Wealth Enhancement Advisory Services LLC Has $18.74 Million Stock Position in The Bank of New York Mellon Corporation (NYSE:BK)

Wealth Enhancement Advisory Services LLC grew its stake in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 29.1% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 223,438 shares of the bank's stock after purchasing an additional 50,368 shares during the quarter. Wealth Enhancement Advisory Services LLC's holdings in Bank of New York Mellon were worth $18,740,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. FMR LLC increased its position in shares of Bank of New York Mellon by 19.3% in the 4th quarter. FMR LLC now owns 23,071,584 shares of the bank's stock valued at $1,772,590,000 after buying an additional 3,732,862 shares in the last quarter. Norges Bank bought a new stake in shares of Bank of New York Mellon in the 4th quarter valued at $1,150,462,000. Ameriprise Financial Inc. increased its position in shares of Bank of New York Mellon by 0.3% in the 4th quarter. Ameriprise Financial Inc. now owns 11,821,988 shares of the bank's stock valued at $908,281,000 after buying an additional 35,413 shares in the last quarter. Northern Trust Corp increased its position in shares of Bank of New York Mellon by 19.1% in the 4th quarter. Northern Trust Corp now owns 9,533,615 shares of the bank's stock valued at $732,468,000 after buying an additional 1,526,686 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its position in shares of Bank of New York Mellon by 17.0% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,751,219 shares of the bank's stock valued at $595,526,000 after buying an additional 1,125,493 shares in the last quarter. Institutional investors and hedge funds own 85.31% of the company's stock.

Bank of New York Mellon Trading Down 0.0%

Shares of BK stock opened at $91.58 on Friday. The Bank of New York Mellon Corporation has a 52-week low of $58.19 and a 52-week high of $92.64. 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 company has a 50-day simple moving average of $85.50 and a two-hundred day simple moving average of $83.27. The company has a market capitalization of $65.52 billion, a price-to-earnings ratio of 14.92, a PEG ratio of 1.02 and a beta of 1.08.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its earnings results on Friday, April 11th. The bank reported $1.58 earnings per share for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $4.76 billion. During the same period in the prior year, the firm earned $1.29 EPS. The company's revenue was up 5.9% compared to the same quarter last year. 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 Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 2nd. Investors of record on Monday, April 21st were issued a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 2.05%. The ex-dividend date was Monday, April 21st. Bank of New York Mellon's dividend payout ratio (DPR) is presently 30.62%.

Insider Buying and Selling

In other Bank of New York Mellon news, VP Catherine Keating sold 65,473 shares of the stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $77.31, for a total value of $5,061,717.63. Following the sale, the vice president now directly owns 87,542 shares in the company, valued at $6,767,872.02. This represents a 42.79% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Kurtis R. Kurimsky sold 5,641 shares of the firm's stock in a transaction on Monday, April 14th. The shares were sold at an average price of $77.50, for a total transaction of $437,177.50. Following the sale, the insider now owns 21,679 shares in the company, valued at approximately $1,680,122.50. This trade represents a 20.65% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 101,114 shares of company stock valued at $7,869,795. Company insiders own 0.14% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on BK shares. Morgan Stanley increased their target price on Bank of New York Mellon from $94.00 to $95.00 and gave the stock an "overweight" rating in a report on Tuesday, June 3rd. 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 report on Monday, March 17th. Truist Financial downgraded shares of Bank of New York Mellon from a "buy" rating to a "hold" rating and increased their price objective for the stock from $87.00 to $97.00 in a research note on Wednesday, May 28th. 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 research note on Monday, March 24th. Finally, Evercore ISI increased their price objective on shares of Bank of New York Mellon from $83.00 to $87.00 and gave the stock an "in-line" rating in a research note on Tuesday, April 1st. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $91.85.

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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