Ransom Advisory Ltd Takes $561,000 Position in The Bank of New York Mellon Corporation $BK

Ransom Advisory Ltd acquired a new stake in shares of The Bank of New York Mellon Corporation (NYSE:BK) during the first quarter, according to its most recent disclosure with the SEC. The fund acquired 6,692 shares of the bank’s stock, valued at approximately $561,000.

Other large investors have also recently made changes to their positions in the company. TrueMark Investments LLC purchased a new position in shares of Bank of New York Mellon during the 1st quarter valued at about $4,282,000. Wealth Enhancement Advisory Services LLC lifted its position in shares of Bank of New York Mellon by 29.1% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 223,438 shares of the bank’s stock valued at $18,740,000 after buying an additional 50,368 shares in the last quarter. Formidable Asset Management LLC purchased a new position in shares of Bank of New York Mellon during the 1st quarter valued at about $247,000. Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in Bank of New York Mellon by 121.8% in the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 183,602 shares of the bank’s stock worth $15,399,000 after purchasing an additional 100,810 shares in the last quarter. Finally, Benson Investment Management Company Inc. purchased a new position in Bank of New York Mellon in the 1st quarter worth approximately $5,259,000. 85.31% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on BK shares. Wells Fargo & Company boosted their price target on 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. Citigroup boosted their price target on 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. Keefe, Bruyette & Woods boosted their price target on Bank of New York Mellon from $105.00 to $113.00 and gave the stock an “outperform” rating in a report on Wednesday, July 16th. Evercore ISI boosted their price target on Bank of New York Mellon from $88.00 to $90.00 and gave the stock an “in-line” rating in a report on Wednesday, July 2nd. Finally, Truist Financial boosted their price target on Bank of New York Mellon from $100.00 to $109.00 and gave the stock a “hold” rating in a report on Thursday, August 14th. Eight research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $96.62.

Insiders Place Their Bets

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the firm’s stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $98.45, for a total value 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 $3,457,071.75. This trade represents a 36.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.14% of the company’s stock.

Bank of New York Mellon Trading Up 0.7%

BK stock opened at $104.80 on Wednesday. The firm has a fifty day moving average price of $100.35 and a 200 day moving average price of $90.13. The Bank of New York Mellon Corporation has a fifty-two week low of $66.01 and a fifty-two week high of $106.57. 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 $73.91 billion, a PE ratio of 16.00, a price-to-earnings-growth ratio of 0.98 and a beta of 1.14.

Bank of New York Mellon (NYSE:BK) last posted its earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $4.77 billion during the quarter, compared to analyst estimates of $4.80 billion. During the same period last year, the firm posted $1.51 earnings per share. Bank of New York Mellon’s revenue for the quarter was up 9.4% compared to the same quarter last year. Sell-side analysts anticipate that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Increases Dividend

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

Bank of New York Mellon 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.