Cary Street Partners Financial LLC Takes $2.10 Million Position in The Bank of New York Mellon Co. (NYSE:BK)

Cary Street Partners Financial LLC purchased a new position in The Bank of New York Mellon Co. (NYSE:BK) during the fourth quarter, Holdings Channel.com reports. The fund purchased 27,336 shares of the bank’s stock, valued at approximately $2,100,000.

Other institutional investors have also bought and sold shares of the company. Parvin Asset Management LLC purchased a new position in shares of Bank of New York Mellon during the 4th quarter valued at $25,000. Bellwether Advisors LLC purchased a new stake in Bank of New York Mellon during the fourth quarter valued at about $28,000. Transce3nd LLC bought a new position in Bank of New York Mellon during the fourth quarter worth about $33,000. South Plains Financial Inc. purchased a new position in shares of Bank of New York Mellon in the fourth quarter worth about $34,000. Finally, Graney & King LLC bought a new stake in shares of Bank of New York Mellon in the fourth quarter valued at approximately $35,000. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Trading Up 1.0 %

Shares of BK opened at $82.98 on Wednesday. The Bank of New York Mellon Co. has a 1-year low of $57.12 and a 1-year high of $90.34. The company has a market capitalization of $59.57 billion, a P/E ratio of 14.28, a P/E/G ratio of 0.97 and a beta of 1.05. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.69 and a quick ratio of 0.70. The firm’s 50 day simple moving average is $80.82 and its 200 day simple moving average is $80.76.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings results on Friday, April 11th. The bank reported $1.58 EPS for the quarter, topping analysts’ consensus estimates of $1.50 by $0.08. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The firm had revenue of $4.79 billion for the quarter, compared to analyst estimates of $4.76 billion. During the same quarter in the prior year, the firm earned $1.29 EPS. The business’s revenue for the quarter was up 5.9% compared to the same quarter last year. Sell-side analysts forecast that The Bank of New York Mellon Co. will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 2nd. Shareholders of record on Monday, April 21st were paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 2.27%. The ex-dividend date was Monday, April 21st. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 30.62%.

Analysts Set New Price Targets

BK has been the subject of a number of recent research reports. Citigroup lifted their price objective on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the company a “neutral” rating in a research note on Monday, March 24th. Deutsche Bank Aktiengesellschaft lifted their price target on Bank of New York Mellon from $94.00 to $98.00 and gave the company a “buy” rating in a research report on Thursday, January 16th. Barclays increased their price objective on Bank of New York Mellon from $102.00 to $104.00 and gave the stock an “overweight” rating in a report on Thursday, January 16th. Truist Financial reduced their target price on Bank of New York Mellon from $90.00 to $87.00 and set a “buy” rating for the company in a report on Monday, April 14th. Finally, Wells Fargo & Company increased their price target on shares of Bank of New York Mellon from $86.00 to $96.00 and gave the stock an “equal weight” rating in a report on Monday, March 3rd. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $91.31.

Insider Transactions at Bank of New York Mellon

In other Bank of New York Mellon news, VP Catherine Keating sold 65,473 shares of the business’s stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $77.31, for a total transaction of $5,061,717.63. Following the completion of the sale, the vice president now directly owns 87,542 shares in the company, valued at $6,767,872.02. The trade was a 42.79 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Kurtis R. Kurimsky sold 5,641 shares of the stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $77.50, for a total transaction of $437,177.50. Following the completion of the transaction, the insider now owns 21,679 shares in the company, valued at $1,680,122.50. This trade represents a 20.65 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 101,114 shares of company stock worth $7,869,795. 0.14% of the stock is currently owned by corporate insiders.

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.