Tritonpoint Wealth LLC bought a new position in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 3,764 shares of the bank's stock, valued at approximately $343,000.
Other institutional investors and hedge funds have also modified their holdings of the company. Alpine Bank Wealth Management purchased a new stake in shares of Bank of New York Mellon during the first quarter worth about $25,000. Opal Wealth Advisors LLC purchased a new stake in shares of Bank of New York Mellon during the first quarter worth about $25,000. Hoey Investments Inc. purchased a new stake in shares of Bank of New York Mellon during the second quarter worth about $32,000. Orion Capital Management LLC purchased a new stake in shares of Bank of New York Mellon during the first quarter worth about $32,000. Finally, Cornerstone Planning Group LLC increased its stake in shares of Bank of New York Mellon by 100.0% during the first quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank's stock worth $30,000 after purchasing an additional 196 shares in the last quarter. Hedge funds and other institutional investors own 85.31% of the company's stock.
Bank of New York Mellon Stock Performance
Bank of New York Mellon stock opened at $109.58 on Monday. The firm has a 50 day simple moving average of $103.79 and a 200-day simple moving average of $92.19. The Bank of New York Mellon Corporation has a 1-year low of $70.41 and a 1-year high of $110.87. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.72. The stock has a market cap of $77.28 billion, a price-to-earnings ratio of 16.73, a price-to-earnings-growth ratio of 1.03 and a beta of 1.14.
Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its quarterly earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share for the quarter, beating the consensus estimate of $1.73 by $0.21. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. The business had revenue of $4.77 billion during the quarter, compared to analysts' expectations of $4.80 billion. During the same quarter in the prior year, the company posted $1.51 EPS. The business's revenue for the quarter was up 9.4% on a year-over-year basis. On average, analysts expect that The Bank of New York Mellon Corporation will post 6.96 EPS for the current year.
Bank of New York Mellon Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were paid a $0.53 dividend. This is a positive change from Bank of New York Mellon's previous quarterly dividend of $0.47. The ex-dividend date of this dividend was Friday, July 25th. This represents a $2.12 annualized dividend and a dividend yield of 1.9%. Bank of New York Mellon's dividend payout ratio is currently 32.37%.
Insider Buying and Selling at Bank of New York Mellon
In other news, EVP J Kevin Mccarthy sold 20,000 shares of the company's stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $98.45, for a total value of $1,969,000.00. Following the transaction, the executive vice president directly owned 35,115 shares in the company, valued at approximately $3,457,071.75. This represents a 36.29% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.14% of the stock is currently owned by company insiders.
Analyst Ratings Changes
A number of research firms have commented on BK. Keefe, Bruyette & Woods increased their price objective on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the company an "outperform" rating in a report on Wednesday, July 16th. Truist Financial increased their price objective on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the company a "hold" rating in a report on Thursday, August 14th. Morgan Stanley increased their price objective on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the company an "overweight" rating in a report on Wednesday, July 16th. Evercore ISI increased their price objective on shares of Bank of New York Mellon from $88.00 to $90.00 and gave the company an "in-line" rating in a report on Wednesday, July 2nd. Finally, TD Cowen began coverage on shares of Bank of New York Mellon in a report on Thursday. They issued a "buy" rating for the company. Eight investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $98.00.
Read Our Latest Stock Analysis on BK
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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