Elevation Point Wealth Partners LLC Increases Stock Position in The Bank of New York Mellon Corporation $BK

Elevation Point Wealth Partners LLC raised its stake in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 356.2% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 8,276 shares of the bank’s stock after purchasing an additional 6,462 shares during the period. Elevation Point Wealth Partners LLC’s holdings in Bank of New York Mellon were worth $902,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Ashton Thomas Private Wealth LLC lifted its position in Bank of New York Mellon by 133.2% during the third quarter. Ashton Thomas Private Wealth LLC now owns 91,762 shares of the bank’s stock valued at $9,998,000 after purchasing an additional 52,412 shares during the last quarter. Jones Financial Companies Lllp raised its position in shares of Bank of New York Mellon by 35.1% during the 3rd quarter. Jones Financial Companies Lllp now owns 31,848 shares of the bank’s stock valued at $3,487,000 after buying an additional 8,277 shares in the last quarter. Investment Management Corp of Ontario lifted its holdings in shares of Bank of New York Mellon by 25.9% in the 2nd quarter. Investment Management Corp of Ontario now owns 125,506 shares of the bank’s stock valued at $11,435,000 after acquiring an additional 25,842 shares during the last quarter. First National Advisers LLC bought a new position in shares of Bank of New York Mellon in the 3rd quarter valued at about $3,304,000. Finally, First Horizon Corp purchased a new position in Bank of New York Mellon in the third quarter worth about $22,072,000. 85.31% of the stock is owned by institutional investors.

Analysts Set New Price Targets

BK has been the topic of several analyst reports. Citigroup initiated coverage on Bank of New York Mellon in a research note on Monday, February 23rd. They set a “neutral” rating on the stock. Barclays lifted their target price on Bank of New York Mellon from $120.00 to $143.00 and gave the stock an “overweight” rating in a report on Monday, January 5th. New Street Research set a $143.00 target price on Bank of New York Mellon in a research report on Wednesday, January 14th. Weiss Ratings upgraded Bank of New York Mellon from a “buy (b+)” rating to a “buy (a-)” rating in a report on Wednesday, March 11th. Finally, Keefe, Bruyette & Woods raised their price target on Bank of New York Mellon from $132.00 to $143.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 14th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $131.92.

Bank of New York Mellon Stock Down 0.7%

Shares of NYSE BK opened at $115.34 on Tuesday. The Bank of New York Mellon Corporation has a 1 year low of $70.46 and a 1 year high of $128.76. The firm has a 50-day simple moving average of $119.53 and a two-hundred day simple moving average of $113.34. The company has a market cap of $79.38 billion, a P/E ratio of 15.57, a PEG ratio of 1.08 and a beta of 1.10. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.71 and a quick ratio of 0.71.

Bank of New York Mellon (NYSE:BK) last released its earnings results on Friday, October 31st. The bank reported $1.91 EPS for the quarter. Bank of New York Mellon had a return on equity of 14.37% and a net margin of 13.62%.The firm had revenue of $5.07 billion for the quarter. Research analysts anticipate that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current year.

Bank of New York Mellon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, February 5th. Shareholders of record on Friday, January 23rd were given a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend was Friday, January 23rd. Bank of New York Mellon’s dividend payout ratio is 28.61%.

Bank of New York Mellon Profile

Bank of New York Mellon Corporation (BNY Mellon) is a global financial services company headquartered in New York City that provides a wide range of asset servicing, custody, and related financial infrastructure solutions to institutional clients. Its core businesses include custody and asset servicing, clearing and collateral management, treasury services, securities lending, corporate trust services, and depositary receipt administration. The company also offers investment management and advisory services through its asset management arm and provides technology-enabled solutions for trade processing, foreign exchange, and liquidity management.

BNY Mellon serves a broad client base that includes asset managers, pension funds, corporations, banks, broker-dealers and sovereign entities.