VestGen Investment Management Acquires 147 Shares of The Bank of New York Mellon Corporation $BK

VestGen Investment Management raised its holdings in The Bank of New York Mellon Corporation (NYSE:BK) by 1.7% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 8,753 shares of the bank’s stock after buying an additional 147 shares during the quarter. VestGen Investment Management’s holdings in Bank of New York Mellon were worth $797,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Hoey Investments Inc. bought a new stake in shares of Bank of New York Mellon during the second quarter valued at approximately $32,000. Orion Capital Management LLC purchased a new position in Bank of New York Mellon during the first quarter valued at $32,000. Cornerstone Planning Group LLC raised its stake in 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 valued at $30,000 after buying an additional 196 shares during the last quarter. GFG Capital LLC purchased a new position in Bank of New York Mellon during the second quarter valued at $36,000. Finally, Golden State Wealth Management LLC raised its stake 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 valued at $34,000 after buying an additional 283 shares during the last quarter. 85.31% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have issued reports on BK shares. Barclays lifted their price objective on Bank of New York Mellon from $104.00 to $120.00 and gave the company an “overweight” rating in a research note on Friday, October 17th. Keefe, Bruyette & Woods boosted their price target on 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. Morgan Stanley boosted their price target on Bank of New York Mellon from $101.00 to $116.00 and gave the stock an “overweight” rating in a research note on Monday, September 29th. Truist Financial boosted their price target on Bank of New York Mellon from $118.00 to $119.00 and gave the stock a “hold” rating in a research note on Friday, October 17th. Finally, BMO Capital Markets began coverage on Bank of New York Mellon in a research note on Friday, October 3rd. They issued an “outperform” rating and a $125.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the company 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 $107.91 on Friday. The stock has a 50-day simple moving average of $106.07 and a two-hundred day simple moving average of $95.68. The Bank of New York Mellon Corporation has a 52-week low of $70.46 and a 52-week high of $110.87. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.72 and a current ratio of 0.70. The firm has a market capitalization of $76.10 billion, a PE ratio of 15.57, a P/E/G ratio of 0.99 and a beta of 1.13.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Tuesday, March 26th. The bank reported $1.30 earnings per share (EPS) for the quarter. Bank of New York Mellon had a return on equity of 14.03% and a net margin of 12.86%.The business had revenue of $4.38 billion during the quarter. Analysts forecast that The Bank of New York Mellon Corporation will post 6.96 EPS for the current year.

Bank of New York Mellon Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 7th. Shareholders of record on Monday, October 27th will be issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Monday, October 27th. 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.