Abel Hall LLC Invests $206,000 in The Bank of New York Mellon Corporation $BK

Abel Hall LLC bought a new position in shares of The Bank of New York Mellon Corporation (NYSE:BK) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 2,266 shares of the bank’s stock, valued at approximately $206,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of BK. Opal Wealth Advisors LLC acquired a new position in shares of Bank of New York Mellon during the first quarter worth $25,000. Alpine Bank Wealth Management acquired a new position in shares of Bank of New York Mellon during the first quarter worth $25,000. Cornerstone Planning Group LLC grew its stake in shares of Bank of New York Mellon by 100.0% during the first quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank’s stock worth $30,000 after purchasing an additional 196 shares in the last quarter. Orion Capital Management LLC acquired a new position in shares of Bank of New York Mellon during the first quarter worth $32,000. Finally, Hoey Investments Inc. acquired a new position in shares of Bank of New York Mellon during the second quarter worth $32,000. Institutional investors and hedge funds own 85.31% of the company’s stock.

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 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.14% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on BK. BMO Capital Markets assumed coverage on shares of Bank of New York Mellon in a research note on Friday, October 3rd. They set an “outperform” rating and a $125.00 target price for the company. Keefe, Bruyette & Woods upped their price objective on shares of 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. The Goldman Sachs Group upped their price objective on shares of Bank of New York Mellon from $106.00 to $120.00 and gave the company a “buy” rating in a research note on Monday. Truist Financial upped their price objective on shares of Bank of New York Mellon from $109.00 to $118.00 and gave the company a “hold” rating in a research note on Thursday, October 2nd. Finally, Morgan Stanley upped their price objective on shares of Bank of New York Mellon from $101.00 to $116.00 and gave the company an “overweight” rating in a research note on Monday, September 29th. Ten research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $106.77.

Bank of New York Mellon Price Performance

Shares of BK opened at $106.02 on Thursday. The Bank of New York Mellon Corporation has a fifty-two week low of $70.46 and a fifty-two week high of $110.87. The company has a market capitalization of $74.77 billion, a price-to-earnings ratio of 16.19, a price-to-earnings-growth ratio of 1.00 and a beta of 1.13. The firm has a 50-day simple moving average of $104.89 and a 200-day simple moving average of $93.39. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.72 and a current ratio of 0.72.

Bank of New York Mellon (NYSE:BK) last announced its earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share for the quarter, topping 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 the consensus estimate of $4.80 billion. During the same quarter in the prior year, the firm earned $1.51 earnings per share. The business’s quarterly revenue was up 9.4% compared to the same quarter last year. On average, equities 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 Increases Dividend

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

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.