Kovack Advisors Inc. Acquires 464 Shares of The Bank of New York Mellon Corporation $BK

Kovack Advisors Inc. boosted its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 8.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,677 shares of the bank’s stock after buying an additional 464 shares during the quarter. Kovack Advisors Inc.’s holdings in Bank of New York Mellon were worth $517,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. Nuveen LLC acquired a new position in shares of Bank of New York Mellon during the 1st quarter worth approximately $773,627,000. AustralianSuper Pty Ltd bought a new position in Bank of New York Mellon during the first quarter worth $92,502,000. Goldman Sachs Group Inc. boosted its position in Bank of New York Mellon by 26.3% during the first quarter. Goldman Sachs Group Inc. now owns 5,053,744 shares of the bank’s stock worth $423,858,000 after purchasing an additional 1,052,145 shares during the period. Wellington Management Group LLP increased its holdings in shares of Bank of New York Mellon by 257.6% in the first quarter. Wellington Management Group LLP now owns 1,236,255 shares of the bank’s stock valued at $103,685,000 after purchasing an additional 890,593 shares during the last quarter. Finally, AQR Capital Management LLC raised its position in shares of Bank of New York Mellon by 37.7% in the first quarter. AQR Capital Management LLC now owns 3,244,204 shares of the bank’s stock valued at $266,349,000 after purchasing an additional 887,361 shares during the period. 85.31% of the stock is owned by institutional investors and hedge funds.

Bank of New York Mellon Trading Up 0.1%

Shares of BK stock opened at $107.99 on Friday. The stock has a market cap of $76.16 billion, a P/E ratio of 15.58, a price-to-earnings-growth ratio of 0.98 and a beta of 1.13. The Bank of New York Mellon Corporation has a 1 year low of $70.46 and a 1 year high of $110.87. The company has a current ratio of 0.70, a quick ratio of 0.72 and a debt-to-equity ratio of 0.83. The stock has a 50 day simple moving average of $106.69 and a 200 day simple moving average of $96.84.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Tuesday, March 26th. The bank reported $1.30 earnings per share for the quarter. Bank of New York Mellon had a return on equity of 14.03% and a net margin of 12.86%.The firm had revenue of $4.38 billion during the quarter. On average, research analysts predict 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 Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 7th. Shareholders of record on Monday, October 27th will be issued a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Monday, October 27th. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 30.59%.

Analyst Upgrades and Downgrades

BK has been the topic of a number of research reports. TD Cowen upped their price target 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. Evercore ISI boosted their price objective on Bank of New York Mellon from $91.00 to $110.00 and gave the stock an “in-line” rating in a report on Tuesday, September 30th. Keefe, Bruyette & Woods upped their target price on Bank of New York Mellon from $120.00 to $124.00 and gave the company an “outperform” rating in a research report on Friday, October 17th. The Goldman Sachs Group lifted their price target on Bank of New York Mellon from $106.00 to $120.00 and gave the stock a “buy” rating in a report on Monday, October 6th. Finally, Truist Financial upped their price objective on Bank of New York Mellon from $118.00 to $119.00 and gave the company a “hold” rating in a report on Friday, October 17th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, Bank of New York Mellon has an average rating of “Moderate Buy” and a consensus target price of $111.29.

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.