Aspen Investment Management Inc Acquires 194 Shares of The Bank of New York Mellon Corporation $BK

Aspen Investment Management Inc raised its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 1.7% during the first quarter, HoldingsChannel reports. The fund owned 11,944 shares of the bank’s stock after purchasing an additional 194 shares during the quarter. Aspen Investment Management Inc’s holdings in Bank of New York Mellon were worth $1,002,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Alpine Bank Wealth Management bought a new stake in Bank of New York Mellon during the 1st quarter valued at $25,000. Opal Wealth Advisors LLC bought a new stake in Bank of New York Mellon during the 1st quarter valued at $25,000. Orion Capital Management LLC bought a new stake in Bank of New York Mellon during the 1st quarter valued at $32,000. Cornerstone Planning Group LLC raised its holdings in Bank of New York Mellon by 100.0% during the 1st quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank’s stock valued at $30,000 after acquiring an additional 196 shares during the period. Finally, REAP Financial Group LLC raised its holdings in Bank of New York Mellon by 123.2% during the 4th quarter. REAP Financial Group LLC now owns 395 shares of the bank’s stock valued at $30,000 after acquiring an additional 218 shares during the period. Institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Stock Performance

NYSE BK opened at $104.80 on Wednesday. The company has a 50-day simple moving average of $100.35 and a two-hundred day simple moving average of $90.13. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.86. The Bank of New York Mellon Corporation has a 12-month low of $66.01 and a 12-month high of $106.57. The firm has a market cap of $73.91 billion, a price-to-earnings ratio of 16.00, a PEG ratio of 0.98 and a beta of 1.14.

Bank of New York Mellon (NYSE:BK) last posted its quarterly 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. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. The business had revenue of $4.77 billion during the quarter, compared to analyst estimates of $4.80 billion. During the same period in the prior year, the business posted $1.51 earnings per share. The company’s revenue was up 9.4% on a year-over-year basis. On average, equities analysts forecast 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 issued a dividend of $0.53 per share. This is an increase from Bank of New York Mellon’s previous quarterly dividend of $0.47. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date was Friday, July 25th. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 32.37%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on BK. Citigroup upped their price target 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, September 5th. Morgan Stanley increased their target price on Bank of New York Mellon from $95.00 to $101.00 and gave the company an “overweight” rating in a research note on Wednesday, July 16th. Truist Financial increased their target price on Bank of New York Mellon from $100.00 to $109.00 and gave the company a “hold” rating in a research note on Thursday, August 14th. Keefe, Bruyette & Woods increased 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 note on Wednesday, July 16th. Finally, Wells Fargo & Company increased 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 note on Wednesday, July 16th. Eight analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $96.62.

Insider Buying and Selling at Bank of New York Mellon

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 completion of the sale, the executive vice president directly owned 35,115 shares in the company, valued at approximately $3,457,071.75. This represents a 36.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.14% of the company’s stock.

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.