Pinnacle Wealth Management Advisory Group LLC Invests $221,000 in The Bank of New York Mellon Co. (NYSE:BK)

Pinnacle Wealth Management Advisory Group LLC bought a new stake in The Bank of New York Mellon Co. (NYSE:BK) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 4,247 shares of the bank’s stock, valued at approximately $221,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Northern Trust Corp boosted its position in shares of Bank of New York Mellon by 8.2% in the 3rd quarter. Northern Trust Corp now owns 9,453,880 shares of the bank’s stock worth $403,208,000 after buying an additional 715,421 shares in the last quarter. Victory Capital Management Inc. increased its stake in Bank of New York Mellon by 1.5% during the third quarter. Victory Capital Management Inc. now owns 8,757,443 shares of the bank’s stock worth $373,505,000 after acquiring an additional 129,929 shares during the last quarter. LSV Asset Management raised its holdings in Bank of New York Mellon by 1.0% in the fourth quarter. LSV Asset Management now owns 7,372,209 shares of the bank’s stock valued at $383,723,000 after buying an additional 72,880 shares during the period. Legal & General Group Plc lifted its holdings in shares of Bank of New York Mellon by 0.9% during the 3rd quarter. Legal & General Group Plc now owns 6,609,866 shares of the bank’s stock valued at $281,912,000 after acquiring an additional 57,402 shares in the last quarter. Finally, Invesco Ltd. boosted its position in shares of Bank of New York Mellon by 10.0% in the third quarter. Invesco Ltd. now owns 5,772,146 shares of the bank’s stock worth $246,182,000 after buying an additional 524,912 shares during the period. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Insider Buying and Selling

In related news, insider Kurtis R. Kurimsky sold 6,215 shares of Bank of New York Mellon stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $57.93, for a total transaction of $360,034.95. Following the completion of the sale, the insider now owns 24,346 shares of the company’s stock, valued at $1,410,363.78. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, VP Catherine Keating sold 54,070 shares of the company’s stock in a transaction on 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 completion of the sale, the vice president now directly 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 through this link. Also, insider Kurtis R. Kurimsky sold 6,215 shares of the firm’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $57.93, for a total value of $360,034.95. Following the completion of the sale, the insider now directly owns 24,346 shares in the company, valued at approximately $1,410,363.78. The disclosure for this sale can be found here. In the last ninety days, insiders sold 115,928 shares of company stock valued at $6,475,216. Corporate insiders own 0.14% of the company’s stock.

Bank of New York Mellon Trading Up 1.5 %

Shares of Bank of New York Mellon stock opened at $58.35 on Friday. The company has a quick ratio of 0.72, a current ratio of 0.71 and a debt-to-equity ratio of 0.90. The business has a fifty day simple moving average of $56.28 and a 200-day simple moving average of $52.68. The Bank of New York Mellon Co. has a fifty-two week low of $39.65 and a fifty-two week high of $58.52. The firm has a market cap of $43.93 billion, a price-to-earnings ratio of 14.23, a price-to-earnings-growth ratio of 1.23 and a beta of 1.11.

Bank of New York Mellon (NYSE:BK) last issued its earnings results on Tuesday, April 16th. The bank reported $1.29 earnings per share for the quarter, topping analysts’ consensus estimates of $1.19 by $0.10. The firm had revenue of $4.53 billion during the quarter, compared to analysts’ expectations of $4.39 billion. Bank of New York Mellon had a net margin of 9.48% and a return on equity of 11.80%. The firm’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same period last year, the firm posted $1.13 earnings per share. On average, equities analysts forecast that The Bank of New York Mellon Co. will post 5.43 EPS for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 9th. Stockholders of record on Friday, April 26th were issued a dividend of $0.42 per share. The ex-dividend date of this dividend was Thursday, April 25th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.88%. Bank of New York Mellon’s dividend payout ratio is 40.98%.

Analysts Set New Price Targets

BK has been the subject of a number of analyst reports. Evercore ISI increased their price objective on shares of Bank of New York Mellon from $57.00 to $61.00 and gave the company an “in-line” rating in a research report on Thursday, April 4th. Morgan Stanley increased their price target on shares of 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. 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 research report on Wednesday, April 17th. Citigroup boosted their target price on shares of Bank of New York Mellon from $60.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, February 14th. Finally, Jefferies Financial Group lifted their price target on shares of Bank of New York Mellon from $67.00 to $68.00 and gave the company a “buy” rating in a report on Thursday, April 18th. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $60.17.

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.