Bennett Associates Wealth Management Invests $276,000 in The Bank of New York Mellon Corporation $BK

Bennett Associates Wealth Management bought a new stake in shares of The Bank of New York Mellon Corporation (NYSE:BK) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 3,025 shares of the bank’s stock, valued at approximately $276,000.

Other institutional investors have also bought and sold shares of the company. SteelPeak Wealth LLC raised its holdings in Bank of New York Mellon by 1,270.5% during the second quarter. SteelPeak Wealth LLC now owns 47,364 shares of the bank’s stock valued at $4,315,000 after acquiring an additional 43,908 shares during the period. Mraz Amerine & Associates Inc. grew its position in shares of Bank of New York Mellon by 5.2% during the second quarter. Mraz Amerine & Associates Inc. now owns 20,370 shares of the bank’s stock worth $1,856,000 after purchasing an additional 1,000 shares in the last quarter. Confluence Wealth Services Inc. raised its stake in Bank of New York Mellon by 1.0% during the 2nd quarter. Confluence Wealth Services Inc. now owns 11,761 shares of the bank’s stock valued at $1,072,000 after purchasing an additional 111 shares during the period. Knights of Columbus Asset Advisors LLC purchased a new position in Bank of New York Mellon in the 2nd quarter worth approximately $6,982,000. Finally, Plimoth Trust Co. LLC bought a new position in Bank of New York Mellon in the 2nd quarter worth approximately $214,000. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Insider Buying and Selling

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 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. The trade was a 36.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.14% of the stock is owned by insiders.

Bank of New York Mellon Stock Down 0.1%

Shares of NYSE:BK opened at $106.46 on Tuesday. The company has a market cap of $75.08 billion, a price-to-earnings ratio of 16.25, a PEG ratio of 1.01 and a beta of 1.13. The Bank of New York Mellon Corporation has a 12 month low of $70.46 and a 12 month high of $110.87. 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 company has a 50-day moving average price of $104.71 and a 200 day moving average price of $93.21.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 period in the prior year, the business posted $1.51 earnings per share. As a group, equities research analysts predict 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 declared a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 2.0%. The ex-dividend date was Friday, July 25th. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.47. Bank of New York Mellon’s payout ratio is currently 32.37%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on BK shares. Wells Fargo & Company lifted their price objective on shares of Bank of New York Mellon from $96.00 to $100.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 16th. Truist Financial increased their price objective on shares of Bank of New York Mellon from $109.00 to $118.00 and gave the company a “hold” rating in a report on Thursday, October 2nd. Weiss Ratings reaffirmed a “buy (b+)” rating on shares of Bank of New York Mellon in a report on Saturday, September 27th. The Goldman Sachs Group boosted their target price on Bank of New York Mellon from $106.00 to $120.00 and gave the stock a “buy” rating in a research report on Monday. Finally, Keefe, Bruyette & Woods raised their price target on Bank of New York Mellon from $105.00 to $113.00 and gave the company an “outperform” rating in a report on Wednesday, July 16th. Ten research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $106.77.

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.