Revisor Wealth Management LLC Makes New Investment in The Bank of New York Mellon Corporation $BK

Key Points

• Revisor Wealth Management LLC acquired 2,691 shares of The Bank of New York Mellon Corporation ($BK) in the second quarter, valued at approximately $252,000.
• Several brokerages have raised their price targets for the stock, with Morgan Stanley increasing it from $95.00 to $101.00 and giving it an "overweight" rating.
• The Bank of New York Mellon has increased its quarterly dividend from $0.47 to $0.53, reflecting a more positive outlook with a current dividend yield of 1.9%.

Revisor Wealth Management LLC purchased a new position in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,691 shares of the bank's stock, valued at approximately $252,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Leonard Rickey Investment Advisors P.L.L.C. increased its position in Bank of New York Mellon by 2.2% in the second quarter. Leonard Rickey Investment Advisors P.L.L.C. now owns 5,094 shares of the bank's stock worth $464,000 after buying an additional 112 shares in the last quarter. Sax Wealth Advisors LLC increased its position in Bank of New York Mellon by 2.3% in the first quarter. Sax Wealth Advisors LLC now owns 5,278 shares of the bank's stock worth $443,000 after buying an additional 117 shares in the last quarter. Hemington Wealth Management increased its position in Bank of New York Mellon by 8.0% in the first quarter. Hemington Wealth Management now owns 1,628 shares of the bank's stock worth $136,000 after buying an additional 121 shares in the last quarter. Y.D. More Investments Ltd increased its position in Bank of New York Mellon by 13.8% in the first quarter. Y.D. More Investments Ltd now owns 1,030 shares of the bank's stock worth $86,000 after buying an additional 125 shares in the last quarter. Finally, Resources Management Corp CT ADV increased its position in Bank of New York Mellon by 5.9% in the first quarter. Resources Management Corp CT ADV now owns 2,260 shares of the bank's stock worth $190,000 after buying an additional 125 shares in the last quarter. Hedge funds and other institutional investors own 85.31% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on BK. Morgan Stanley upped their price target on Bank of New York Mellon from $95.00 to $101.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 16th. Evercore ISI upped their price objective 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. Truist Financial upped their price objective on Bank of New York Mellon from $100.00 to $109.00 and gave the stock a "hold" rating in a research note on Thursday, August 14th. Citigroup upped their price objective on Bank of New York Mellon from $92.00 to $105.00 and gave the stock a "neutral" rating in a research note on Friday, September 5th. Finally, Wells Fargo & Company upped their price objective on Bank of New York Mellon from $96.00 to $100.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 16th. Eight investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $96.62.

Insider Activity

In other news, EVP J Kevin Mccarthy sold 20,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 22nd. The stock was 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 directly owned 35,115 shares of the company's stock, valued at $3,457,071.75. This trade represents a 36.29% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.14% of the stock is owned by insiders.

Bank of New York Mellon Price Performance

NYSE:BK opened at $108.75 on Wednesday. The firm has a market capitalization of $76.69 billion, a price-to-earnings ratio of 16.60, a PEG ratio of 1.03 and a beta of 1.14. The Bank of New York Mellon Corporation has a 1 year low of $70.41 and a 1 year high of $110.87. The business has a 50 day simple moving average of $103.10 and a 200-day simple moving average of $91.54. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.72.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.73 by $0.21. The business had revenue of $4.77 billion during the quarter, compared to analyst estimates of $4.80 billion. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%.The company's revenue for the quarter was up 9.4% on a year-over-year basis. During the same period last year, the company earned $1.51 EPS. Equities 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 disclosed a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were paid a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend was Friday, July 25th. This is a positive change from Bank of New York Mellon's previous quarterly dividend of $0.47. Bank of New York Mellon's dividend payout ratio is 32.37%.

Bank of New York Mellon Company 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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