Wealth Alliance LLC Makes New $238,000 Investment in The Bank of New York Mellon Corporation (NYSE:BK)

Wealth Alliance LLC purchased a new position in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,842 shares of the bank's stock, valued at approximately $238,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of BK. Parvin Asset Management LLC purchased a new stake in shares of Bank of New York Mellon in the fourth quarter valued at $25,000. Opal Wealth Advisors LLC purchased a new position in Bank of New York Mellon in the 1st quarter worth about $25,000. Alpine Bank Wealth Management purchased a new position in Bank of New York Mellon in the 1st quarter worth about $25,000. Bellwether Advisors LLC purchased a new position in Bank of New York Mellon in the 4th quarter worth about $28,000. Finally, REAP Financial Group LLC increased its stake 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 worth $30,000 after buying an additional 218 shares during the period. Institutional investors own 85.31% of the company's stock.

Insider Buying and Selling at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the 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 completion of the transaction, the executive vice president directly owned 35,115 shares of the company's stock, valued at $3,457,071.75. This trade represents a 36.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.14% of the company's stock.

Bank of New York Mellon Stock Up 1.0%

Shares of NYSE:BK traded up $0.99 during trading on Friday, reaching $100.96. The stock had a trading volume of 4,123,316 shares, compared to its average volume of 4,583,163. The Bank of New York Mellon Corporation has a one year low of $60.93 and a one year high of $101.16. The company has a market capitalization of $72.23 billion, a P/E ratio of 15.41, a PEG ratio of 0.98 and a beta of 1.07. The company has a current ratio of 0.72, a quick ratio of 0.69 and a debt-to-equity ratio of 0.86. The firm's 50-day simple moving average is $91.96 and its 200 day simple moving average is $86.05.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its quarterly earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $4.80 billion. During the same period last year, the business earned $1.51 EPS. The company's revenue was up 9.4% compared to the same quarter last year. As a group, research analysts expect that The Bank of New York Mellon Corporation will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 7th. Stockholders of record on Friday, July 25th will be issued a $0.53 dividend. This is a boost from Bank of New York Mellon's previous quarterly dividend of $0.47. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.10%. The ex-dividend date is Friday, July 25th. Bank of New York Mellon's dividend payout ratio (DPR) is currently 28.70%.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Wells Fargo & Company raised their price target on shares of Bank of New York Mellon from $96.00 to $100.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 16th. Keefe, Bruyette & Woods raised their price target on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 16th. Morgan Stanley raised their price target on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 16th. Evercore ISI increased their target price on shares of Bank of New York Mellon from $88.00 to $90.00 and gave the stock an "in-line" rating in a report on Wednesday, July 2nd. Finally, Truist Financial increased their target price on shares of Bank of New York Mellon from $97.00 to $100.00 and gave the stock a "hold" rating in a report on Wednesday, July 16th. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $94.38.

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.