Wealth Management Associates Inc. Acquires Shares of 2,498 The Bank of New York Mellon Corporation $BK

Key Points

• Wealth Management Associates Inc. invested $210,000 in The Bank of New York Mellon Corporation by purchasing 2,498 shares during the first quarter.
• Bank of New York Mellon reported earnings of $1.94 per share, surpassing analysts' expectations of $1.73, while revenue increased by 9.4% year-over-year.
• The company recently raised its quarterly dividend from $0.47 to $0.53, indicating a commitment to returning value to shareholders with an annualized yield of 2.0%.

Wealth Management Associates Inc. acquired a new position in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 2,498 shares of the bank's stock, valued at approximately $210,000.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Sax Wealth Advisors LLC grew its stake in shares of Bank of New York Mellon by 2.3% in the first quarter. Sax Wealth Advisors LLC now owns 5,278 shares of the bank's stock worth $443,000 after acquiring an additional 117 shares during the last quarter. Hemington Wealth Management grew its stake in shares of Bank of New York Mellon by 8.0% in the first quarter. Hemington Wealth Management now owns 1,628 shares of the bank's stock worth $136,000 after acquiring an additional 121 shares during the last quarter. Y.D. More Investments Ltd grew its stake in shares of Bank of New York Mellon by 13.8% in the first quarter. Y.D. More Investments Ltd now owns 1,030 shares of the bank's stock worth $86,000 after acquiring an additional 125 shares during the last quarter. Resources Management Corp CT ADV grew its stake in shares of Bank of New York Mellon by 5.9% in the first quarter. Resources Management Corp CT ADV now owns 2,260 shares of the bank's stock worth $190,000 after acquiring an additional 125 shares during the last quarter. Finally, Haverford Trust Co grew its stake in shares of Bank of New York Mellon by 4.3% in the first quarter. Haverford Trust Co now owns 3,133 shares of the bank's stock worth $263,000 after acquiring an additional 130 shares during the last quarter. Institutional investors and hedge funds own 85.31% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on BK shares. Keefe, Bruyette & Woods raised their price objective 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. 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, July 2nd. Morgan Stanley lifted their price target on 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. Citigroup lifted their price objective on Bank of New York Mellon from $92.00 to $105.00 and gave the stock a "neutral" rating in a research report on Friday, September 5th. Finally, Truist Financial lifted their price objective on Bank of New York Mellon from $100.00 to $109.00 and gave the stock a "hold" rating in a research report on Thursday, August 14th. Eight investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $96.62.

Bank of New York Mellon Stock Up 0.8%

Shares of BK traded up $0.86 on Friday, hitting $106.46. The company's stock had a trading volume of 2,609,349 shares, compared to its average volume of 2,833,322. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.86. The firm's fifty day moving average price is $101.15 and its 200-day moving average price is $90.51. The Bank of New York Mellon Corporation has a fifty-two week low of $68.51 and a fifty-two week high of $106.57. The firm has a market capitalization of $75.08 billion, a price-to-earnings ratio of 16.25, a P/E/G ratio of 1.00 and a beta of 1.14.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its earnings results on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, beating the consensus estimate of $1.73 by $0.21. The firm had revenue of $4.77 billion for the quarter, compared to analysts' expectations of $4.80 billion. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%.The business's quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.51 EPS. On average, equities research 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 firm also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were paid a $0.53 dividend. This is a boost from Bank of New York Mellon's previous quarterly dividend of $0.47. The ex-dividend date was Friday, July 25th. This represents a $2.12 dividend on an annualized basis and a yield of 2.0%. Bank of New York Mellon's dividend payout ratio (DPR) is currently 32.37%.

Insiders Place Their Bets

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $98.45, for a total value of $1,969,000.00. Following the sale, the executive vice president owned 35,115 shares in the company, valued at approximately $3,457,071.75. This represents a 36.29% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.14% of the company's stock.

About Bank of New York Mellon

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.