Janney Montgomery Scott LLC Raises Stake in The Bank of New York Mellon Corporation $BK

Janney Montgomery Scott LLC lifted its position in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 2.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 133,089 shares of the bank’s stock after buying an additional 2,965 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Bank of New York Mellon were worth $12,126,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of BK. Opal Wealth Advisors LLC purchased a new stake in Bank of New York Mellon in the first quarter valued at approximately $25,000. Alpine Bank Wealth Management purchased a new stake in Bank of New York Mellon in the first quarter valued at approximately $25,000. Cornerstone Planning Group LLC grew its holdings in 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 valued at $30,000 after purchasing an additional 196 shares during the period. Orion Capital Management LLC purchased a new stake in Bank of New York Mellon in the first quarter valued at approximately $32,000. Finally, Hoey Investments Inc. purchased a new stake in Bank of New York Mellon in the second quarter valued at approximately $32,000. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on BK. Morgan Stanley boosted their target price on shares of Bank of New York Mellon from $101.00 to $116.00 and gave the company an “overweight” rating in a report on Monday, September 29th. Keefe, Bruyette & Woods boosted 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 report on Wednesday, July 16th. Citigroup boosted their price objective on shares of Bank of New York Mellon from $92.00 to $105.00 and gave the stock a “neutral” rating in a research note on Friday, September 5th. BMO Capital Markets initiated coverage on shares of Bank of New York Mellon in a research note on Friday. They set an “outperform” rating and a $125.00 price objective for the company. Finally, Truist Financial boosted their price objective on shares of Bank of New York Mellon from $109.00 to $118.00 and gave the stock a “hold” rating in a research note on Thursday. Ten equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, Bank of New York Mellon currently has an average rating of “Moderate Buy” and an average target price of $103.46.

Bank of New York Mellon Trading Up 0.1%

NYSE BK opened at $106.48 on Friday. The company’s fifty day simple moving average is $104.60 and its 200-day simple moving average is $92.93. 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 current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.86. The stock has a market cap of $75.09 billion, a P/E ratio of 16.26, a PEG ratio of 1.00 and a beta of 1.13.

Bank of New York Mellon (NYSE:BK) last posted its earnings results on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, topping 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 for the quarter, compared to analysts’ expectations of $4.80 billion. During the same period in the previous year, the company posted $1.51 earnings per share. The business’s revenue for the quarter was up 9.4% compared to the same quarter last year. Equities research analysts predict that The Bank of New York Mellon Corporation will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were issued a $0.53 dividend. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.47. This represents a $2.12 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend was Friday, July 25th. Bank of New York Mellon’s dividend payout ratio is currently 32.37%.

Insider Transactions at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the company’s stock in a transaction on Tuesday, July 22nd. The shares were 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 $3,457,071.75. This represents a 36.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.14% of the stock is owned by corporate 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.