The Bank of New York Mellon Corporation $BK Shares Sold by Granite Group Advisors LLC

Key Points

• Granite Group Advisors LLC reduced its stake in the Bank of New York Mellon Corporation by 30.3% during the second quarter, selling 9,260 shares, leaving them with 21,277 shares valued at approximately $1,939,000.
• In recent analyst ratings, Morgan Stanley raised its price target for Bank of New York Mellon from $101.00 to $116.00, while Goldman Sachs increased its target from $106.00 to $120.00, reflecting strong investor confidence.
• The stock of Bank of New York Mellon currently has a consensus rating of “Moderate Buy” with an average price target of $106.77, indicating positive market sentiment.

Granite Group Advisors LLC reduced its stake in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 30.3% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 21,277 shares of the bank's stock after selling 9,260 shares during the period. Bank of New York Mellon makes up approximately 1.2% of Granite Group Advisors LLC's portfolio, making the stock its 21st biggest position. Granite Group Advisors LLC's holdings in Bank of New York Mellon were worth $1,939,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently bought and sold shares of BK. Ritholtz Wealth Management raised its stake in shares of Bank of New York Mellon by 5.3% in the 2nd quarter. Ritholtz Wealth Management now owns 30,710 shares of the bank's stock valued at $2,798,000 after acquiring an additional 1,540 shares during the period. Harbour Investments Inc. boosted its position in shares of Bank of New York Mellon by 8.9% during the 2nd quarter. Harbour Investments Inc. now owns 1,771 shares of the bank's stock worth $161,000 after purchasing an additional 144 shares during the period. Sagespring Wealth Partners LLC increased its holdings in Bank of New York Mellon by 10.9% in the 2nd quarter. Sagespring Wealth Partners LLC now owns 8,062 shares of the bank's stock valued at $735,000 after purchasing an additional 791 shares during the last quarter. Morningstar Investment Management LLC purchased a new stake in Bank of New York Mellon in the second quarter valued at approximately $393,000. Finally, NorthRock Partners LLC lifted its stake in Bank of New York Mellon by 13.3% during the second quarter. NorthRock Partners LLC now owns 10,497 shares of the bank's stock worth $956,000 after purchasing an additional 1,232 shares in the last quarter. Hedge funds and other institutional investors own 85.31% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on BK. Morgan Stanley lifted their price objective on Bank of New York Mellon from $101.00 to $116.00 and gave the company an "overweight" rating in a research note on Monday, September 29th. The Goldman Sachs Group boosted their price target on shares of Bank of New York Mellon from $106.00 to $120.00 and gave the stock a "buy" rating in a research note on Monday, October 6th. Evercore ISI increased their price target on shares of Bank of New York Mellon from $91.00 to $110.00 and gave the stock an "in-line" rating in a research report on Tuesday, September 30th. Wells Fargo & Company lifted their price objective on shares of Bank of New York Mellon from $96.00 to $100.00 and gave the company an "equal weight" rating in a report on Wednesday, July 16th. Finally, Citigroup upped their target price on shares of 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. Ten investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, Bank of New York Mellon presently has a consensus rating of "Moderate Buy" and a consensus price target of $106.77.

Insider Activity at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the business's stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $98.45, for a total transaction of $1,969,000.00. Following the completion of the transaction, the executive vice president owned 35,115 shares in the company, valued at approximately $3,457,071.75. The trade was a 36.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.14% of the company's stock.

Bank of New York Mellon Stock Up 0.7%

BK stock opened at $107.04 on Wednesday. The company's 50 day moving average price is $105.32 and its 200 day moving average price is $94.06. The firm has a market capitalization of $75.49 billion, a price-to-earnings ratio of 16.34, a PEG ratio of 0.99 and a beta of 1.13. The Bank of New York Mellon Corporation has a fifty-two week low of $70.46 and a fifty-two week high of $110.87. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.72 and a current ratio of 0.72.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its quarterly earnings results on Tuesday, March 26th. The bank reported $1.30 earnings per share (EPS) for the quarter. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. The company had revenue of $4.38 billion during the quarter. On average, equities research analysts anticipate that The Bank of New York Mellon Corporation will post 6.96 EPS for the current fiscal year.

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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