Apollon Wealth Management LLC Raises Stake in The Bank of New York Mellon Corporation $BK

Apollon Wealth Management LLC boosted its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 4.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 27,858 shares of the bank’s stock after acquiring an additional 1,288 shares during the period. Apollon Wealth Management LLC’s holdings in Bank of New York Mellon were worth $2,538,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the business. Opal Wealth Advisors LLC purchased a new position in Bank of New York Mellon in the first quarter worth about $25,000. Alpine Bank Wealth Management purchased a new position in Bank of New York Mellon in the first quarter worth about $25,000. Cornerstone Planning Group LLC raised its holdings in Bank of New York Mellon by 100.0% in the first quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank’s stock worth $30,000 after buying an additional 196 shares during the last quarter. Orion Capital Management LLC purchased a new position in Bank of New York Mellon in the first quarter worth about $32,000. Finally, Hoey Investments Inc. purchased a new position in Bank of New York Mellon in the second quarter worth about $32,000. 85.31% of the stock is owned by hedge funds and other institutional investors.

Bank of New York Mellon Stock Down 2.1%

BK opened at $104.63 on Monday. 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 firm has a 50 day moving average price of $105.10 and a 200-day moving average price of $93.80. The Bank of New York Mellon Corporation has a twelve month low of $70.46 and a twelve month high of $110.87. The stock has a market capitalization of $73.79 billion, a price-to-earnings ratio of 15.97, a PEG ratio of 0.98 and a beta of 1.13.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings data on Tuesday, March 26th. The bank reported $1.30 earnings per share for the quarter. The firm had revenue of $4.38 billion during the quarter. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. 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 announced a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 2.0%. 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 presently 32.37%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on BK. Citigroup lifted their target price on shares of 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. Keefe, Bruyette & Woods lifted their target price on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the stock an “outperform” rating in a report on Wednesday, July 16th. TD Cowen began coverage on shares of Bank of New York Mellon in a report on Thursday, September 25th. They issued a “buy” rating for the company. Evercore ISI lifted their target price on shares of Bank of New York Mellon from $91.00 to $110.00 and gave the stock an “in-line” rating in a report on Tuesday, September 30th. Finally, Weiss Ratings reissued a “buy (b+)” rating on shares of Bank of New York Mellon in a report on Wednesday, October 8th. Ten research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $106.77.

Insider Transactions at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the business’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 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed 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.