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Alpha Omega Wealth Management LLC Has $3.03 Million Stock Position in The Bank of New York Mellon Co. (NYSE:BK)

Financial News Live · Sep 30, 2022 10:42

Alpha Omega Wealth Management LLC boosted its position in The Bank of New York Mellon Co. (NYSE:BK – Get Rating) by 19.8% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 72,619 shares of the bank's stock after purchasing an additional 12,006 shares during the period. Alpha Omega Wealth Management LLC's holdings in Bank of New York Mellon were worth $3,029,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of the company. Brown Brothers Harriman & Co. lifted its position in Bank of New York Mellon by 97.1% during the first quarter. Brown Brothers Harriman & Co. now owns 609 shares of the bank's stock worth $30,000 after acquiring an additional 300 shares during the last quarter. Bank of New Hampshire acquired a new stake in Bank of New York Mellon during the first quarter worth approximately $31,000. Dividend Assets Capital LLC acquired a new stake in Bank of New York Mellon during the first quarter worth approximately $32,000. Bromfield Sneider Wealth Advisors acquired a new stake in Bank of New York Mellon during the first quarter worth approximately $33,000. Finally, Prospera Financial Services Inc acquired a new stake in shares of Bank of New York Mellon in the first quarter valued at approximately $37,000. 83.00% of the stock is currently owned by institutional investors and hedge funds.

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Bank of New York Mellon Trading Up 1.0 %

Shares of Bank of New York Mellon stock traded up $0.37 during trading on Friday, hitting $39.25. The company's stock had a trading volume of 16,379 shares, compared to its average volume of 4,376,033. The company has a debt-to-equity ratio of 0.78, a current ratio of 0.67 and a quick ratio of 0.67. The Bank of New York Mellon Co. has a 52 week low of $38.30 and a 52 week high of $64.63. The stock has a market cap of $31.72 billion, a price-to-earnings ratio of 9.87, a price-to-earnings-growth ratio of 1.56 and a beta of 1.11. The stock has a 50-day moving average price of $42.79 and a two-hundred day moving average price of $44.43.

Bank of New York Mellon (NYSE:BK – Get Rating) last issued its quarterly earnings results on Friday, July 15th. The bank reported $1.03 EPS for the quarter, missing analysts' consensus estimates of $1.12 by ($0.09). The firm had revenue of $4.25 billion for the quarter, compared to the consensus estimate of $4.17 billion. Bank of New York Mellon had a net margin of 20.61% and a return on equity of 9.49%. The business's revenue was up 7.4% compared to the same quarter last year. During the same period last year, the company posted $1.13 EPS. Equities research analysts anticipate that The Bank of New York Mellon Co. will post 4.22 EPS 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 5th. Stockholders of record on Monday, July 25th were issued a dividend of $0.37 per share. The ex-dividend date was Friday, July 22nd. This represents a $1.48 annualized dividend and a dividend yield of 3.77%. This is a positive change from Bank of New York Mellon's previous quarterly dividend of $0.34. Bank of New York Mellon's dividend payout ratio is currently 37.56%.

Insider Activity

In other news, CEO Thomas P. Gibbons sold 105,062 shares of the company's stock in a transaction dated Monday, August 8th. The shares were sold at an average price of $43.24, for a total transaction of $4,542,880.88. Following the transaction, the chief executive officer now owns 221,018 shares in the company, valued at $9,556,818.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.08% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on BK shares. Morgan Stanley dropped their price target on shares of Bank of New York Mellon from $53.00 to $45.00 and set an "equal weight" rating for the company in a research report on Wednesday, July 6th. The Goldman Sachs Group dropped their price target on shares of Bank of New York Mellon from $51.50 to $45.00 and set a "neutral" rating for the company in a research report on Wednesday, June 29th. Wells Fargo & Company dropped their price target on shares of Bank of New York Mellon from $57.00 to $46.00 and set an "equal weight" rating for the company in a research report on Friday, July 1st. Piper Sandler decreased their price objective on shares of Bank of New York Mellon from $54.00 to $48.00 and set a "neutral" rating on the stock in a research note on Friday, June 24th. Finally, Credit Suisse Group decreased their price objective on shares of Bank of New York Mellon from $52.00 to $50.00 and set an "outperform" rating on the stock in a research note on Tuesday, July 19th. Eleven analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $50.58.

Bank of New York Mellon Company Profile

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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, prime brokerage, and data analytics.