Checchi Capital Advisers LLC Decreases Stake in The Bank of New York Mellon Corporation $BK

Checchi Capital Advisers LLC reduced its stake in The Bank of New York Mellon Corporation (NYSE:BK) by 7.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,790 shares of the bank’s stock after selling 606 shares during the period. Checchi Capital Advisers LLC’s holdings in Bank of New York Mellon were worth $710,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Alpine Bank Wealth Management bought a new stake in shares of Bank of New York Mellon in the 1st quarter worth approximately $25,000. Opal Wealth Advisors LLC bought a new stake in shares of Bank of New York Mellon in the 1st quarter worth approximately $25,000. Hoey Investments Inc. bought a new stake in shares of Bank of New York Mellon in the 2nd quarter worth approximately $32,000. Orion Capital Management LLC bought a new stake in shares of Bank of New York Mellon in the 1st quarter worth approximately $32,000. Finally, Cornerstone Planning Group LLC grew its position in shares of Bank of New York Mellon by 100.0% in the 1st quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank’s stock worth $30,000 after buying an additional 196 shares during the last quarter. 85.31% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of the business’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 sale, the executive vice president directly owned 35,115 shares of the company’s stock, valued at approximately $3,457,071.75. The trade was a 36.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.14% of the company’s stock.

Bank of New York Mellon Trading Up 0.1%

Bank of New York Mellon stock opened at $106.48 on Monday. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.86. The business’s fifty day simple moving average is $104.60 and its two-hundred day simple moving average is $93.05. The Bank of New York Mellon Corporation has a 12 month low of $70.46 and a 12 month high of $110.87. The company has a market capitalization of $75.09 billion, a price-to-earnings ratio of 16.26, a price-to-earnings-growth ratio of 1.01 and a beta of 1.13.

Bank of New York Mellon (NYSE:BK) last released its earnings results on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, topping the consensus estimate of $1.73 by $0.21. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%.The business had revenue of $4.77 billion for the quarter, compared to the consensus estimate of $4.80 billion. During the same period in the previous year, the company posted $1.51 earnings per share. The company’s revenue for the quarter was up 9.4% compared to the same quarter last year. As a group, equities analysts predict 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 business also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Friday, July 25th were issued a $0.53 dividend. This represents a $2.12 annualized dividend and a 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 of this dividend was Friday, July 25th. Bank of New York Mellon’s dividend payout ratio is presently 32.37%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on BK shares. Weiss Ratings reiterated a “buy (b+)” rating on shares of Bank of New York Mellon in a research report on Saturday, September 27th. BMO Capital Markets began coverage on Bank of New York Mellon in a research report on Friday. They issued an “outperform” rating and a $125.00 price objective on the stock. Truist Financial lifted their price target on Bank of New York Mellon from $109.00 to $118.00 and gave the company a “hold” rating in a research report on Thursday. TD Cowen began coverage on Bank of New York Mellon in a research report on Thursday, September 25th. They set a “buy” rating on the stock. Finally, Citigroup lifted their price target on Bank of New York Mellon from $92.00 to $105.00 and gave the company a “neutral” rating in a research report on Friday, September 5th. Ten analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $103.46.

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.