Independent Advisor Alliance Buys 1,136 Shares of The Bank of New York Mellon Corporation (NYSE:BK)

Independent Advisor Alliance raised its stake in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 9.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 12,623 shares of the bank’s stock after purchasing an additional 1,136 shares during the quarter. Independent Advisor Alliance’s holdings in Bank of New York Mellon were worth $1,059,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. Alpine Bank Wealth Management bought a new stake in Bank of New York Mellon during the first quarter valued at approximately $25,000. Opal Wealth Advisors LLC purchased a new position in shares of Bank of New York Mellon in the first quarter worth $25,000. Parvin Asset Management LLC purchased a new position in shares of Bank of New York Mellon in the fourth quarter worth $25,000. Bellwether Advisors LLC purchased a new position in shares of Bank of New York Mellon in the fourth quarter worth $28,000. Finally, Cornerstone Planning Group LLC increased its stake in shares of Bank of New York Mellon by 100.0% in the first 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 period. 85.31% of the stock is currently owned by institutional investors.

Insider Transactions at Bank of New York Mellon

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of the stock in a transaction that occurred on 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 directly owned 35,115 shares of the company’s stock, valued at $3,457,071.75. This trade represents a 36.29% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.14% of the stock is currently owned by company insiders.

Bank of New York Mellon Trading Down 1.6%

Bank of New York Mellon stock opened at $101.91 on Thursday. 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 Bank of New York Mellon Corporation has a 12-month low of $63.50 and a 12-month high of $104.47. The firm has a 50 day moving average of $95.25 and a 200 day moving average of $87.86. The firm has a market capitalization of $71.87 billion, a price-to-earnings ratio of 15.56, a P/E/G ratio of 1.00 and a beta of 1.12.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) 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 business 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 EPS. The company’s revenue was up 9.4% on a year-over-year basis. As a group, research analysts predict 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 business also recently disclosed a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Friday, July 25th were issued a dividend of $0.53 per share. This is an increase from Bank of New York Mellon’s previous quarterly dividend of $0.47. The ex-dividend date of this dividend was Friday, July 25th. This represents a $2.12 dividend on an annualized basis and a yield of 2.1%. Bank of New York Mellon’s payout ratio is 32.37%.

Analysts Set New Price Targets

BK has been the topic of a number of research analyst reports. Truist Financial boosted their price objective on shares of Bank of New York Mellon from $97.00 to $100.00 and gave the company a “hold” rating in a research report on Wednesday, July 16th. Wells Fargo & Company increased their price objective on shares of Bank of New York Mellon from $96.00 to $100.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 16th. Evercore ISI increased their price objective on shares of Bank of New York Mellon from $88.00 to $90.00 and gave the company an “in-line” rating in a research report on Wednesday, July 2nd. Keefe, Bruyette & Woods upped their target price 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. Finally, Morgan Stanley upped their target price on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the company an “overweight” rating in a research note on Wednesday, July 16th. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $94.38.

About Bank of New York Mellon

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.