Sowell Financial Services LLC Invests $695,000 in The Bank of New York Mellon Corporation (NYSE:BK)

Sowell Financial Services LLC 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 & Exchange Commission. The institutional investor purchased 8,282 shares of the bank's stock, valued at approximately $695,000.

Other institutional investors have also modified their holdings of the company. O Shaughnessy Asset Management LLC lifted its holdings in Bank of New York Mellon by 11.7% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 786,496 shares of the bank's stock worth $60,426,000 after purchasing an additional 82,671 shares during the period. Natixis Advisors LLC increased its stake in Bank of New York Mellon by 6.5% during the 4th quarter. Natixis Advisors LLC now owns 285,965 shares of the bank's stock valued at $21,971,000 after buying an additional 17,457 shares during the period. Benson Investment Management Company Inc. acquired a new position in Bank of New York Mellon during the 1st quarter valued at about $5,259,000. Merit Financial Group LLC increased its stake in Bank of New York Mellon by 89.0% during the 1st quarter. Merit Financial Group LLC now owns 13,296 shares of the bank's stock valued at $1,115,000 after buying an additional 6,262 shares during the period. Finally, NEOS Investment Management LLC increased its stake in Bank of New York Mellon by 31.6% during the 4th quarter. NEOS Investment Management LLC now owns 46,647 shares of the bank's stock valued at $3,584,000 after buying an additional 11,200 shares during the period. Institutional investors own 85.31% of the company's stock.

Bank of New York Mellon Stock Performance

Shares of BK opened at $91.49 on Friday. The Bank of New York Mellon Corporation has a one year low of $58.19 and a one year high of $92.08. The company has a 50-day moving average of $85.23 and a two-hundred day moving average of $83.17. The stock has a market cap of $65.46 billion, a price-to-earnings ratio of 14.90, a PEG ratio of 1.02 and a beta of 1.08. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.69 and a quick ratio of 0.69.

Bank of New York Mellon (NYSE:BK - Get Free Report) last announced its earnings results on Friday, April 11th. The bank reported $1.58 EPS for the quarter, topping the consensus estimate 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 company had revenue of $4.79 billion during the quarter, compared to analysts' expectations of $4.76 billion. During the same period last year, the company posted $1.29 earnings per share. The business's revenue for the quarter was up 5.9% on a year-over-year basis. On average, equities research analysts expect that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current year.

Bank of New York Mellon Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 2nd. Shareholders of record on Monday, April 21st were issued a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 2.05%. The ex-dividend date was Monday, April 21st. Bank of New York Mellon's payout ratio is 30.62%.

Analysts Set New Price Targets

Several equities analysts have commented on BK shares. Citigroup raised 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 note on Monday, March 24th. Evercore ISI raised their target price on shares of Bank of New York Mellon from $83.00 to $87.00 and gave the company an "in-line" rating in a research note on Tuesday, April 1st. Morgan Stanley upped their price target 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. Royal Bank Of Canada reissued a "sector perform" rating and issued a $90.00 price target on shares of Bank of New York Mellon in a report on Monday, March 17th. Finally, Wells Fargo & Company upped their price target on shares of Bank of New York Mellon from $86.00 to $96.00 and gave the company an "equal weight" rating in a report on Monday, March 3rd. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat, Bank of New York Mellon currently has an average rating of "Moderate Buy" and an average target price of $91.85.

Insiders Place Their Bets

In other news, VP Catherine Keating sold 65,473 shares of the stock in a transaction that occurred on Monday, April 14th. The shares were 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 now directly owns 87,542 shares of the company's stock, valued at $6,767,872.02. This represents a 42.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Kurtis R. Kurimsky sold 5,641 shares of the stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $77.50, for a total transaction of $437,177.50. Following the completion of the sale, the insider now directly owns 21,679 shares of the company's stock, valued at $1,680,122.50. This trade represents a 20.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 101,114 shares of company stock worth $7,869,795 over the last ninety days. 0.14% of the stock is currently owned by company insiders.

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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