Alpha Omega Wealth Management LLC Sells 1,505 Shares of The Bank of New York Mellon Corporation $BK

Alpha Omega Wealth Management LLC reduced its position in The Bank of New York Mellon Corporation (NYSE:BK) by 3.3% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 44,702 shares of the bank’s stock after selling 1,505 shares during the quarter. Alpha Omega Wealth Management LLC’s holdings in Bank of New York Mellon were worth $4,073,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of BK. Canada Post Corp Registered Pension Plan acquired a new stake in shares of Bank of New York Mellon in the 1st quarter valued at approximately $1,035,000. TrueMark Investments LLC acquired a new stake in shares of Bank of New York Mellon in the 1st quarter valued at approximately $4,282,000. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Bank of New York Mellon by 29.1% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 223,438 shares of the bank’s stock valued at $18,740,000 after purchasing an additional 50,368 shares in the last quarter. Formidable Asset Management LLC acquired a new stake in shares of Bank of New York Mellon in the 1st quarter valued at approximately $247,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in shares of Bank of New York Mellon by 121.8% in the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 183,602 shares of the bank’s stock valued at $15,399,000 after purchasing an additional 100,810 shares in the last quarter. 85.31% of the stock is owned by institutional investors.

Bank of New York Mellon Trading Up 0.7%

Shares of BK opened at $109.47 on Tuesday. 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 business’s 50-day moving average price is $102.82 and its 200-day moving average price is $91.42. The stock has a market cap of $77.20 billion, a PE ratio of 16.71, a P/E/G ratio of 1.03 and a beta of 1.14. The Bank of New York Mellon Corporation has a twelve month low of $70.41 and a twelve month high of $109.72.

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, topping the consensus estimate of $1.73 by $0.21. The company had revenue of $4.77 billion for the quarter, compared to analysts’ expectations of $4.80 billion. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. Bank of New York Mellon’s revenue for the quarter was up 9.4% compared to the same quarter last year. During the same period in the prior year, the business earned $1.51 earnings per share. On average, equities analysts forecast 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 business also recently disclosed a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were given a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 1.9%. This is a positive change from Bank of New York Mellon’s previous quarterly dividend of $0.47. The ex-dividend date was Friday, July 25th. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 32.37%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Citigroup raised their price target on shares of Bank of New York Mellon from $92.00 to $105.00 and gave the company a “neutral” rating in a research note on Friday, September 5th. Morgan Stanley raised their price target on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the company an “overweight” rating in a research note on Wednesday, July 16th. Evercore ISI raised their price target on shares of Bank of New York Mellon from $88.00 to $90.00 and gave the company an “in-line” rating in a research note on Wednesday, July 2nd. Wells Fargo & Company lifted their target price on shares of Bank of New York Mellon from $96.00 to $100.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 16th. Finally, Truist Financial lifted their target price 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. Eight research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $96.62.

Insider Buying and Selling at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 22nd. The shares were 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 in the company, valued at approximately $3,457,071.75. This represents a 36.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.14% of the company’s stock.

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.