,115 shares in the company, valued at approximately $3,457,071.75. The trade was a 36.29% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate 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.