Wealthstar Advisors LLC Takes Position in The Bank of New York Mellon Corporation (NYSE:BK)

Wealthstar Advisors LLC purchased a new stake in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) during the first quarter, according to its most recent filing with the SEC. The firm purchased 6,992 shares of the bank's stock, valued at approximately $586,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in BK. FMR LLC boosted its stake in shares of Bank of New York Mellon by 19.3% in the fourth quarter. FMR LLC now owns 23,071,584 shares of the bank's stock worth $1,772,590,000 after buying an additional 3,732,862 shares during the last quarter. Norges Bank purchased a new position in Bank of New York Mellon during the fourth quarter worth approximately $1,150,462,000. Ameriprise Financial Inc. lifted its position in shares of Bank of New York Mellon by 0.3% in the fourth quarter. Ameriprise Financial Inc. now owns 11,821,988 shares of the bank's stock valued at $908,281,000 after acquiring an additional 35,413 shares in the last quarter. Northern Trust Corp lifted its position in shares of Bank of New York Mellon by 19.1% in the fourth quarter. Northern Trust Corp now owns 9,533,615 shares of the bank's stock valued at $732,468,000 after acquiring an additional 1,526,686 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its position in shares of Bank of New York Mellon by 17.0% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 7,751,219 shares of the bank's stock valued at $595,526,000 after acquiring an additional 1,125,493 shares in the last quarter. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Bank of New York Mellon

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 30,000 shares of the stock in a transaction on Tuesday, April 29th. The stock was sold at an average price of $79.03, for a total transaction of $2,370,900.00. Following the transaction, the executive vice president now owns 55,115 shares of the company's stock, valued at $4,355,738.45. This represents a 35.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, VP Catherine Keating sold 65,473 shares of the stock in a transaction on Monday, April 14th. The stock was sold at an average price of $77.31, for a total value of $5,061,717.63. Following the transaction, the vice president now directly owns 87,542 shares in the company, valued at approximately $6,767,872.02. This represents a 42.79% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 101,114 shares of company stock valued at $7,869,795. 0.14% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms recently commented on BK. Evercore ISI increased their price target on Bank of New York Mellon from $83.00 to $87.00 and gave the company an "in-line" rating in a report on Tuesday, April 1st. Citigroup lifted their target price on Bank of New York Mellon from $82.00 to $85.00 and gave the company a "neutral" rating in a report on Monday, March 24th. Truist Financial lowered Bank of New York Mellon from a "buy" rating to a "hold" rating and lifted their target price for the company from $87.00 to $97.00 in a report on Wednesday, May 28th. Wells Fargo & Company lifted their price target on Bank of New York Mellon from $86.00 to $96.00 and gave the stock an "equal weight" rating in a report on Monday, March 3rd. Finally, Morgan Stanley lifted their price target 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. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $91.85.

Bank of New York Mellon Price Performance

Shares of NYSE:BK opened at $91.58 on Friday. The business's 50 day simple moving average is $85.50 and its 200-day simple moving average is $83.25. The firm has a market capitalization of $65.52 billion, a price-to-earnings ratio of 14.92, a price-to-earnings-growth ratio of 1.02 and a beta of 1.08. 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 Bank of New York Mellon Corporation has a 12 month low of $58.19 and a 12 month high of $92.64.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its earnings results on Friday, April 11th. The bank reported $1.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.50 by $0.08. Bank of New York Mellon had a return on equity of 12.96% and a net margin of 11.78%. The firm had revenue of $4.79 billion for the quarter, compared to analyst estimates of $4.76 billion. During the same quarter in the prior year, the company earned $1.29 EPS. Bank of New York Mellon's revenue was up 5.9% on a year-over-year basis. As a group, equities 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 Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 2nd. Investors of record on Monday, April 21st were paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 2.05%. The ex-dividend date was Monday, April 21st. Bank of New York Mellon's payout ratio is currently 30.62%.

Bank of New York Mellon Company 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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