615 Shares in The Bank of New York Mellon Co. (NYSE:BK) Acquired by Able Wealth Management LLC

Able Wealth Management LLC acquired a new stake in The Bank of New York Mellon Co. (NYSE:BK) during the fourth quarter, according to its most recent filing with the SEC. The firm acquired 615 shares of the bank’s stock, valued at approximately $32,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. United Services Automobile Association raised its stake in shares of Bank of New York Mellon by 6.9% during the fourth quarter. United Services Automobile Association now owns 25,447 shares of the bank’s stock worth $1,325,000 after buying an additional 1,640 shares during the last quarter. Searle & CO. acquired a new position in shares of Bank of New York Mellon in the 4th quarter valued at $234,000. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Bank of New York Mellon by 22.5% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 222,781 shares of the bank’s stock worth $11,596,000 after purchasing an additional 40,969 shares during the last quarter. Janney Capital Management LLC acquired a new stake in shares of Bank of New York Mellon during the fourth quarter worth $243,000. Finally, Trust Point Inc. bought a new stake in Bank of New York Mellon in the fourth quarter valued at about $310,000. 85.31% of the stock is owned by institutional investors and hedge funds.

Bank of New York Mellon Trading Down 0.8 %

NYSE BK opened at $58.02 on Friday. The Bank of New York Mellon Co. has a 52 week low of $39.66 and a 52 week high of $60.87. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.71 and a current ratio of 0.71. The stock’s 50 day moving average price is $57.77 and its two-hundred day moving average price is $55.31. The stock has a market capitalization of $43.39 billion, a price-to-earnings ratio of 14.15, a PEG ratio of 1.20 and a beta of 1.08.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Tuesday, April 16th. The bank reported $1.29 EPS for the quarter, topping analysts’ consensus estimates of $1.19 by $0.10. Bank of New York Mellon had a net margin of 9.48% and a return on equity of 11.80%. The business had revenue of $4.53 billion for the quarter, compared to analyst estimates of $4.39 billion. During the same quarter in the previous year, the firm posted $1.13 earnings per share. The firm’s revenue for the quarter was up 3.8% on a year-over-year basis. As a group, analysts anticipate that The Bank of New York Mellon Co. will post 5.45 earnings per share for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, May 9th. Investors of record on Friday, April 26th were given a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.90%. The ex-dividend date of this dividend was Thursday, April 25th. Bank of New York Mellon’s dividend payout ratio is currently 40.98%.

Wall Street Analyst Weigh In

A number of analysts have recently commented on BK shares. Evercore ISI upped their price target on Bank of New York Mellon from $57.00 to $61.00 and gave the company an “in-line” rating in a research note on Thursday, April 4th. Jefferies Financial Group lifted their price target on shares of Bank of New York Mellon from $67.00 to $68.00 and gave the stock a “buy” rating in a research report on Thursday, April 18th. Royal Bank of Canada restated a “sector perform” rating and issued a $58.00 price objective on shares of Bank of New York Mellon in a research report on Wednesday, March 27th. Bank of America lifted their target price on Bank of New York Mellon from $64.00 to $66.00 and gave the stock a “buy” rating in a report on Wednesday, April 17th. Finally, Morgan Stanley raised their price target on Bank of New York Mellon from $62.00 to $63.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 18th. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $60.17.

Insider Activity at Bank of New York Mellon

In other news, VP Catherine Keating sold 54,070 shares of the stock in a transaction that occurred on Thursday, April 18th. The stock was sold at an average price of $54.88, for a total value of $2,967,361.60. Following the completion of the sale, the vice president now owns 78,350 shares of the company’s stock, valued at approximately $4,299,848. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, VP Catherine Keating sold 54,070 shares of the business’s stock in a transaction dated Thursday, April 18th. The shares were sold at an average price of $54.88, for a total transaction of $2,967,361.60. Following the transaction, the vice president now directly owns 78,350 shares in the company, valued at approximately $4,299,848. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP J Kevin Mccarthy sold 40,000 shares of the firm’s stock in a transaction dated Friday, April 19th. The shares were sold at an average price of $56.15, for a total transaction of $2,246,000.00. Following the completion of the sale, the executive vice president now owns 100,404 shares of the company’s stock, valued at $5,637,684.60. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 115,928 shares of company stock valued at $6,475,216. Insiders own 0.14% of the company’s stock.

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.