The Bank of New York Mellon Corporation $BK Shares Sold by RKL Wealth Management LLC

RKL Wealth Management LLC trimmed its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 8.1% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,057 shares of the bank’s stock after selling 618 shares during the quarter. RKL Wealth Management LLC’s holdings in Bank of New York Mellon were worth $643,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. BSW Wealth Partners increased its position in shares of Bank of New York Mellon by 4.2% during the 2nd quarter. BSW Wealth Partners now owns 5,162 shares of the bank’s stock worth $470,000 after purchasing an additional 209 shares during the last quarter. Woodward Diversified Capital LLC grew its position in Bank of New York Mellon by 56.1% in the 2nd quarter. Woodward Diversified Capital LLC now owns 7,585 shares of the bank’s stock valued at $691,000 after acquiring an additional 2,725 shares in the last quarter. New Wave Wealth Advisors LLC boosted its stake in shares of Bank of New York Mellon by 1.9% in the second quarter. New Wave Wealth Advisors LLC now owns 7,199 shares of the bank’s stock valued at $656,000 after purchasing an additional 131 shares during the period. SOA Wealth Advisors LLC. boosted its stake in shares of Bank of New York Mellon by 1,225.9% in the second quarter. SOA Wealth Advisors LLC. now owns 7,160 shares of the bank’s stock valued at $652,000 after purchasing an additional 6,620 shares during the period. Finally, First Pacific Financial purchased a new position in shares of Bank of New York Mellon in the second quarter valued at approximately $4,302,000. 85.31% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

BK has been the subject of several recent research reports. Citigroup raised their price objective on shares of Bank of New York Mellon from $92.00 to $105.00 and gave the company a “neutral” rating in a research note on Friday, September 5th. Evercore ISI raised their price objective on shares of Bank of New York Mellon from $91.00 to $110.00 and gave the company an “in-line” rating in a research note on Tuesday. TD Cowen initiated coverage on shares of Bank of New York Mellon in a research note on Thursday, September 25th. They issued a “buy” rating for the company. Keefe, Bruyette & Woods raised their price objective on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the company an “outperform” rating in a research note on Wednesday, July 16th. Finally, Wells Fargo & Company raised their price objective on shares of Bank of New York Mellon from $96.00 to $100.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 16th. Eight analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $100.92.

Bank of New York Mellon Price Performance

Shares of NYSE BK opened at $106.89 on Thursday. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.86. The Bank of New York Mellon Corporation has a twelve month low of $70.41 and a twelve month high of $110.87. The stock has a 50 day moving average of $104.36 and a two-hundred day moving average of $92.60. The stock has a market cap of $75.39 billion, a P/E ratio of 16.32, a P/E/G ratio of 1.03 and a beta of 1.13.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 earnings per share for the quarter, beating analysts’ consensus estimates of $1.73 by $0.21. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%.The company had revenue of $4.77 billion during the quarter, compared to analysts’ expectations of $4.80 billion. During the same quarter in the previous year, the business earned $1.51 earnings per share. The firm’s revenue for the quarter was up 9.4% on a year-over-year basis. On average, research analysts forecast that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current year.

Bank of New York Mellon Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Friday, July 25th were paid a $0.53 dividend. This is an increase from Bank of New York Mellon’s previous quarterly dividend of $0.47. This represents a $2.12 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date was Friday, July 25th. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 32.37%.

Insiders Place Their Bets

In other news, EVP J Kevin Mccarthy sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $98.45, for a total value of $1,969,000.00. Following the transaction, the executive vice president owned 35,115 shares of the company’s stock, valued at approximately $3,457,071.75. The trade was a 36.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.14% of the company’s stock.

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.