The Bank of New York Mellon Corporation $BK Stock Position Increased by Confluence Wealth Services Inc.

Confluence Wealth Services Inc. increased its position in The Bank of New York Mellon Corporation (NYSE:BK) by 1.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 11,761 shares of the bank’s stock after buying an additional 111 shares during the quarter. Confluence Wealth Services Inc.’s holdings in Bank of New York Mellon were worth $1,072,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the company. Opal Wealth Advisors LLC acquired a new stake in Bank of New York Mellon in the 1st quarter valued at about $25,000. Alpine Bank Wealth Management bought a new stake in shares of Bank of New York Mellon in the 1st quarter worth approximately $25,000. Cornerstone Planning Group LLC lifted 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 purchasing an additional 196 shares during the last quarter. Orion Capital Management LLC bought a new stake in Bank of New York Mellon during the first quarter worth approximately $32,000. Finally, Hoey Investments Inc. bought a new stake in Bank of New York Mellon during the second quarter worth approximately $32,000. 85.31% of the stock is owned by institutional investors and hedge funds.

Bank of New York Mellon Stock Down 0.1%

Shares of Bank of New York Mellon stock opened at $106.46 on Tuesday. The Bank of New York Mellon Corporation has a 1 year low of $70.46 and a 1 year high of $110.87. The company has a market cap of $75.08 billion, a P/E ratio of 16.25, a P/E/G ratio of 1.01 and a beta of 1.13. 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 stock has a 50-day moving average price of $104.71 and a 200 day moving average price of $93.21.

Bank of New York Mellon (NYSE:BK) last released its earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share 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 analysts’ expectations of $4.80 billion. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%.The business’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.51 EPS. As a group, analysts expect that The Bank of New York Mellon Corporation will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Increases Dividend

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

Insider Activity

In other news, EVP J Kevin Mccarthy sold 20,000 shares of the business’s stock in a transaction on 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 in the company, valued at $3,457,071.75. The trade was a 36.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.14% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of brokerages have recently commented on BK. Keefe, Bruyette & Woods increased their price objective on Bank of New York Mellon from $105.00 to $113.00 and gave the company an “outperform” rating in a research report on Wednesday, July 16th. Citigroup upped their target price on Bank of New York Mellon from $92.00 to $105.00 and gave the company a “neutral” rating in a report on Friday, September 5th. TD Cowen assumed coverage on Bank of New York Mellon in a research note on Thursday, September 25th. They issued a “buy” rating on the stock. BMO Capital Markets began coverage on Bank of New York Mellon in a report on Friday. They set an “outperform” rating and a $125.00 price objective on the stock. Finally, Wells Fargo & Company raised their target price 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. Ten investment 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, the company presently has an average rating of “Moderate Buy” and a consensus target price of $106.77.

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.