Flagship Harbor Advisors LLC Takes $201,000 Position in The Bank of New York Mellon Corporation $BK

Flagship Harbor Advisors LLC purchased a new position in The Bank of New York Mellon Corporation (NYSE:BK) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 2,205 shares of the bank’s stock, valued at approximately $201,000.

A number of other hedge funds have also bought and sold shares of the company. Daymark Wealth Partners LLC grew its stake in Bank of New York Mellon by 5.4% in the second quarter. Daymark Wealth Partners LLC now owns 4,205 shares of the bank’s stock worth $383,000 after purchasing an additional 215 shares in the last quarter. Quaker Wealth Management LLC grew its stake in Bank of New York Mellon by 198.9% in the second quarter. Quaker Wealth Management LLC now owns 450 shares of the bank’s stock worth $41,000 after purchasing an additional 905 shares in the last quarter. Fire Capital Management LLC acquired a new position in Bank of New York Mellon in the second quarter worth about $200,000. Austin Private Wealth LLC grew its stake in Bank of New York Mellon by 5.3% in the second quarter. Austin Private Wealth LLC now owns 3,940 shares of the bank’s stock worth $359,000 after purchasing an additional 200 shares in the last quarter. Finally, New York Life Investment Management LLC grew its stake in Bank of New York Mellon by 0.8% in the second quarter. New York Life Investment Management LLC now owns 107,090 shares of the bank’s stock worth $9,757,000 after purchasing an additional 884 shares in the last quarter. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

BK has been the subject of a number of research reports. Morgan Stanley lifted their price target on Bank of New York Mellon from $101.00 to $116.00 and gave the stock an “overweight” rating in a research note on Monday, September 29th. Wells Fargo & Company raised their target price on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the stock an “equal weight” rating in a report on Friday, October 17th. TD Cowen raised their target price on shares of Bank of New York Mellon from $130.00 to $133.00 and gave the stock a “buy” rating in a report on Monday, October 20th. The Goldman Sachs Group raised their target price on shares of 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, BMO Capital Markets started coverage on shares of Bank of New York Mellon in a report on Friday, October 3rd. They issued an “outperform” rating and a $125.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, Bank of New York Mellon currently has a consensus rating of “Moderate Buy” and an average price target of $111.29.

Bank of New York Mellon Stock Performance

BK opened at $107.99 on Monday. The business’s 50 day moving average is $106.69 and its 200-day moving average is $96.99. The stock has a market cap of $76.16 billion, a PE ratio of 15.58, a price-to-earnings-growth ratio of 0.98 and a beta of 1.13. 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 Bank of New York Mellon Corporation has a twelve month low of $70.46 and a twelve month high of $110.87.

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

Bank of New York Mellon Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 7th. Stockholders of record on Monday, October 27th will be issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend is Monday, October 27th. Bank of New York Mellon’s payout ratio is 30.59%.

Bank of New York Mellon 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.