The Bank of New York Mellon Corporation (NYSE:BK) Shares Purchased by Golden State Wealth Management LLC

Golden State Wealth Management LLC lifted its position in The Bank of New York Mellon Corporation (NYSE:BK) by 226.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 408 shares of the bank’s stock after purchasing an additional 283 shares during the period. Golden State Wealth Management LLC’s holdings in Bank of New York Mellon were worth $34,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the company. Spire Wealth Management lifted its stake in shares of Bank of New York Mellon by 678.1% in the 1st quarter. Spire Wealth Management now owns 66,090 shares of the bank’s stock valued at $5,543,000 after purchasing an additional 57,596 shares during the period. Global Assets Advisory LLC acquired a new position in Bank of New York Mellon during the first quarter worth $208,000. Archford Capital Strategies LLC acquired a new position in Bank of New York Mellon during the first quarter worth $3,831,000. Invesco LLC raised its position in Bank of New York Mellon by 44.3% during the first quarter. Invesco LLC now owns 3,835 shares of the bank’s stock worth $322,000 after acquiring an additional 1,177 shares during the period. Finally, Petros Family Wealth LLC raised its position in Bank of New York Mellon by 10.5% during the first quarter. Petros Family Wealth LLC now owns 4,550 shares of the bank’s stock worth $382,000 after acquiring an additional 432 shares during the period. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Bank of New York Mellon Trading Up 1.5%

Shares of BK opened at $92.04 on Thursday. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 0.81. The Bank of New York Mellon Corporation has a 12-month low of $59.19 and a 12-month high of $92.64. The firm has a 50-day moving average price of $87.79 and a 200 day moving average price of $83.83. The firm has a market capitalization of $65.85 billion, a P/E ratio of 14.99, a P/E/G ratio of 1.01 and a beta of 1.07.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Friday, April 11th. The bank reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.50 by $0.08. Bank of New York Mellon had a net margin of 11.78% and a return on equity of 12.96%. The firm had revenue of $4.79 billion during the quarter, compared to analyst estimates of $4.76 billion. During the same quarter in the prior year, the firm posted $1.29 earnings per share. Bank of New York Mellon’s quarterly revenue was up 5.9% on a year-over-year basis. Sell-side analysts forecast that The Bank of New York Mellon Corporation will post 6.96 EPS for the current year.

Bank of New York Mellon Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 2nd. Investors of record on Monday, April 21st were issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.04%. The ex-dividend date was Monday, April 21st. Bank of New York Mellon’s dividend payout ratio is currently 30.62%.

Wall Street Analysts Forecast Growth

BK has been the subject of a number of research analyst reports. Citigroup upped their price objective on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the stock a “neutral” rating in a research report on Monday, March 24th. Morgan Stanley upped their price objective on shares of Bank of New York Mellon from $94.00 to $95.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 3rd. Evercore ISI upped their price objective on shares of Bank of New York Mellon from $88.00 to $90.00 and gave the stock an “in-line” rating in a research report on Wednesday. Royal Bank Of Canada restated a “sector perform” rating and set a $90.00 price objective on shares of Bank of New York Mellon in a research report on Monday, March 17th. Finally, Truist Financial cut shares of Bank of New York Mellon from a “buy” rating to a “hold” rating and upped their price objective for the stock from $87.00 to $97.00 in a research report on Wednesday, May 28th. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $92.08.

Insider Activity at Bank of New York Mellon

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 30,000 shares of the stock in a transaction dated Tuesday, April 29th. The shares were sold at an average price of $79.03, for a total transaction of $2,370,900.00. Following the completion of the transaction, the executive vice president owned 55,115 shares of the company’s stock, valued at $4,355,738.45. This trade represents a 35.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Catherine Keating sold 65,473 shares of the stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $77.31, for a total transaction of $5,061,717.63. Following the transaction, the vice president directly owned 87,542 shares of the company’s stock, valued at approximately $6,767,872.02. This trade represents a 42.79% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 101,114 shares of company stock valued at $7,869,795. 0.14% of the stock is owned by company insiders.

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.