Avidian Wealth Enterprises LLC trimmed its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 61.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,823 shares of the bank's stock after selling 4,448 shares during the period. Avidian Wealth Enterprises LLC's holdings in Bank of New York Mellon were worth $237,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently modified their holdings of the company. Revolve Wealth Partners LLC bought a new stake in shares of Bank of New York Mellon in the 4th quarter worth approximately $220,000. Fisher Asset Management LLC increased its position in Bank of New York Mellon by 21.9% in the fourth quarter. Fisher Asset Management LLC now owns 5,707 shares of the bank's stock worth $438,000 after buying an additional 1,025 shares during the period. US Bancorp DE increased its position in Bank of New York Mellon by 7.1% in the fourth quarter. US Bancorp DE now owns 216,850 shares of the bank's stock worth $16,661,000 after buying an additional 14,305 shares during the period. Smartleaf Asset Management LLC lifted its stake in Bank of New York Mellon by 30.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 5,368 shares of the bank's stock valued at $414,000 after buying an additional 1,257 shares during the last quarter. Finally, Jones Financial Companies Lllp boosted its holdings in shares of Bank of New York Mellon by 47.4% during the fourth quarter. Jones Financial Companies Lllp now owns 17,115 shares of the bank's stock valued at $1,315,000 after acquiring an additional 5,507 shares during the period. 85.31% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of analysts recently weighed in on the stock. Citigroup increased their price objective on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the stock a "neutral" rating in a report on Monday, March 24th. Evercore ISI lifted their price target on Bank of New York Mellon from $88.00 to $90.00 and gave the company an "in-line" rating in a report on Wednesday. Royal Bank Of Canada reiterated a "sector perform" rating and set a $90.00 price objective on shares of Bank of New York Mellon in a research report on Monday, March 17th. Truist Financial cut Bank of New York Mellon from a "buy" rating to a "hold" rating and raised their target price for the company from $87.00 to $97.00 in a research report on Wednesday, May 28th. Finally, Morgan Stanley boosted their price target 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. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, Bank of New York Mellon currently has a consensus rating of "Moderate Buy" and an average target price of $92.08.
Read Our Latest Research Report on BK
Bank of New York Mellon Price Performance
Shares of BK traded down $0.16 during midday trading on Thursday, reaching $91.93. The stock had a trading volume of 2,408,224 shares, compared to its average volume of 4,121,885. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.69 and a quick ratio of 0.69. The company has a market capitalization of $65.77 billion, a P/E ratio of 14.97, a P/E/G ratio of 1.03 and a beta of 1.07. The firm's 50 day moving average price is $87.79 and its 200-day moving average price is $83.83. The Bank of New York Mellon Corporation has a 52 week low of $59.19 and a 52 week high of $93.03.
Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its quarterly 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 firm had revenue of $4.79 billion for the quarter, compared to analysts' expectations of $4.76 billion. During the same period in the previous year, the business earned $1.29 earnings per share. Bank of New York Mellon's revenue for the quarter was up 5.9% compared to the same quarter last year. On average, analysts forecast 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 firm also recently announced a quarterly dividend, which was paid on Friday, May 2nd. Investors of record on Monday, April 21st were issued a $0.47 dividend. The ex-dividend date of this dividend was Monday, April 21st. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.05%. Bank of New York Mellon's payout ratio is currently 30.62%.
Insider Activity at Bank of New York Mellon
In related news, EVP J Kevin Mccarthy sold 30,000 shares of the firm's stock in a transaction that occurred on Tuesday, April 29th. The shares were sold at an average price of $79.03, for a total transaction of $2,370,900.00. Following the completion of the sale, the executive vice president directly owned 55,115 shares in the company, valued at approximately $4,355,738.45. This trade represents a 35.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Kurtis R. Kurimsky sold 5,641 shares of the company's stock in a transaction on Monday, April 14th. The shares were sold at an average price of $77.50, for a total value of $437,177.50. Following the completion of the transaction, the insider directly owned 21,679 shares in the company, valued at $1,680,122.50. This represents a 20.65% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 101,114 shares of company stock valued at $7,869,795 over the last ninety days. Insiders own 0.14% of the company's stock.
About Bank of New York Mellon
(
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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