The Bank of New York Mellon Corporation $BK Shares Sold by Avidian Wealth Enterprises LLC

Avidian Wealth Enterprises LLC lessened its stake in The Bank of New York Mellon Corporation (NYSE:BK) by 13.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,433 shares of the bank’s stock after selling 390 shares during the quarter. Avidian Wealth Enterprises LLC’s holdings in Bank of New York Mellon were worth $222,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in BK. Alpine Bank Wealth Management acquired a new stake in shares of Bank of New York Mellon in the 1st quarter worth $25,000. Cornerstone Planning Group LLC increased its stake 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 worth $30,000 after acquiring an additional 196 shares during the last quarter. Orion Capital Management LLC acquired a new stake in Bank of New York Mellon during the first quarter worth about $32,000. Hoey Investments Inc. acquired a new stake in Bank of New York Mellon during the second quarter worth about $32,000. Finally, Golden State Wealth Management LLC increased its position in 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 during the last quarter. Institutional investors and hedge funds own 85.31% of the company’s stock.

Analysts Set New Price Targets

BK has been the subject of a number of recent analyst reports. Weiss Ratings restated a “buy (b+)” rating on shares of Bank of New York Mellon in a report on Wednesday, October 8th. The Goldman Sachs Group raised 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 note on Monday, October 6th. Citigroup raised their target price on Bank of New York Mellon from $92.00 to $105.00 and gave the stock a “neutral” rating in a research note on Friday, September 5th. Keefe, Bruyette & Woods raised their price objective on Bank of New York Mellon from $120.00 to $124.00 and gave the stock an “outperform” rating in a research report on Friday, October 17th. Finally, Evercore ISI raised their price objective on Bank of New York Mellon from $91.00 to $110.00 and gave the stock an “in-line” rating in a research report on Tuesday, September 30th. Ten analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, Bank of New York Mellon presently has a consensus rating of “Moderate Buy” and an average price target of $111.29.

Bank of New York Mellon Stock Performance

NYSE:BK opened at $106.60 on Friday. The company has a fifty day simple moving average of $105.93 and a two-hundred day simple moving average of $95.28. The company has a market cap of $75.18 billion, a price-to-earnings ratio of 15.38, a price-to-earnings-growth ratio of 0.98 and a beta of 1.13. The company has a quick ratio of 0.72, a current ratio of 0.70 and a debt-to-equity ratio of 0.83. The Bank of New York Mellon Corporation has a 52 week low of $70.46 and a 52 week high of $110.87.

Bank of New York Mellon (NYSE:BK) last posted its quarterly 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 12.86% and a return on equity of 14.03%. The business had revenue of $4.38 billion during the quarter. As a group, equities analysts anticipate that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 7th. Stockholders of record on Monday, October 27th will be given a dividend of $0.53 per share. The ex-dividend date of this dividend is Monday, October 27th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.0%. Bank of New York Mellon’s payout ratio is currently 30.59%.

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.