Founders Financial Securities LLC Invests $405,000 in The Bank of New York Mellon Co. (NYSE:BK)

Founders Financial Securities LLC acquired a new position in shares of The Bank of New York Mellon Co. (NYSE:BK) during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 7,032 shares of the bank’s stock, valued at approximately $405,000.

Several other hedge funds have also modified their holdings of the company. Kathleen S. Wright Associates Inc. purchased a new stake in shares of Bank of New York Mellon during the 1st quarter worth approximately $32,000. Grimes & Company Inc. purchased a new stake in shares of Bank of New York Mellon during the 1st quarter worth approximately $334,000. Kathmere Capital Management LLC raised its holdings in shares of Bank of New York Mellon by 9.4% during the 1st quarter. Kathmere Capital Management LLC now owns 7,047 shares of the bank’s stock worth $406,000 after acquiring an additional 606 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Bank of New York Mellon by 8.7% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 54,013 shares of the bank’s stock worth $3,112,000 after acquiring an additional 4,304 shares in the last quarter. Finally, Cardinal Capital Management raised its holdings in shares of Bank of New York Mellon by 7.8% during the 1st quarter. Cardinal Capital Management now owns 140,012 shares of the bank’s stock worth $8,067,000 after acquiring an additional 10,126 shares in the last quarter. 85.31% of the stock is owned by hedge funds and other institutional investors.

Bank of New York Mellon Price Performance

BK opened at $59.89 on Monday. The Bank of New York Mellon Co. has a 12-month low of $39.66 and a 12-month high of $60.87. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.90. The business’s fifty day simple moving average is $58.45 and its 200-day simple moving average is $56.07. The company has a market capitalization of $44.79 billion, a price-to-earnings ratio of 14.61, a PEG ratio of 1.20 and a beta of 1.08.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Tuesday, April 16th. The bank reported $1.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.19 by $0.10. Bank of New York Mellon had a return on equity of 11.80% and a net margin of 9.48%. The business had revenue of $4.53 billion for the quarter, compared to the consensus estimate of $4.39 billion. During the same quarter in the prior year, the company earned $1.13 EPS. The business’s revenue was up 3.8% compared to the same quarter last year. On average, equities research analysts anticipate that The Bank of New York Mellon Co. will post 5.45 earnings per share for the current fiscal year.

Bank of New York Mellon Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 9th. Stockholders of record on Friday, April 26th were given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.81%. The ex-dividend date was Thursday, April 25th. Bank of New York Mellon’s payout ratio is 40.98%.

Analysts Set New Price Targets

BK has been the topic of several recent research reports. Keefe, Bruyette & Woods upgraded Bank of New York Mellon from a “market perform” rating to an “outperform” rating and increased their price target for the company from $60.00 to $70.00 in a report on Thursday. Royal Bank of Canada restated a “sector perform” rating and set a $58.00 price target on shares of Bank of New York Mellon in a report on Wednesday, March 27th. Jefferies Financial Group increased their target price on Bank of New York Mellon from $67.00 to $68.00 and gave the stock a “buy” rating in a research note on Thursday, April 18th. Evercore ISI increased their target price on Bank of New York Mellon from $57.00 to $61.00 and gave the stock an “in-line” rating in a research note on Thursday, April 4th. Finally, Bank of America increased 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 note on Wednesday, April 17th. Five equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Bank of New York Mellon has an average rating of “Moderate Buy” and a consensus target price of $61.15.

Insider Activity at Bank of New York Mellon

In related news, insider Kurtis R. Kurimsky sold 6,215 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $57.93, for a total transaction of $360,034.95. Following the sale, the insider now owns 24,346 shares of the company’s stock, valued at $1,410,363.78. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, insider Kurtis R. Kurimsky sold 6,215 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $57.93, for a total transaction of $360,034.95. Following the sale, the insider now owns 24,346 shares of the company’s stock, valued at $1,410,363.78. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Catherine Keating sold 54,070 shares of the firm’s stock in a transaction dated Thursday, April 18th. The shares were sold at an average price of $54.88, for a total value of $2,967,361.60. Following the sale, the vice president now directly owns 78,350 shares in the company, valued at approximately $4,299,848. The disclosure for this sale can be found here. Insiders have sold a total of 115,928 shares of company stock valued at $6,475,216 over the last quarter. 0.14% of the stock is owned by corporate insiders.

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.