Sovran Advisors LLC Buys 4,033 Shares of The Bank of New York Mellon Corporation (NYSE:BK)

Sovran Advisors LLC grew its stake in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 51.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 11,815 shares of the bank's stock after acquiring an additional 4,033 shares during the quarter. Sovran Advisors LLC's holdings in Bank of New York Mellon were worth $902,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of BK. Capital Analysts LLC boosted its stake in Bank of New York Mellon by 3.7% in the 4th quarter. Capital Analysts LLC now owns 3,317 shares of the bank's stock valued at $255,000 after purchasing an additional 119 shares during the period. Cape Investment Advisory Inc. lifted its holdings in shares of Bank of New York Mellon by 12.6% during the fourth quarter. Cape Investment Advisory Inc. now owns 1,172 shares of the bank's stock worth $90,000 after buying an additional 131 shares in the last quarter. Syon Capital LLC boosted its position in shares of Bank of New York Mellon by 2.5% in the fourth quarter. Syon Capital LLC now owns 5,432 shares of the bank's stock valued at $417,000 after acquiring an additional 132 shares during the period. Oppenheimer & Co. Inc. grew its stake in shares of Bank of New York Mellon by 0.4% in the fourth quarter. Oppenheimer & Co. Inc. now owns 34,536 shares of the bank's stock valued at $2,653,000 after acquiring an additional 133 shares in the last quarter. Finally, Parallel Advisors LLC grew its stake in shares of Bank of New York Mellon by 1.1% in the first quarter. Parallel Advisors LLC now owns 12,589 shares of the bank's stock valued at $1,056,000 after acquiring an additional 139 shares in the last quarter. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Bank of New York Mellon Trading Up 1.4%

BK opened at $91.28 on Monday. The company has a market cap of $65.31 billion, a P/E ratio of 14.87, a PEG ratio of 1.02 and a beta of 1.08. 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 company's 50 day moving average is $86.88 and its 200-day moving average is $83.64. The Bank of New York Mellon Corporation has a 1-year low of $59.19 and a 1-year high of $92.64.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its earnings results on Friday, April 11th. The bank reported $1.58 EPS for the quarter, beating the consensus estimate of $1.50 by $0.08. The firm had revenue of $4.79 billion during the quarter, compared to the consensus estimate of $4.76 billion. Bank of New York Mellon had a return on equity of 12.96% and a net margin of 11.78%. The business's quarterly revenue was up 5.9% on a year-over-year basis. During the same period last year, the company earned $1.29 earnings per share. Equities research analysts predict that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 2nd. Investors of record on Monday, April 21st were given a dividend of $0.47 per share. The ex-dividend date was Monday, April 21st. This represents a $1.88 annualized dividend and a yield of 2.06%. Bank of New York Mellon's dividend payout ratio is presently 30.62%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on BK. Morgan Stanley boosted their price objective on shares of Bank of New York Mellon from $94.00 to $95.00 and gave the company an "overweight" rating in a report on Tuesday, June 3rd. Truist Financial cut Bank of New York Mellon from a "buy" rating to a "hold" rating and boosted their price target for the company from $87.00 to $97.00 in a research note on Wednesday, May 28th. Royal Bank Of Canada reissued a "sector perform" rating and set a $90.00 price target on shares of Bank of New York Mellon in a research report on Monday, March 17th. Citigroup upped 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 report on Monday, March 24th. Finally, Wells Fargo & Company increased their target price on Bank of New York Mellon from $86.00 to $96.00 and gave the stock an "equal weight" rating in a report on Monday, March 3rd. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, Bank of New York Mellon presently has an average rating of "Moderate Buy" and an average price target of $91.85.

Insiders Place Their Bets

In other Bank of New York Mellon news, VP Catherine Keating sold 65,473 shares of the stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $77.31, for a total transaction of $5,061,717.63. Following the transaction, the vice president now directly owns 87,542 shares in the company, valued at approximately $6,767,872.02. This represents a 42.79% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP J Kevin Mccarthy sold 30,000 shares of the firm's 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 sale, the executive vice president now directly owns 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. Insiders have sold 101,114 shares of company stock valued at $7,869,795 in the last ninety days. 0.14% of the stock is currently owned by insiders.

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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