Advisors Asset Management Inc. Has $9.18 Million Stock Position in The Bank of New York Mellon Corporation $BK

Advisors Asset Management Inc. boosted its stake in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 7.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 100,742 shares of the bank’s stock after purchasing an additional 6,997 shares during the quarter. Advisors Asset Management Inc.’s holdings in Bank of New York Mellon were worth $9,179,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Revolve Wealth Partners LLC acquired a new position in shares of Bank of New York Mellon during the fourth quarter valued at about $220,000. Assetmark Inc. increased its stake in Bank of New York Mellon by 20.6% during the first quarter. Assetmark Inc. now owns 70,961 shares of the bank’s stock valued at $5,951,000 after acquiring an additional 12,137 shares during the period. HB Wealth Management LLC raised its holdings in Bank of New York Mellon by 58.6% in the 1st quarter. HB Wealth Management LLC now owns 29,849 shares of the bank’s stock valued at $2,503,000 after acquiring an additional 11,034 shares in the last quarter. TD Asset Management Inc lifted its position in shares of Bank of New York Mellon by 31.3% in the 1st quarter. TD Asset Management Inc now owns 351,314 shares of the bank’s stock worth $29,465,000 after acquiring an additional 83,667 shares during the period. Finally, LPL Financial LLC lifted its position in shares of Bank of New York Mellon by 16.7% in the 1st quarter. LPL Financial LLC now owns 523,554 shares of the bank’s stock worth $43,910,000 after acquiring an additional 74,882 shares during the period. 85.31% of the stock is owned by institutional investors.

Bank of New York Mellon Trading Up 0.9%

Shares of BK stock opened at $109.08 on Wednesday. The Bank of New York Mellon Corporation has a 12-month low of $70.46 and a 12-month high of $113.74. The company has a market capitalization of $76.06 billion, a P/E ratio of 15.74, a P/E/G ratio of 0.98 and a beta of 1.13. The firm has a 50-day moving average price of $108.01 and a 200 day moving average price of $100.44. The company has a quick ratio of 0.72, a current ratio of 0.70 and a debt-to-equity ratio of 0.83.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings data on Tuesday, March 26th. The bank reported $1.30 earnings per share for the quarter. The firm had revenue of $4.38 billion for the quarter. Bank of New York Mellon had a net margin of 12.86% and a return on equity of 14.03%. Research analysts forecast that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 7th. Investors of record on Monday, October 27th were issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend was Monday, October 27th. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 30.59%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on BK shares. Evercore ISI boosted their price objective on 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. The Goldman Sachs Group lifted their price target on shares of Bank of New York Mellon from $106.00 to $120.00 and gave the stock a “buy” rating in a research note on Monday, October 6th. TD Cowen increased their price objective on shares of Bank of New York Mellon from $130.00 to $133.00 and gave the company a “buy” rating in a research note on Monday, October 20th. Keefe, Bruyette & Woods raised their price objective on shares of Bank of New York Mellon from $120.00 to $124.00 and gave the stock an “outperform” rating in a report on Friday, October 17th. Finally, Truist Financial lifted their target price on shares of Bank of New York Mellon from $118.00 to $119.00 and gave the company a “hold” rating in a research report on Friday, October 17th. Ten investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $111.29.

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.