Ritholtz Wealth Management Buys 236 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Ritholtz Wealth Management increased its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 0.8% during the 1st quarter, Holdings Channel.com reports. The firm owned 29,170 shares of the bank’s stock after acquiring an additional 236 shares during the quarter. Ritholtz Wealth Management’s holdings in Bank of New York Mellon were worth $2,447,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Opal Wealth Advisors LLC bought a new position in Bank of New York Mellon in the first quarter valued at about $25,000. Parvin Asset Management LLC acquired a new position in Bank of New York Mellon during the 4th quarter valued at about $25,000. Bellwether Advisors LLC bought a new position in shares of Bank of New York Mellon in the 4th quarter valued at about $28,000. REAP Financial Group LLC grew its position in shares of Bank of New York Mellon by 123.2% during the 4th quarter. REAP Financial Group LLC now owns 395 shares of the bank’s stock worth $30,000 after buying an additional 218 shares during the period. Finally, Transce3nd LLC bought a new stake in shares of Bank of New York Mellon during the fourth quarter worth approximately $33,000. 85.31% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. Wall Street Zen cut shares of Bank of New York Mellon from a “buy” rating to a “hold” rating in a research note on Wednesday, February 19th. Wells Fargo & Company increased their price target on Bank of New York Mellon from $86.00 to $96.00 and gave the company an “equal weight” rating in a research note on Monday, March 3rd. Morgan Stanley lifted their price objective on Bank of New York Mellon from $94.00 to $95.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 3rd. Truist Financial downgraded Bank of New York Mellon from a “buy” rating to a “hold” rating and upped their price objective for the company from $87.00 to $97.00 in a report on Wednesday, May 28th. Finally, Citigroup raised their target price on Bank of New York Mellon from $82.00 to $85.00 and gave the stock a “neutral” rating in a report on Monday, March 24th. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $91.85.

Bank of New York Mellon Stock Down 1.3%

Shares of BK opened at $88.50 on Monday. The stock’s 50-day moving average price is $84.13 and its two-hundred day moving average price is $82.94. The Bank of New York Mellon Co. has a 12 month low of $57.18 and a 12 month high of $90.63. The company has a market capitalization of $63.32 billion, a PE ratio of 15.23, a PEG ratio of 0.97 and a beta of 1.08. The company has a current ratio of 0.69, a quick ratio of 0.70 and a debt-to-equity ratio of 0.83.

Bank of New York Mellon (NYSE:BK) last announced its earnings results on Friday, April 11th. The bank reported $1.58 earnings per share for the quarter, topping analysts’ consensus estimates of $1.50 by $0.08. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The business had revenue of $4.79 billion during the quarter, compared to the consensus estimate of $4.76 billion. During the same quarter last year, the firm earned $1.29 earnings per share. Bank of New York Mellon’s quarterly revenue was up 5.9% on a year-over-year basis. On average, analysts anticipate that The Bank of New York Mellon Co. will post 6.96 EPS for the current year.

Bank of New York Mellon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 2nd. Shareholders of record on Monday, April 21st were paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.12%. The ex-dividend date of this dividend was Monday, April 21st. Bank of New York Mellon’s dividend payout ratio (DPR) is 30.62%.

Insiders Place Their Bets

In related news, VP Catherine Keating sold 65,473 shares of the company’s stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $77.31, for a total value of $5,061,717.63. Following the transaction, the vice president now owns 87,542 shares in the company, valued at approximately $6,767,872.02. This represents a 42.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP J Kevin Mccarthy sold 30,000 shares of the stock in a transaction on Tuesday, April 29th. The stock was sold at an average price of $79.03, for a total value of $2,370,900.00. Following the transaction, the executive vice president now owns 55,115 shares of the company’s stock, valued at $4,355,738.45. The trade was a 35.25% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 101,114 shares of company stock valued at $7,869,795 in the last three months. 0.14% of the stock is currently owned by insiders.

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.