Assetmark Inc. Raises Position in The Bank of New York Mellon Co. (NYSE:BK)

Assetmark Inc. lifted its holdings in shares of The Bank of New York Mellon Co. (NYSE:BK) by 64.7% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,869 shares of the bank’s stock after purchasing an additional 734 shares during the quarter. Assetmark Inc.’s holdings in Bank of New York Mellon were worth $134,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. McClarren Financial Advisors Inc. increased its position in Bank of New York Mellon by 586.4% during the third quarter. McClarren Financial Advisors Inc. now owns 405 shares of the bank’s stock worth $29,000 after purchasing an additional 346 shares during the last quarter. Olistico Wealth LLC purchased a new stake in shares of Bank of New York Mellon during the 2nd quarter valued at $30,000. Clearstead Trust LLC acquired a new stake in shares of Bank of New York Mellon during the 2nd quarter worth $32,000. Family Firm Inc. purchased a new position in shares of Bank of New York Mellon in the 2nd quarter worth $40,000. Finally, Fortitude Family Office LLC boosted its holdings in Bank of New York Mellon by 130.6% in the third quarter. Fortitude Family Office LLC now owns 611 shares of the bank’s stock valued at $44,000 after acquiring an additional 346 shares during the last quarter. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. Citigroup raised their price objective on Bank of New York Mellon from $65.00 to $70.00 and gave the stock a “neutral” rating in a report on Thursday, September 19th. The Goldman Sachs Group raised their price target on shares of Bank of New York Mellon from $74.00 to $80.00 and gave the company a “buy” rating in a report on Thursday, September 26th. JPMorgan Chase & Co. lifted their price target on shares of Bank of New York Mellon from $69.00 to $77.00 and gave the company an “overweight” rating in a research report on Monday, October 7th. UBS Group increased their price objective on shares of Bank of New York Mellon from $73.00 to $82.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. Finally, Barclays lifted their target price on shares of Bank of New York Mellon from $75.00 to $86.00 and gave the company an “overweight” rating in a report on Monday, October 14th. Six equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Bank of New York Mellon has a consensus rating of “Moderate Buy” and an average price target of $77.23.

Insider Buying and Selling

In related news, VP Hanneke Smits sold 16,475 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $76.47, for a total transaction of $1,259,843.25. Following the sale, the vice president now directly owns 157,455 shares of the company’s stock, valued at approximately $12,040,583.85. This represents a 9.47 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP J Kevin Mccarthy sold 25,000 shares of Bank of New York Mellon stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $76.31, for a total transaction of $1,907,750.00. Following the completion of the transaction, the executive vice president now directly owns 75,404 shares of the company’s stock, valued at approximately $5,754,079.24. This represents a 24.90 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.14% of the company’s stock.

Bank of New York Mellon Stock Performance

NYSE:BK opened at $78.29 on Monday. The Bank of New York Mellon Co. has a 1-year low of $46.04 and a 1-year high of $80.29. The stock has a market cap of $56.92 billion, a P/E ratio of 17.02, a PEG ratio of 0.89 and a beta of 1.07. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.70 and a quick ratio of 0.70. The firm has a 50-day moving average of $73.99 and a two-hundred day moving average of $66.02.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings results on Friday, October 11th. The bank reported $1.52 EPS for the quarter, beating analysts’ consensus estimates of $1.41 by $0.11. Bank of New York Mellon had a return on equity of 12.06% and a net margin of 9.44%. The firm had revenue of $4.65 billion during the quarter, compared to the consensus estimate of $4.52 billion. On average, research analysts expect that The Bank of New York Mellon Co. will post 5.82 earnings per share for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Monday, October 21st were given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.40%. The ex-dividend date of this dividend was Monday, October 21st. Bank of New York Mellon’s payout ratio is currently 40.87%.

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.