Turtle Creek Wealth Advisors LLC Invests $262,000 in The Bank of New York Mellon Corporation $BK

Turtle Creek Wealth Advisors LLC acquired a new position in shares of The Bank of New York Mellon Corporation (NYSE:BK) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 2,873 shares of the bank’s stock, valued at approximately $262,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of BK. Revolve Wealth Partners LLC bought a new stake in Bank of New York Mellon during the 4th quarter worth $220,000. GAMMA Investing LLC grew its position in Bank of New York Mellon by 14.9% during the 1st quarter. GAMMA Investing LLC now owns 16,692 shares of the bank’s stock worth $1,400,000 after acquiring an additional 2,168 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its position in Bank of New York Mellon by 29.1% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 223,438 shares of the bank’s stock worth $18,740,000 after acquiring an additional 50,368 shares during the last quarter. Sowell Financial Services LLC bought a new stake in Bank of New York Mellon during the 1st quarter worth $695,000. Finally, State of Alaska Department of Revenue grew its position in Bank of New York Mellon by 1.4% during the 1st quarter. State of Alaska Department of Revenue now owns 84,104 shares of the bank’s stock worth $7,053,000 after acquiring an additional 1,200 shares during the last quarter. Institutional investors own 85.31% of the company’s stock.

Insider Activity at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the company’s stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $98.45, for a total transaction of $1,969,000.00. Following the sale, the executive vice president owned 35,115 shares in the company, valued at $3,457,071.75. This represents a 36.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.14% of the stock is currently owned by insiders.

Bank of New York Mellon Stock Down 2.0%

Shares of Bank of New York Mellon stock opened at $106.71 on Friday. The Bank of New York Mellon Corporation has a one year low of $70.46 and a one year high of $110.87. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.72. The stock’s 50-day moving average is $105.54 and its 200 day moving average is $94.32. The firm has a market cap of $75.26 billion, a price-to-earnings ratio of 16.29, a PEG ratio of 1.02 and a beta of 1.13.

Bank of New York Mellon (NYSE:BK) last announced its earnings results on Tuesday, March 26th. The bank reported $1.30 EPS for the quarter. 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 $4.38 billion for the quarter. Equities research analysts anticipate that The Bank of New York Mellon Corporation will post 6.96 EPS for the current year.

Bank of New York Mellon Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 7th. Investors of record on Monday, October 27th will be given a dividend of $0.53 per share. The ex-dividend date is Monday, October 27th. This represents a $2.12 annualized dividend and a dividend yield of 2.0%. Bank of New York Mellon’s dividend payout ratio is presently 32.37%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on BK shares. Keefe, Bruyette & Woods boosted their price objective on Bank of New York Mellon from $105.00 to $113.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 16th. Evercore ISI upped their price target on Bank of New York Mellon from $91.00 to $110.00 and gave the company an “in-line” rating in a research report on Tuesday, September 30th. Truist Financial upped their price target on Bank of New York Mellon from $109.00 to $118.00 and gave the company a “hold” rating in a research report on Thursday, October 2nd. The Goldman Sachs Group upped their price target on Bank of New York Mellon from $106.00 to $120.00 and gave the company a “buy” rating in a research report on Monday, October 6th. Finally, BMO Capital Markets initiated coverage on Bank of New York Mellon in a research report on Friday, October 3rd. They issued an “outperform” rating and a $125.00 price target on the stock. Ten investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, Bank of New York Mellon presently has an average rating of “Moderate Buy” and a consensus target price of $106.77.

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.