The Bank of New York Mellon Corporation $BK Shares Sold by Pekin Hardy Strauss Inc.

Pekin Hardy Strauss Inc. lessened its stake in The Bank of New York Mellon Corporation (NYSE:BK) by 13.2% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 15,422 shares of the bank’s stock after selling 2,344 shares during the quarter. Pekin Hardy Strauss Inc.’s holdings in Bank of New York Mellon were worth $1,405,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the company. Westside Investment Management Inc. grew its holdings in Bank of New York Mellon by 78.9% during the 2nd quarter. Westside Investment Management Inc. now owns 288 shares of the bank’s stock valued at $26,000 after purchasing an additional 127 shares in the last quarter. Hoey Investments Inc. acquired a new position in Bank of New York Mellon in the 2nd quarter worth $32,000. Orion Capital Management LLC purchased a new position in Bank of New York Mellon in the 1st quarter valued at about $32,000. Cornerstone Planning Group LLC grew its stake in shares of Bank of New York Mellon by 100.0% during the first quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank’s stock valued at $30,000 after acquiring an additional 196 shares in the last quarter. Finally, GFG Capital LLC purchased a new stake in shares of Bank of New York Mellon during the second quarter worth about $36,000. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Citigroup raised their price objective on 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. The Goldman Sachs Group increased their target price on Bank of New York Mellon from $106.00 to $120.00 and gave the company a “buy” rating in a research note on Monday, October 6th. Morgan Stanley lifted their price target on shares of Bank of New York Mellon from $101.00 to $116.00 and gave the stock an “overweight” rating in a research note on Monday, September 29th. Truist Financial increased their price objective on shares of Bank of New York Mellon from $118.00 to $119.00 and gave the company a “hold” rating in a research note on Friday, October 17th. Finally, Evercore ISI raised their price objective on shares of Bank of New York Mellon from $91.00 to $110.00 and gave the stock an “in-line” rating in a report on Tuesday, September 30th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, Bank of New York Mellon has a consensus rating of “Moderate Buy” and a consensus target price of $111.29.

Bank of New York Mellon Price Performance

Shares of NYSE:BK opened at $109.66 on Friday. The company has a market cap of $76.47 billion, a PE ratio of 15.82, a P/E/G ratio of 0.98 and a beta of 1.13. The Bank of New York Mellon Corporation has a fifty-two week low of $70.46 and a fifty-two week high of $110.87. The firm has a 50-day simple moving average of $107.06 and a 200 day simple moving average of $97.84. The company has a quick ratio of 0.72, a current ratio of 0.70 and a debt-to-equity ratio of 0.83.

Bank of New York Mellon (NYSE:BK) last issued its earnings results on Tuesday, March 26th. The bank reported $1.30 EPS for the quarter. The company had revenue of $4.38 billion during the quarter. Bank of New York Mellon had a return on equity of 14.03% and a net margin of 12.86%. On average, sell-side 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 company also recently announced a quarterly dividend, which was paid on Friday, November 7th. Investors of record on Monday, October 27th were issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend was Monday, October 27th. Bank of New York Mellon’s payout ratio is presently 30.59%.

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.