Spire Wealth Management Grows Stake in The Bank of New York Mellon Corporation (NYSE:BK)

Spire Wealth Management grew its stake in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 678.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 66,090 shares of the bank's stock after purchasing an additional 57,596 shares during the period. Spire Wealth Management's holdings in Bank of New York Mellon were worth $5,543,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of BK. Parvin Asset Management LLC bought a new position in Bank of New York Mellon in the 4th quarter valued at $25,000. Opal Wealth Advisors LLC bought a new stake in Bank of New York Mellon during the 1st quarter worth about $25,000. Bellwether Advisors LLC bought a new stake in Bank of New York Mellon during the 4th quarter worth about $28,000. REAP Financial Group LLC increased its position in Bank of New York Mellon by 123.2% in the 4th quarter. REAP Financial Group LLC now owns 395 shares of the bank's stock valued at $30,000 after acquiring an additional 218 shares in the last quarter. Finally, Transce3nd LLC acquired a new position in shares of Bank of New York Mellon during the fourth quarter worth approximately $33,000. 85.31% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Bank of New York Mellon

In related news, insider Kurtis R. Kurimsky sold 5,641 shares of the business's stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $77.50, for a total transaction of $437,177.50. Following the transaction, the insider now directly owns 21,679 shares in the company, valued at approximately $1,680,122.50. The trade was a 20.65% 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, VP Catherine Keating sold 65,473 shares of Bank of New York Mellon 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 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 three months. 0.14% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on BK shares. Morgan Stanley boosted their target price on Bank of New York Mellon from $94.00 to $95.00 and gave the stock an "overweight" rating in a research report on Tuesday, June 3rd. Truist Financial cut shares of Bank of New York Mellon from a "buy" rating to a "hold" rating and raised their price objective for the company from $87.00 to $97.00 in a research note on Wednesday, May 28th. Royal Bank Of Canada reiterated a "sector perform" rating and set a $90.00 target price on shares of Bank of New York Mellon in a research report on Monday, March 17th. Citigroup raised their price target on Bank of New York Mellon from $82.00 to $85.00 and gave the stock a "neutral" rating in a research report on Monday, March 24th. Finally, Evercore ISI increased their target price on 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. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, Bank of New York Mellon has a consensus rating of "Moderate Buy" and an average price target of $91.85.

Bank of New York Mellon Price Performance

Shares of NYSE BK traded down $1.23 during mid-day trading on Wednesday, reaching $89.97. The company had a trading volume of 4,496,315 shares, compared to its average volume of 4,089,316. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.69 and a current ratio of 0.69. The Bank of New York Mellon Corporation has a one year low of $58.19 and a one year high of $92.64. The firm has a market cap of $64.37 billion, a price-to-earnings ratio of 14.65, a PEG ratio of 1.00 and a beta of 1.08. The business's 50-day simple moving average is $86.01 and its 200 day simple moving average is $83.40.

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, topping analysts' consensus estimates of $1.50 by $0.08. The firm had revenue of $4.79 billion during the quarter, compared to analysts' expectations of $4.76 billion. Bank of New York Mellon had a net margin of 11.78% and a return on equity of 12.96%. The business's revenue for the quarter was up 5.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.29 earnings per share. On average, 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 Announces Dividend

The business 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. This represents a $1.88 annualized dividend and a yield of 2.09%. The ex-dividend date was Monday, April 21st. Bank of New York Mellon's dividend payout ratio is currently 30.62%.

About Bank of New York Mellon

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.