The Bank of New York Mellon Corporation $BK Shares Sold by McIlrath & Eck LLC

McIlrath & Eck LLC lowered its position in The Bank of New York Mellon Corporation (NYSE:BK) by 75.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,736 shares of the bank’s stock after selling 5,355 shares during the quarter. McIlrath & Eck LLC’s holdings in Bank of New York Mellon were worth $146,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in BK. Alpine Bank Wealth Management purchased a new position in shares of Bank of New York Mellon in the 1st quarter worth about $25,000. Opal Wealth Advisors LLC purchased a new stake in shares of Bank of New York Mellon during the 1st quarter worth about $25,000. Orion Capital Management LLC acquired a new stake in Bank of New York Mellon during the 1st quarter worth approximately $32,000. Cornerstone Planning Group LLC raised its holdings in Bank of New York Mellon by 100.0% in the first quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank’s stock valued at $30,000 after buying an additional 196 shares during the period. Finally, REAP Financial Group LLC raised its holdings in Bank of New York Mellon by 123.2% in the fourth quarter. REAP Financial Group LLC now owns 395 shares of the bank’s stock valued at $30,000 after buying an additional 218 shares during the period. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Bank of New York Mellon

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of the company’s stock in a transaction that occurred 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 transaction, the executive vice president directly owned 35,115 shares of the company’s stock, valued at $3,457,071.75. This represents a 36.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.14% of the stock is owned by corporate insiders.

Bank of New York Mellon Price Performance

BK opened at $104.80 on Wednesday. The Bank of New York Mellon Corporation has a twelve month low of $66.01 and a twelve month high of $106.57. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.86. The firm has a market cap of $73.91 billion, a price-to-earnings ratio of 16.00, a PEG ratio of 0.98 and a beta of 1.14. The company has a fifty day simple moving average of $100.35 and a 200 day simple moving average of $90.13.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings data 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 company had revenue of $4.77 billion during the quarter, compared to analysts’ expectations of $4.80 billion. During the same period in the prior year, the company posted $1.51 EPS. The firm’s revenue for the quarter was up 9.4% on a year-over-year basis. Equities 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 firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Friday, July 25th were paid a dividend of $0.53 per share. 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 payout ratio is 32.37%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on BK shares. Citigroup boosted their price objective on shares of Bank of New York Mellon from $92.00 to $105.00 and gave the stock a “neutral” rating in a research note on Friday, September 5th. Wells Fargo & Company lifted their target price on shares of Bank of New York Mellon from $96.00 to $100.00 and gave the company an “equal weight” rating in a report on Wednesday, July 16th. Truist Financial upped their price target on shares of 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. Morgan Stanley increased 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. Finally, Keefe, Bruyette & Woods boosted their price objective on 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. Eight research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Bank of New York Mellon has an average rating of “Moderate Buy” and an average price target of $96.62.

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.