The Bank of New York Mellon Co. (NYSE:BK) Shares Bought by Axxcess Wealth Management LLC

Axxcess Wealth Management LLC increased its position in shares of The Bank of New York Mellon Co. (NYSE:BK) by 45.4% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 10,855 shares of the bank’s stock after buying an additional 3,389 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Bank of New York Mellon were worth $650,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the business. Olistico Wealth LLC purchased a new position in Bank of New York Mellon during the second quarter worth about $30,000. Able Wealth Management LLC purchased a new position in shares of Bank of New York Mellon during the 4th quarter worth approximately $32,000. Kathleen S. Wright Associates Inc. acquired a new stake in Bank of New York Mellon in the 1st quarter valued at approximately $32,000. Clearstead Trust LLC purchased a new stake in Bank of New York Mellon in the second quarter valued at approximately $32,000. Finally, Family Firm Inc. acquired a new position in Bank of New York Mellon during the second quarter worth $40,000. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Morgan Stanley boosted their price objective on Bank of New York Mellon from $65.00 to $72.00 and gave the company an “equal weight” rating in a report on Tuesday, July 30th. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $75.00 price target (up from $70.00) on shares of Bank of New York Mellon in a research note on Monday, July 15th. Evercore ISI raised their price objective on shares of Bank of New York Mellon from $61.00 to $66.00 and gave the company an “in-line” rating in a research note on Monday, July 15th. Barclays upped their target price on shares of Bank of New York Mellon from $68.00 to $75.00 and gave the stock an “overweight” rating in a research note on Monday, July 15th. Finally, Citigroup raised their price target on shares of Bank of New York Mellon from $65.00 to $70.00 and gave the company a “neutral” rating in a research report on Thursday. Six investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $66.59.

Insider Transactions at Bank of New York Mellon

In other Bank of New York Mellon news, VP Hanneke Smits sold 15,000 shares of the company’s stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $64.11, for a total value of $961,650.00. Following the completion of the transaction, the vice president now owns 173,930 shares in the company, valued at $11,150,652.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.14% of the company’s stock.

Bank of New York Mellon Stock Performance

Shares of BK stock opened at $71.71 on Friday. The company has a market cap of $53.63 billion, a P/E ratio of 16.60, a PEG ratio of 1.17 and a beta of 1.08. The firm has a fifty day moving average price of $65.83 and a 200 day moving average price of $60.53. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.85. The Bank of New York Mellon Co. has a 12 month low of $39.66 and a 12 month high of $71.92.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings data on Friday, July 12th. The bank reported $1.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.43 by $0.08. Bank of New York Mellon had a return on equity of 11.87% and a net margin of 9.40%. The business had revenue of $4.60 billion during the quarter, compared to analysts’ expectations of $4.53 billion. During the same period in the prior year, the firm posted $1.38 EPS. The business’s quarterly revenue was up 2.1% compared to the same quarter last year. Sell-side analysts predict that The Bank of New York Mellon Co. will post 5.63 earnings per share for the current fiscal year.

Bank of New York Mellon Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 2nd. Shareholders of record on Monday, July 22nd were issued a dividend of $0.47 per share. The ex-dividend date of this dividend was Monday, July 22nd. This represents a $1.88 dividend on an annualized basis and a yield of 2.62%. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.42. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 43.52%.

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.