Cynosure Group LLC Takes $485,000 Position in Bank of New York Mellon Corporation $BNY

Cynosure Group LLC purchased a new stake in Bank of New York Mellon Corporation (NYSE:BNY) in the 4th quarter, HoldingsChannel.com reports. The firm purchased 4,174 shares of the bank’s stock, valued at approximately $485,000.

Other hedge funds also recently made changes to their positions in the company. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Bank of New York Mellon in the fourth quarter valued at $27,000. MCF Advisors LLC grew its position in shares of Bank of New York Mellon by 74.8% in the fourth quarter. MCF Advisors LLC now owns 236 shares of the bank’s stock valued at $27,000 after purchasing an additional 101 shares in the last quarter. Marquette Asset Management LLC grew its position in shares of Bank of New York Mellon by 174.7% in the fourth quarter. Marquette Asset Management LLC now owns 261 shares of the bank’s stock valued at $30,000 after purchasing an additional 166 shares in the last quarter. Heritage Wealth Advisors purchased a new position in shares of Bank of New York Mellon in the fourth quarter valued at $31,000. Finally, Wilkerson Advisory Group LLC purchased a new position in shares of Bank of New York Mellon in the fourth quarter valued at $31,000. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Bank of New York Mellon

In related news, VP Shannon Marie Hobbs sold 297 shares of the company’s stock in a transaction on Friday, April 17th. The shares were sold at an average price of $137.05, for a total value of $40,703.85. Following the completion of the transaction, the vice president directly owned 15,206 shares in the company, valued at approximately $2,083,982.30. The trade was a 1.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP J Kevin Mccarthy sold 30,000 shares of the company’s stock in a transaction on Friday, April 17th. The stock was sold at an average price of $136.50, for a total transaction of $4,095,000.00. Following the completion of the transaction, the executive vice president owned 50,238 shares of the company’s stock, valued at $6,857,487. This trade represents a 37.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 48,091 shares of company stock valued at $6,568,423 over the last ninety days. 0.17% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Citigroup assumed coverage on shares of Bank of New York Mellon in a report on Monday, February 23rd. They issued a “neutral” rating on the stock. Truist Financial upped their price target on shares of Bank of New York Mellon from $140.00 to $148.00 and gave the stock a “buy” rating in a report on Friday, April 17th. Royal Bank Of Canada upped their price target on shares of Bank of New York Mellon from $130.00 to $142.00 and gave the stock a “sector perform” rating in a report on Friday, April 17th. Keefe, Bruyette & Woods upped their price target on shares of Bank of New York Mellon from $143.00 to $150.00 and gave the stock an “outperform” rating in a report on Friday, April 17th. Finally, Barclays upped their price target on shares of Bank of New York Mellon from $143.00 to $149.00 and gave the stock an “overweight” rating in a report on Friday, April 17th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $138.08.

Bank of New York Mellon Stock Up 1.3%

Shares of NYSE:BNY opened at $144.32 on Wednesday. Bank of New York Mellon Corporation has a 52-week low of $87.41 and a 52-week high of $146.45. The firm has a fifty day moving average of $136.04 and a 200 day moving average of $124.38. The firm has a market capitalization of $99.06 billion, a PE ratio of 17.88, a price-to-earnings-growth ratio of 1.04 and a beta of 1.07. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.75 and a current ratio of 0.75.

Bank of New York Mellon (NYSE:BNY) last announced its earnings results on Thursday, April 16th. The bank reported $2.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.94 by $0.31. Bank of New York Mellon had a net margin of 14.60% and a return on equity of 15.29%. The company had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.14 billion. During the same period in the previous year, the business earned $1.58 earnings per share. The firm’s quarterly revenue was up 12.9% compared to the same quarter last year. As a group, research analysts anticipate that Bank of New York Mellon Corporation will post 8.78 EPS for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 8th. Investors of record on Monday, April 27th were given a $0.53 dividend. The ex-dividend date was Monday, April 27th. This represents a $2.12 annualized dividend and a yield of 1.5%. Bank of New York Mellon’s payout ratio is 26.27%.

About Bank of New York Mellon

BNY, formerly known as BNY Mellon, is a global financial services company headquartered in New York City. Formed in 2007 through the merger of the Bank of New York and Mellon Financial Corporation, BNY traces its roots back to 1784, making it one of the oldest banking institutions in the United States. It was also the first company listed on the New York Stock Exchange.

BNY operates at the center of the world’s capital markets, partnering with clients to help them operate more efficiently and accelerate growth.