Legend Financial Advisors Inc. Purchases Shares of 1,036 The Bank of New York Mellon Corporation $BK

Legend Financial Advisors Inc. purchased a new stake in The Bank of New York Mellon Corporation (NYSE:BK) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 1,036 shares of the bank’s stock, valued at approximately $94,000.

Several other large investors also recently made changes to their positions in BK. Revolve Wealth Partners LLC bought a new stake in shares of Bank of New York Mellon during the fourth quarter worth $220,000. Integrated Advisors Network LLC grew its holdings in shares of Bank of New York Mellon by 7.9% during the fourth quarter. Integrated Advisors Network LLC now owns 3,881 shares of the bank’s stock worth $298,000 after purchasing an additional 283 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Bank of New York Mellon by 93.5% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 173,070 shares of the bank’s stock worth $13,297,000 after purchasing an additional 83,649 shares during the last quarter. 111 Capital bought a new stake in shares of Bank of New York Mellon during the fourth quarter worth $477,000. Finally, MassMutual Private Wealth & Trust FSB grew its holdings in shares of Bank of New York Mellon by 7.1% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 2,897 shares of the bank’s stock worth $243,000 after purchasing an additional 191 shares during the last quarter. Institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Price Performance

Bank of New York Mellon stock opened at $109.12 on Friday. The business’s 50-day simple moving average is $103.58 and its 200 day simple moving average is $91.82. The stock has a market cap of $76.95 billion, a price-to-earnings ratio of 16.66, a P/E/G ratio of 1.02 and a beta of 1.14. The Bank of New York Mellon Corporation has a 12-month low of $70.41 and a 12-month high of $110.87. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.86.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.73 by $0.21. The business had revenue of $4.77 billion for the quarter, compared to analysts’ expectations of $4.80 billion. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%.The firm’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter last year, the business earned $1.51 earnings per share. As a group, research analysts anticipate that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current year.

Bank of New York Mellon Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Friday, July 25th were issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 1.9%. This is an increase 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 32.37%.

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 firm’s stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $98.45, for a total transaction of $1,969,000.00. Following the transaction, the executive vice president owned 35,115 shares in the company, valued at approximately $3,457,071.75. This trade represents a 36.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.14% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on BK shares. Wells Fargo & Company increased their target price on Bank of New York Mellon from $96.00 to $100.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 16th. TD Cowen started coverage on Bank of New York Mellon in a report on Thursday. They set a “buy” rating on the stock. Citigroup increased their target price on Bank of New York Mellon from $92.00 to $105.00 and gave the stock a “neutral” rating in a report on Friday, September 5th. Morgan Stanley increased their target price on Bank of New York Mellon from $95.00 to $101.00 and gave the stock an “overweight” rating in a report on Wednesday, July 16th. Finally, Truist Financial raised their price target on Bank of New York Mellon from $100.00 to $109.00 and gave the company a “hold” rating in a report on Thursday, August 14th. Eight investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $98.00.

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.