Accurate Wealth Management LLC Acquires 261 Shares of The Bank of New York Mellon Corporation $BK

Accurate Wealth Management LLC grew its holdings in The Bank of New York Mellon Corporation (NYSE:BK) by 4.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 6,643 shares of the bank’s stock after purchasing an additional 261 shares during the quarter. Accurate Wealth Management LLC’s holdings in Bank of New York Mellon were worth $622,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Alpine Bank Wealth Management bought a new position in shares of Bank of New York Mellon in the 1st quarter valued at about $25,000. Opal Wealth Advisors LLC bought a new position in shares of Bank of New York Mellon in the 1st quarter valued at about $25,000. Hoey Investments Inc. bought a new position in shares of Bank of New York Mellon in the 2nd quarter valued at about $32,000. Orion Capital Management LLC acquired a new stake in shares of Bank of New York Mellon in the 1st quarter valued at approximately $32,000. Finally, Cornerstone Planning Group LLC raised its position in shares of Bank of New York Mellon by 100.0% in the 1st quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank’s stock valued at $30,000 after acquiring an additional 196 shares during the period. Institutional investors own 85.31% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Truist Financial increased their price target on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the company a “hold” rating in a research report on Thursday, August 14th. Evercore ISI increased 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 report on Wednesday, July 2nd. Keefe, Bruyette & Woods increased their price target on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the company an “outperform” rating in a research report on Wednesday, July 16th. Morgan Stanley increased 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 report on Wednesday, July 16th. Finally, Citigroup increased 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 report on Friday, September 5th. Eight equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $96.62.

Insider Buying and Selling at Bank of New York Mellon

In other news, EVP J Kevin Mccarthy sold 20,000 shares of the firm’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 transaction of $1,969,000.00. Following the completion of the transaction, the executive vice president directly owned 35,115 shares of the company’s stock, valued at $3,457,071.75. This trade represents a 36.29% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.14% of the stock is owned by corporate insiders.

Bank of New York Mellon Stock Performance

Shares of BK stock opened at $108.19 on Thursday. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.72 and a current ratio of 0.72. The company has a market capitalization of $76.30 billion, a P/E ratio of 16.52, a price-to-earnings-growth ratio of 1.03 and a beta of 1.14. The company’s 50 day moving average price is $103.35 and its two-hundred day moving average price is $91.65. The Bank of New York Mellon Corporation has a 52 week low of $70.41 and a 52 week high of $110.87.

Bank of New York Mellon (NYSE:BK) last announced its earnings results on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, topping the consensus estimate of $1.73 by $0.21. The firm had revenue of $4.77 billion for the quarter, compared to the consensus estimate of $4.80 billion. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. The business’s quarterly revenue was up 9.4% on a year-over-year basis. During the same period last year, the company posted $1.51 EPS. On average, analysts expect 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 Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were paid a dividend of $0.53 per share. The ex-dividend date of this dividend was Friday, July 25th. This represents a $2.12 annualized dividend and a dividend yield of 2.0%. This is an increase from Bank of New York Mellon’s previous quarterly dividend of $0.47. Bank of New York Mellon’s dividend payout ratio (DPR) is 32.37%.

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.