Forum Financial Management LP Increases Stock Position in The Bank of New York Mellon Co. (NYSE:BK)

Forum Financial Management LP grew its position in The Bank of New York Mellon Co. (NYSE:BK) by 6.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 24,091 shares of the bank’s stock after purchasing an additional 1,526 shares during the period. Forum Financial Management LP’s holdings in Bank of New York Mellon were worth $1,851,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Parvin Asset Management LLC purchased a new stake in shares of Bank of New York Mellon in the fourth quarter valued at about $25,000. Bellwether Advisors LLC purchased a new stake in Bank of New York Mellon during the fourth quarter worth about $28,000. Transce3nd LLC purchased a new stake in Bank of New York Mellon during the fourth quarter worth about $33,000. South Plains Financial Inc. purchased a new stake in Bank of New York Mellon during the fourth quarter worth about $34,000. Finally, Graney & King LLC purchased a new stake in Bank of New York Mellon during the fourth quarter worth about $35,000. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Insiders Place Their Bets

In other news, insider Kurtis R. Kurimsky sold 5,641 shares of the company’s stock in a transaction on Monday, April 14th. The shares were sold at an average price of $77.50, for a total value of $437,177.50. Following the completion of the sale, the insider now owns 21,679 shares of the company’s stock, valued at approximately $1,680,122.50. This represents a 20.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP J Kevin Mccarthy sold 30,000 shares of the company’s stock in a transaction on Tuesday, April 29th. The shares were sold at an average price of $79.03, for a total transaction of $2,370,900.00. Following the completion of the sale, the executive vice president now directly owns 55,115 shares of the company’s stock, valued at $4,355,738.45. This trade represents a 35.25% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 101,114 shares of company stock valued at $7,869,795 in the last quarter. Corporate insiders own 0.14% of the company’s stock.

Wall Street Analyst Weigh In

BK has been the subject of a number of research analyst reports. Wall Street Zen downgraded shares of Bank of New York Mellon from a “buy” rating to a “hold” rating in a report on Wednesday, February 19th. Truist Financial lowered their price target on shares of Bank of New York Mellon from $90.00 to $87.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. Citigroup boosted their price target on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the company a “neutral” rating in a research report on Monday, March 24th. Morgan Stanley lowered their price target on shares of Bank of New York Mellon from $99.00 to $98.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 2nd. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $90.00 price target on shares of Bank of New York Mellon in a research report on Monday, March 17th. Six equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $91.31.

Bank of New York Mellon Price Performance

BK stock opened at $89.12 on Friday. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.69 and a quick ratio of 0.70. The Bank of New York Mellon Co. has a one year low of $57.18 and a one year high of $90.63. The stock has a market cap of $63.76 billion, a PE ratio of 15.34, a P/E/G ratio of 0.97 and a beta of 1.05. The firm has a 50 day simple moving average of $81.87 and a two-hundred day simple moving average of $81.82.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Friday, April 11th. The bank reported $1.58 EPS for the quarter, topping analysts’ consensus estimates of $1.50 by $0.08. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The business had revenue of $4.79 billion during the quarter, compared to analysts’ expectations of $4.76 billion. During the same quarter in the previous year, the company earned $1.29 EPS. The business’s quarterly revenue was up 5.9% compared to the same quarter last year. On average, analysts predict that The Bank of New York Mellon Co. will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 2nd. Shareholders of record on Monday, April 21st were paid a $0.47 dividend. The ex-dividend date of this dividend was Monday, April 21st. This represents a $1.88 dividend on an annualized basis and a yield of 2.11%. Bank of New York Mellon’s dividend payout ratio is presently 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.