Resonant Capital Advisors LLC Purchases 508 Shares of The Bank of New York Mellon Corporation $BK

Resonant Capital Advisors LLC lifted its holdings in The Bank of New York Mellon Corporation (NYSE:BK) by 10.1% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 5,554 shares of the bank’s stock after purchasing an additional 508 shares during the period. Resonant Capital Advisors LLC’s holdings in Bank of New York Mellon were worth $506,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. Hoey Investments Inc. bought a new position in Bank of New York Mellon in the second quarter worth approximately $32,000. Orion Capital Management LLC bought a new position in Bank of New York Mellon in the 1st quarter worth $32,000. Cornerstone Planning Group LLC raised its holdings in 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 purchasing an additional 196 shares during the period. GFG Capital LLC bought a new position in Bank of New York Mellon in the 2nd quarter worth $36,000. Finally, Golden State Wealth Management LLC raised its holdings in Bank of New York Mellon by 226.4% in the 1st 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 period. Institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Trading Up 1.2%

Bank of New York Mellon stock opened at $107.91 on Monday. The stock has a market cap of $76.10 billion, a P/E ratio of 15.57, a PEG ratio of 0.99 and a beta of 1.13. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.70 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. The firm’s 50 day moving average price is $106.07 and its 200-day moving average price is $95.79.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Tuesday, March 26th. The bank reported $1.30 earnings per share (EPS) for the quarter. The company had revenue of $4.38 billion for the quarter. Bank of New York Mellon had a net margin of 12.86% and a return on equity of 14.03%. On average, equities analysts predict 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 company also recently announced a quarterly dividend, which will be paid on Friday, November 7th. Stockholders of record on Monday, October 27th will be issued a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend is Monday, October 27th. Bank of New York Mellon’s payout ratio is 30.59%.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. TD Cowen raised their price objective on Bank of New York Mellon from $130.00 to $133.00 and gave the stock a “buy” rating in a research note on Monday, October 20th. Keefe, Bruyette & Woods raised their target price on shares of Bank of New York Mellon from $120.00 to $124.00 and gave the stock an “outperform” rating in a research note on Friday, October 17th. Barclays raised their target price on shares of Bank of New York Mellon from $104.00 to $120.00 and gave the stock an “overweight” rating in a research note on Friday, October 17th. The Goldman Sachs Group raised their price objective 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. Finally, Morgan Stanley raised their price objective 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. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $111.29.

Bank of New York Mellon 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.