Retirement Planning Co of New England Inc. Makes New Investment in The Bank of New York Mellon Corporation (NYSE:BK)

Retirement Planning Co of New England Inc. bought a new position in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 3,423 shares of the bank's stock, valued at approximately $287,000.

A number of other large investors have also made changes to their positions in BK. Revolve Wealth Partners LLC acquired a new position in shares of Bank of New York Mellon during the 4th quarter worth about $220,000. Parallel Advisors LLC grew its position in Bank of New York Mellon by 3.0% in the fourth quarter. Parallel Advisors LLC now owns 12,450 shares of the bank's stock valued at $957,000 after acquiring an additional 363 shares during the last quarter. Tocqueville Asset Management L.P. lifted its stake in Bank of New York Mellon by 36.3% in the 4th quarter. Tocqueville Asset Management L.P. now owns 19,498 shares of the bank's stock valued at $1,498,000 after purchasing an additional 5,190 shares during the last quarter. Axxcess Wealth Management LLC boosted its holdings in shares of Bank of New York Mellon by 69.9% during the 4th quarter. Axxcess Wealth Management LLC now owns 18,436 shares of the bank's stock valued at $1,416,000 after acquiring an additional 7,584 shares in the last quarter. Finally, Advisors Asset Management Inc. boosted its position in Bank of New York Mellon by 26.7% during the 4th quarter. Advisors Asset Management Inc. now owns 78,540 shares of the bank's stock worth $6,034,000 after buying an additional 16,552 shares during the period. Institutional investors own 85.31% of the company's stock.

Bank of New York Mellon Stock Up 2.6%

BK stock opened at $97.95 on Friday. The firm has a market cap of $70.08 billion, a PE ratio of 14.95, a P/E/G ratio of 1.01 and a beta of 1.07. The Bank of New York Mellon Corporation has a one year low of $60.93 and a one year high of $98.50. The firm's fifty day moving average is $90.58 and its 200 day moving average is $85.07. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.69 and a current ratio of 0.72.

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 (EPS) for the quarter, beating analysts' consensus estimates of $1.73 by $0.21. The business had revenue of $4.77 billion for the quarter, compared to the consensus estimate of $4.80 billion. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. The business's revenue was up 9.4% on a year-over-year basis. During the same period in the previous year, the firm earned $1.51 EPS. On average, 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 firm also recently declared 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 2.16%. This is an increase from Bank of New York Mellon's previous quarterly dividend of $0.47. The ex-dividend date is Friday, July 25th. Bank of New York Mellon's payout ratio is 30.62%.

Insider Activity 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 that occurred on 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 sale, the executive vice president directly owned 55,115 shares of the company's stock, valued at approximately $4,355,738.45. This trade represents a 35.25% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.14% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently commented on BK. Citigroup raised their target price on Bank of New York Mellon from $82.00 to $85.00 and gave the company a "neutral" rating in a research note on Monday, March 24th. Morgan Stanley upped their price target on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the company an "overweight" rating in a research note on Wednesday. Evercore ISI lifted their price objective on Bank of New York Mellon from $88.00 to $90.00 and gave the company an "in-line" rating in a research note on Wednesday, July 2nd. Keefe, Bruyette & Woods raised their price objective on Bank of New York Mellon from $105.00 to $113.00 and gave the company an "outperform" rating in a report on Wednesday. Finally, Wells Fargo & Company raised their target price on shares of Bank of New York Mellon from $96.00 to $100.00 and gave the stock an "equal weight" rating in a report on Wednesday. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $94.38.

Bank of New York Mellon Profile

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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