LRI Investments LLC Reduces Position in The Bank of New York Mellon Corporation $BK

LRI Investments LLC cut its position in The Bank of New York Mellon Corporation (NYSE:BK) by 16.8% during the second quarter, HoldingsChannel reports. The firm owned 729 shares of the bank’s stock after selling 147 shares during the quarter. LRI Investments LLC’s holdings in Bank of New York Mellon were worth $66,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of BK. Opal Wealth Advisors LLC purchased a new stake in shares of Bank of New York Mellon in the 1st quarter valued at approximately $25,000. Alpine Bank Wealth Management purchased a new stake in shares of Bank of New York Mellon in the 1st quarter valued at approximately $25,000. Cornerstone Planning Group LLC grew 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 buying an additional 196 shares during the last quarter. Orion Capital Management LLC purchased a new position in shares of Bank of New York Mellon in the 1st quarter valued at $32,000. Finally, Hoey Investments Inc. purchased a new position in shares of Bank of New York Mellon in the 2nd quarter valued at $32,000. 85.31% of the stock is owned by hedge funds and other institutional investors.

Insider Activity 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 on Tuesday, July 22nd. The shares were sold at an average price of $98.45, for a total value of $1,969,000.00. Following the completion of the sale, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.14% of the company’s stock.

Analysts Set New Price Targets

BK has been the topic of a number of recent analyst reports. Wells Fargo & Company increased their target price 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. The Goldman Sachs Group increased their target price on shares of Bank of New York Mellon from $106.00 to $120.00 and gave the company a “buy” rating in a research report on Monday, October 6th. Evercore ISI increased their target price on shares of Bank of New York Mellon from $91.00 to $110.00 and gave the company an “in-line” rating in a research report on Tuesday, September 30th. TD Cowen initiated coverage on shares of Bank of New York Mellon in a research report on Thursday, September 25th. They issued a “buy” rating on the stock. Finally, Truist Financial increased their target price on shares of Bank of New York Mellon from $109.00 to $118.00 and gave the company a “hold” rating in a research report on Thursday, October 2nd. Ten analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, Bank of New York Mellon has an average rating of “Moderate Buy” and a consensus price target of $106.77.

Bank of New York Mellon Stock Up 1.6%

Shares of NYSE:BK opened at $106.26 on Tuesday. The stock has a market cap of $74.94 billion, a P/E ratio of 16.22, a P/E/G ratio of 0.98 and a beta of 1.13. The firm has a fifty day moving average price of $105.19 and a 200 day moving average price of $93.97. 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 Bank of New York Mellon Corporation has a 1-year low of $70.46 and a 1-year high of $110.87.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings results 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%. Sell-side analysts predict that The Bank of New York Mellon Corporation will post 6.96 EPS for the current year.

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.