Oliver Luxxe Assets LLC Buys New Holdings in The Bank of New York Mellon Co. (NYSE:BK)

Oliver Luxxe Assets LLC bought a new stake in The Bank of New York Mellon Co. (NYSE:BK) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 3,773 shares of the bank’s stock, valued at approximately $217,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Atlantic Edge Private Wealth Management LLC acquired a new position in Bank of New York Mellon during the 4th quarter valued at about $28,000. Kathleen S. Wright Associates Inc. acquired a new position in Bank of New York Mellon during the 1st quarter valued at about $32,000. Able Wealth Management LLC acquired a new position in Bank of New York Mellon during the 4th quarter valued at about $32,000. Hartford Financial Management Inc. boosted its stake in Bank of New York Mellon by 41.4% during the 4th quarter. Hartford Financial Management Inc. now owns 625 shares of the bank’s stock valued at $33,000 after purchasing an additional 183 shares during the last quarter. Finally, Blue Trust Inc. boosted its stake in Bank of New York Mellon by 159.2% during the 4th quarter. Blue Trust Inc. now owns 858 shares of the bank’s stock valued at $45,000 after purchasing an additional 527 shares during the last quarter. 85.31% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, insider Kurtis R. Kurimsky sold 6,215 shares of the business’s stock in a transaction on 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 directly owns 24,346 shares in the company, valued at approximately $1,410,363.78. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Bank of New York Mellon news, VP Catherine Keating sold 54,070 shares of the firm’s stock in a transaction dated Thursday, April 18th. The stock was sold at an average price of $54.88, for a total value of $2,967,361.60. Following the completion of the transaction, the vice president now owns 78,350 shares in the company, valued at approximately $4,299,848. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, 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 value of $360,034.95. Following the completion of the transaction, the insider now owns 24,346 shares of the company’s stock, valued at approximately $1,410,363.78. The disclosure for this sale can be found here. Insiders have sold a total of 115,928 shares of company stock worth $6,475,216 over the last 90 days. Corporate insiders own 0.14% of the company’s stock.

Bank of New York Mellon Price Performance

Bank of New York Mellon stock opened at $60.11 on Tuesday. 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 50 day simple moving average is $58.45 and its 200 day simple moving average is $56.07. The company has a market cap of $44.95 billion, a price-to-earnings ratio of 14.66, a PEG ratio of 1.20 and a beta of 1.09.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings data on Tuesday, April 16th. The bank reported $1.29 EPS for the quarter, beating the consensus estimate 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 business earned $1.13 earnings per share. Bank of New York Mellon’s revenue for the quarter was up 3.8% on a year-over-year basis. Sell-side analysts forecast that The Bank of New York Mellon Co. will post 5.45 EPS for the current year.

Bank of New York Mellon Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 9th. Shareholders of record on Friday, April 26th were issued a dividend of $0.42 per share. The ex-dividend date was Thursday, April 25th. This represents a $1.68 dividend on an annualized basis and a yield of 2.79%. Bank of New York Mellon’s payout ratio is 40.98%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on BK shares. Keefe, Bruyette & Woods upgraded Bank of New York Mellon from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $60.00 to $70.00 in a research note on Thursday, June 27th. Bank of America boosted 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. Evercore ISI boosted 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. Morgan Stanley boosted their target price on Bank of New York Mellon from $62.00 to $63.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 18th. Finally, Jefferies Financial Group boosted 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. Five equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $61.15.

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.