PUREfi Wealth LLC Cuts Stake in The Bank of New York Mellon Corporation $BK

PUREfi Wealth LLC reduced its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 14.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,445 shares of the bank’s stock after selling 424 shares during the period. PUREfi Wealth LLC’s holdings in Bank of New York Mellon were worth $223,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the business. Leonard Rickey Investment Advisors P.L.L.C. increased its stake in Bank of New York Mellon by 2.2% during the 2nd quarter. Leonard Rickey Investment Advisors P.L.L.C. now owns 5,094 shares of the bank’s stock worth $464,000 after buying an additional 112 shares during the period. Sax Wealth Advisors LLC increased its stake in Bank of New York Mellon by 2.3% during the 1st quarter. Sax Wealth Advisors LLC now owns 5,278 shares of the bank’s stock worth $443,000 after buying an additional 117 shares during the period. Hemington Wealth Management increased its stake in Bank of New York Mellon by 8.0% during the 1st quarter. Hemington Wealth Management now owns 1,628 shares of the bank’s stock worth $136,000 after buying an additional 121 shares during the period. Y.D. More Investments Ltd increased its stake in Bank of New York Mellon by 13.8% during the 1st quarter. Y.D. More Investments Ltd now owns 1,030 shares of the bank’s stock worth $86,000 after buying an additional 125 shares during the period. Finally, Resources Management Corp CT ADV increased its stake in Bank of New York Mellon by 5.9% during the 1st quarter. Resources Management Corp CT ADV now owns 2,260 shares of the bank’s stock worth $190,000 after buying an additional 125 shares during the period. 85.31% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on BK shares. Citigroup upped their target price 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. Weiss Ratings reissued a “buy (b+)” rating on shares of Bank of New York Mellon in a research report on Saturday, September 27th. 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. BMO Capital Markets assumed coverage on shares of Bank of New York Mellon in a research report on Friday. They issued an “outperform” rating and a $125.00 price objective on the stock. Finally, 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. Ten investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, Bank of New York Mellon currently has a consensus rating of “Moderate Buy” and a consensus price target of $103.46.

Bank of New York Mellon Trading Up 0.1%

Shares of Bank of New York Mellon stock opened at $106.48 on Monday. The company has a fifty day simple moving average of $104.60 and a 200-day simple moving average of $93.05. The Bank of New York Mellon Corporation has a 12-month low of $70.46 and a 12-month 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 price-to-earnings ratio of 16.26, a PEG ratio of 1.01 and a beta of 1.13.

Bank of New York Mellon (NYSE:BK) last issued its earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share (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 during the quarter, compared to analysts’ expectations of $4.80 billion. During the same quarter in the prior year, the business posted $1.51 EPS. The company’s revenue for the quarter was up 9.4% on a year-over-year basis. On average, equities analysts forecast 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 firm also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were paid a dividend of $0.53 per share. The ex-dividend date was Friday, July 25th. This represents a $2.12 dividend on an annualized basis and a yield of 2.0%. This is an increase from Bank of New York Mellon’s previous quarterly dividend of $0.47. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 32.37%.

Insiders Place Their Bets

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the stock in a transaction on 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 completion of the sale, the executive vice president owned 35,115 shares in the company, valued at $3,457,071.75. This represents a 36.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.14% of the stock is currently owned by corporate insiders.

Bank of New York Mellon Company 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.