Alliance Wealth Advisors LLC Cuts Stock Holdings in The Bank of New York Mellon Corporation $BK

Alliance Wealth Advisors LLC cut its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 7.8% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 12,480 shares of the bank’s stock after selling 1,053 shares during the period. Alliance Wealth Advisors LLC’s holdings in Bank of New York Mellon were worth $1,137,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of BK. Ameriprise Financial Inc. boosted its position in Bank of New York Mellon by 1.9% during the 1st quarter. Ameriprise Financial Inc. now owns 12,043,601 shares of the bank’s stock valued at $1,010,093,000 after acquiring an additional 221,613 shares in the last quarter. Nuveen LLC bought a new stake in Bank of New York Mellon during the first quarter valued at about $773,627,000. Invesco Ltd. boosted its position in Bank of New York Mellon by 8.8% during the first quarter. Invesco Ltd. now owns 8,264,176 shares of the bank’s stock valued at $693,116,000 after purchasing an additional 667,966 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Bank of New York Mellon by 5.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 8,125,577 shares of the bank’s stock valued at $681,492,000 after purchasing an additional 436,100 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in Bank of New York Mellon by 26.3% in the first quarter. Goldman Sachs Group Inc. now owns 5,053,744 shares of the bank’s stock worth $423,858,000 after purchasing an additional 1,052,145 shares in the last quarter. Institutional investors own 85.31% of the company’s stock.

Wall Street Analyst Weigh In

BK has been the topic of a number of analyst reports. Wells Fargo & Company lifted their price objective 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. Evercore ISI raised their target price 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. Morgan Stanley lifted their price target on shares of Bank of New York Mellon from $101.00 to $116.00 and gave the stock an “overweight” rating in a report on Monday. TD Cowen began coverage on Bank of New York Mellon in a report on Thursday, September 25th. They set a “buy” rating for the company. Finally, Citigroup raised their price objective on Bank of New York Mellon from $92.00 to $105.00 and gave the stock a “neutral” rating in a research report on Friday, September 5th. Eight investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $99.25.

Bank of New York Mellon Price Performance

NYSE BK opened at $109.72 on Tuesday. The company has a market cap of $77.38 billion, a price-to-earnings ratio of 16.75, a PEG ratio of 1.03 and a beta of 1.14. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.72. The stock’s fifty day moving average price is $104.02 and its 200 day moving average price is $92.38. The Bank of New York Mellon Corporation has a 1 year low of $70.41 and a 1 year high of $110.87.

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 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 the consensus estimate 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 company’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.51 EPS. As a group, equities research analysts forecast 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 firm also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were issued a $0.53 dividend. 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 annualized dividend and a yield of 1.9%. Bank of New York Mellon’s dividend payout ratio is currently 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 Bank of New York Mellon 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 sale, the executive vice president directly owned 35,115 shares in the company, valued at approximately $3,457,071.75. The trade was a 36.29% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.14% of the company’s stock.

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.