McKinley Carter Wealth Services Inc. Acquires 4,294 Shares of The Bank of New York Mellon Corporation $BK

McKinley Carter Wealth Services Inc. raised its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 13.2% during the second quarter, Holdings Channel.com reports. The fund owned 36,771 shares of the bank’s stock after buying an additional 4,294 shares during the period. McKinley Carter Wealth Services Inc.’s holdings in Bank of New York Mellon were worth $3,350,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Confluence Wealth Services Inc. increased its position in shares of Bank of New York Mellon by 1.0% during the second quarter. Confluence Wealth Services Inc. now owns 11,761 shares of the bank’s stock worth $1,072,000 after purchasing an additional 111 shares in the last quarter. Leonard Rickey Investment Advisors P.L.L.C. increased its position in shares of Bank of New York Mellon by 2.2% during the second quarter. Leonard Rickey Investment Advisors P.L.L.C. now owns 5,094 shares of the bank’s stock worth $464,000 after purchasing an additional 112 shares in the last quarter. Sax Wealth Advisors LLC increased its position in shares of Bank of New York Mellon by 2.3% during the first quarter. Sax Wealth Advisors LLC now owns 5,278 shares of the bank’s stock worth $443,000 after purchasing an additional 117 shares in the last quarter. Hemington Wealth Management increased its position in shares of Bank of New York Mellon by 8.0% during the first quarter. Hemington Wealth Management now owns 1,628 shares of the bank’s stock worth $136,000 after purchasing an additional 121 shares in the last quarter. Finally, Y.D. More Investments Ltd increased its position in shares of Bank of New York Mellon by 13.8% during the first 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 in the last quarter. 85.31% of the stock is owned by institutional investors.

Bank of New York Mellon Price Performance

NYSE:BK opened at $106.83 on Friday. The Bank of New York Mellon Corporation has a one year low of $70.46 and a one year high of $110.87. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.72 and a current ratio of 0.72. The firm has a market cap of $75.34 billion, a price-to-earnings ratio of 16.31, a PEG ratio of 0.99 and a beta of 1.13. The firm’s fifty day moving average is $105.00 and its two-hundred day moving average is $93.55.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, beating the consensus estimate of $1.73 by $0.21. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. The company had revenue of $4.77 billion for the quarter, compared to analyst estimates of $4.80 billion. During the same period in the prior year, the company earned $1.51 earnings per share. The firm’s revenue was up 9.4% on a year-over-year basis. Research 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 company also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were paid a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend was Friday, July 25th. This is an increase from Bank of New York Mellon’s previous quarterly dividend of $0.47. Bank of New York Mellon’s dividend payout ratio is currently 32.37%.

Insider Activity

In other news, EVP J Kevin Mccarthy sold 20,000 shares of the stock in a transaction dated 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 sale, the executive vice president directly owned 35,115 shares of the company’s stock, valued at $3,457,071.75. This represents a 36.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.14% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. TD Cowen assumed coverage on Bank of New York Mellon in a research report on Thursday, September 25th. They set a “buy” rating on the stock. Evercore ISI upped their price target 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. Weiss Ratings reissued a “buy (b+)” rating on shares of Bank of New York Mellon in a research report on Wednesday. Wells Fargo & Company upped their target price on Bank of New York Mellon from $96.00 to $100.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 16th. Finally, Keefe, Bruyette & Woods upped their target price 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. Ten research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, Bank of New York Mellon has an average rating of “Moderate Buy” and a consensus target price of $106.77.

Bank of New York Mellon Company 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.