The Bank of New York Mellon Corporation $BK Shares Acquired by Ritholtz Wealth Management

Ritholtz Wealth Management lifted its stake in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 5.3% in the second quarter, Holdings Channel reports. The firm owned 30,710 shares of the bank’s stock after buying an additional 1,540 shares during the period. Ritholtz Wealth Management’s holdings in Bank of New York Mellon were worth $2,798,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of BK. Alpine Bank Wealth Management purchased a new stake in shares of Bank of New York Mellon during the first quarter worth about $25,000. Cornerstone Planning Group LLC increased its stake in shares of Bank of New York Mellon by 100.0% during the first quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank’s stock worth $30,000 after purchasing an additional 196 shares in the last quarter. Orion Capital Management LLC purchased a new stake in shares of Bank of New York Mellon during the first quarter worth about $32,000. Hoey Investments Inc. purchased a new stake in shares of Bank of New York Mellon during the second quarter worth about $32,000. Finally, Golden State Wealth Management LLC increased its stake in shares of Bank of New York Mellon by 226.4% during the first quarter. Golden State Wealth Management LLC now owns 408 shares of the bank’s stock worth $34,000 after purchasing an additional 283 shares in the last quarter. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Price Performance

Shares of BK stock opened at $108.94 on Thursday. 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 firm’s 50-day moving average is $105.45 and its two-hundred day moving average is $94.16. 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 market capitalization of $76.83 billion, a PE ratio of 16.63, a price-to-earnings-growth ratio of 1.00 and a beta of 1.13.

Bank of New York Mellon (NYSE:BK) last issued its earnings results on Tuesday, March 26th. The bank reported $1.30 EPS for the quarter. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. The company had revenue of $4.38 billion for the quarter. Analysts predict that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current year.

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 dated 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 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.14% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. Evercore ISI boosted 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 research note on Tuesday, September 30th. 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. Citigroup increased their target price on shares of Bank of New York Mellon from $92.00 to $105.00 and gave the company a “neutral” rating in a research report on Friday, September 5th. Weiss Ratings reiterated a “buy (b+)” rating on shares of Bank of New York Mellon in a research report on Wednesday, October 8th. Finally, Morgan Stanley increased their target price on shares of Bank of New York Mellon from $101.00 to $116.00 and gave the company an “overweight” rating in a research report on Monday, September 29th. Ten equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target 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.