Tectonic Advisors LLC Purchases 216 Shares of The Bank of New York Mellon Corporation $BK

Tectonic Advisors LLC boosted its position in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 2.2% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 9,841 shares of the bank’s stock after buying an additional 216 shares during the quarter. Tectonic Advisors LLC’s holdings in Bank of New York Mellon were worth $897,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Canada Post Corp Registered Pension Plan bought a new stake in Bank of New York Mellon during the first quarter worth $1,035,000. TrueMark Investments LLC bought a new stake in Bank of New York Mellon during the first quarter worth $4,282,000. Wealth Enhancement Advisory Services LLC raised its position in Bank of New York Mellon by 29.1% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 223,438 shares of the bank’s stock worth $18,740,000 after acquiring an additional 50,368 shares in the last quarter. Formidable Asset Management LLC bought a new stake in Bank of New York Mellon during the first quarter worth $247,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in shares of Bank of New York Mellon by 121.8% in the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 183,602 shares of the bank’s stock valued at $15,399,000 after purchasing an additional 100,810 shares during the last quarter. 85.31% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Evercore ISI increased their price objective on shares of Bank of New York Mellon from $91.00 to $110.00 and gave the company an “in-line” rating in a research report on Tuesday, September 30th. Truist Financial increased 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 report on Thursday, October 2nd. Weiss Ratings reissued a “buy (b+)” rating on shares of Bank of New York Mellon in a research report on Wednesday. Citigroup increased their price objective on shares of 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. Finally, 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. Ten analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, Bank of New York Mellon presently has an average rating of “Moderate Buy” and an average price target of $106.77.

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 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 sale, the executive vice president directly owned 35,115 shares in the company, valued at $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 SEC, which is available at the SEC website. 0.14% of the stock is owned by insiders.

Bank of New York Mellon Trading Up 0.8%

BK stock opened at $106.83 on Friday. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.72 and a current ratio of 0.72. The company’s 50-day simple moving average is $105.00 and its 200 day simple moving average is $93.55. The Bank of New York Mellon Corporation has a 52 week low of $70.46 and a 52 week high of $110.87. The company has a market capitalization of $75.34 billion, a PE ratio of 16.31, a price-to-earnings-growth ratio of 0.99 and a beta of 1.13.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, beating 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 for the quarter, compared to the consensus estimate of $4.80 billion. During the same period in the prior year, the company posted $1.51 earnings per share. Bank of New York Mellon’s revenue was up 9.4% compared to the same quarter last year. As a group, sell-side 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 company also recently disclosed a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Friday, July 25th were paid a dividend of $0.53 per share. The ex-dividend date was Friday, July 25th. This is a positive change from Bank of New York Mellon’s previous quarterly dividend of $0.47. This represents a $2.12 dividend on an annualized basis and a yield of 2.0%. Bank of New York Mellon’s dividend payout ratio is currently 32.37%.

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.