Shilanski & Associates Inc. lifted its stake in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 254.9% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 29,221 shares of the bank's stock after purchasing an additional 20,988 shares during the quarter. Shilanski & Associates Inc.'s holdings in Bank of New York Mellon were worth $2,451,000 as of its most recent SEC filing.
A number of other hedge funds also recently modified their holdings of the stock. Wealthstar Advisors LLC bought a new stake in Bank of New York Mellon during the 1st quarter worth approximately $586,000. Sovran Advisors LLC lifted its stake in shares of Bank of New York Mellon by 51.8% in the first quarter. Sovran Advisors LLC now owns 11,815 shares of the bank's stock valued at $902,000 after buying an additional 4,033 shares in the last quarter. Joel Isaacson & Co. LLC lifted its holdings in shares of Bank of New York Mellon by 3.3% in the first quarter. Joel Isaacson & Co. LLC now owns 34,657 shares of the bank's stock valued at $2,907,000 after purchasing an additional 1,100 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Bank of New York Mellon by 3.7% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,792,193 shares of the bank's stock worth $150,311,000 after acquiring an additional 64,592 shares in the last quarter. Finally, Sunbelt Securities Inc. increased its stake in Bank of New York Mellon by 6.2% in the 1st quarter. Sunbelt Securities Inc. now owns 7,915 shares of the bank's stock valued at $664,000 after buying an additional 461 shares during the last quarter. Institutional investors own 85.31% of the company's stock.
Insiders Place Their Bets
In related news, VP Catherine Keating sold 65,473 shares of Bank of New York Mellon stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $77.31, for a total value of $5,061,717.63. Following the completion of the sale, the vice president directly owned 87,542 shares in the company, valued at approximately $6,767,872.02. This trade represents a 42.79% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP J Kevin Mccarthy sold 30,000 shares of the business's stock in a transaction dated 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 transaction, 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 disclosure for this sale can be found here. Over the last ninety days, insiders sold 101,114 shares of company stock valued at $7,869,795. Insiders own 0.14% of the company's stock.
Analyst Ratings Changes
A number of research analysts have recently weighed in on BK shares. Citigroup increased their target price on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the company a "neutral" rating in a research report on Monday, March 24th. Truist Financial lowered Bank of New York Mellon from a "buy" rating to a "hold" rating and lifted their target price for the company from $87.00 to $97.00 in a report on Wednesday, May 28th. Royal Bank Of Canada restated a "sector perform" rating and issued a $90.00 price objective on shares of Bank of New York Mellon in a research report on Monday, March 17th. Morgan Stanley increased their target price on shares of Bank of New York Mellon from $94.00 to $95.00 and gave the stock an "overweight" rating in a research note on Tuesday, June 3rd. Finally, Evercore ISI increased 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 report on Wednesday. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, Bank of New York Mellon currently has a consensus rating of "Moderate Buy" and an average target price of $92.08.
Get Our Latest Stock Report on Bank of New York Mellon
Bank of New York Mellon Trading Down 0.2%
NYSE BK traded down $0.16 during trading on Thursday, hitting $91.93. The company had a trading volume of 2,408,224 shares, compared to its average volume of 4,270,436. The company's fifty day moving average is $87.79 and its 200-day moving average is $83.83. The company has a market cap of $65.77 billion, a price-to-earnings ratio of 14.97, a price-to-earnings-growth ratio of 1.01 and a beta of 1.07. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 0.81. The Bank of New York Mellon Corporation has a one year low of $59.19 and a one year high of $92.85.
Bank of New York Mellon (NYSE:BK - Get Free Report) last announced its earnings results on Friday, April 11th. The bank reported $1.58 earnings per share for the quarter, beating analysts' consensus estimates of $1.50 by $0.08. Bank of New York Mellon had a net margin of 11.78% and a return on equity of 12.96%. The business had revenue of $4.79 billion during the quarter, compared to the consensus estimate of $4.76 billion. During the same quarter last year, the firm earned $1.29 earnings per share. The business's revenue for the quarter was up 5.9% on a year-over-year basis. On average, sell-side analysts predict that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current year.
Bank of New York Mellon Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, May 2nd. Shareholders of record on Monday, April 21st were paid a dividend of $0.47 per share. The ex-dividend date of this dividend was Monday, April 21st. This represents a $1.88 dividend on an annualized basis and a yield of 2.05%. Bank of New York Mellon's dividend payout ratio is currently 30.62%.
Bank of New York Mellon Profile
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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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