Ashton Thomas Private Wealth LLC Purchases 6,873 Shares of The Bank of New York Mellon Corporation $BK

Ashton Thomas Private Wealth LLC lifted its position in The Bank of New York Mellon Corporation (NYSE:BK) by 20.8% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 39,896 shares of the bank’s stock after purchasing an additional 6,873 shares during the quarter. Ashton Thomas Private Wealth LLC’s holdings in Bank of New York Mellon were worth $3,346,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. Sax Wealth Advisors LLC grew its holdings in shares of Bank of New York Mellon by 2.3% in the 1st quarter. Sax Wealth Advisors LLC now owns 5,278 shares of the bank’s stock worth $443,000 after purchasing an additional 117 shares during the last quarter. Hemington Wealth Management grew its holdings in shares of Bank of New York Mellon by 8.0% in the 1st quarter. Hemington Wealth Management now owns 1,628 shares of the bank’s stock worth $136,000 after purchasing an additional 121 shares during the last quarter. Y.D. More Investments Ltd grew its holdings in shares of Bank of New York Mellon by 13.8% in the 1st quarter. Y.D. More Investments Ltd now owns 1,030 shares of the bank’s stock worth $86,000 after purchasing an additional 125 shares during the last quarter. Resources Management Corp CT ADV grew its holdings in shares of Bank of New York Mellon by 5.9% in the 1st quarter. Resources Management Corp CT ADV now owns 2,260 shares of the bank’s stock worth $190,000 after purchasing an additional 125 shares during the last quarter. Finally, Haverford Trust Co grew its holdings in shares of Bank of New York Mellon by 4.3% in the 1st quarter. Haverford Trust Co now owns 3,133 shares of the bank’s stock worth $263,000 after purchasing an additional 130 shares during the last quarter. Institutional investors own 85.31% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on BK. Truist Financial upped their target price on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the stock a “hold” rating in a report on Thursday, August 14th. Morgan Stanley increased their price objective on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the stock an “overweight” rating in a report on Wednesday, July 16th. Citigroup increased their price objective on shares of Bank of New York Mellon from $92.00 to $105.00 and gave the stock a “neutral” rating in a report on Friday. Wells Fargo & Company increased their price objective on shares of Bank of New York Mellon from $96.00 to $100.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 16th. Finally, Evercore ISI increased their price objective on shares of Bank of New York Mellon from $88.00 to $90.00 and gave the stock an “in-line” rating in a report on Wednesday, July 2nd. Eight equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $96.62.

Bank of New York Mellon Stock Up 0.4%

Shares of NYSE BK opened at $104.06 on Tuesday. The firm has a market capitalization of $73.39 billion, a PE ratio of 15.89, a price-to-earnings-growth ratio of 0.98 and a beta of 1.14. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.86. The Bank of New York Mellon Corporation has a 1 year low of $66.01 and a 1 year high of $106.57. The firm’s 50-day moving average is $100.07 and its 200-day moving average is $90.03.

Bank of New York Mellon (NYSE:BK) last issued its earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.73 by $0.21. The company had revenue of $4.77 billion for the quarter, compared to analyst estimates of $4.80 billion. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. The company’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same quarter last year, the firm earned $1.51 EPS. Equities analysts expect that The Bank of New York Mellon Corporation will post 6.96 EPS for the current year.

Bank of New York Mellon Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were paid a $0.53 dividend. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.47. The ex-dividend date of this dividend was Friday, July 25th. This represents a $2.12 annualized dividend and a dividend yield of 2.0%. Bank of New York Mellon’s payout ratio is 32.37%.

Insider Activity

In other news, EVP J Kevin Mccarthy sold 20,000 shares of the firm’s stock in a transaction dated 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 transaction, the executive vice president owned 35,115 shares of the company’s stock, valued at approximately $3,457,071.75. This trade represents a 36.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.14% of the company’s stock.

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.