EA Series Trust Makes New $248,000 Investment in The Bank of New York Mellon Co. (NYSE:BK)

Posted by Defense World Staff on Oct 24th, 2023

EA Series Trust purchased a new stake in The Bank of New York Mellon Co. (NYSE:BK – Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 5,567 shares of the bank’s stock, valued at approximately $248,000.

Other hedge funds have also recently modified their holdings of the company. IFM Investors Pty Ltd lifted its stake in shares of Bank of New York Mellon by 13.6% during the 2nd quarter. IFM Investors Pty Ltd now owns 165,851 shares of the bank’s stock worth $7,384,000 after purchasing an additional 19,860 shares during the last quarter. Empirical Finance LLC boosted its holdings in shares of Bank of New York Mellon by 11.6% in the 2nd quarter. Empirical Finance LLC now owns 23,903 shares of the bank’s stock valued at $1,064,000 after buying an additional 2,487 shares in the last quarter. Lincoln Capital Corp grew its position in shares of Bank of New York Mellon by 58.0% in the 2nd quarter. Lincoln Capital Corp now owns 7,900 shares of the bank’s stock worth $352,000 after buying an additional 2,900 shares during the last quarter. Norwood Financial Corp raised its stake in shares of Bank of New York Mellon by 432.8% during the 2nd quarter. Norwood Financial Corp now owns 1,444 shares of the bank’s stock worth $64,000 after acquiring an additional 1,173 shares in the last quarter. Finally, LGT Group Foundation raised its stake in shares of Bank of New York Mellon by 8.2% during the 2nd quarter. LGT Group Foundation now owns 193,745 shares of the bank’s stock worth $8,626,000 after acquiring an additional 14,711 shares in the last quarter. Hedge funds and other institutional investors own 81.29% of the company’s stock.

Bank of New York Mellon Trading Down 0.4 %

Bank of New York Mellon stock opened at $41.49 on Tuesday. The stock has a 50-day moving average price of $43.42 and a 200 day moving average price of $43.52. The company has a market capitalization of $32.31 billion, a price-to-earnings ratio of 9.74, a price-to-earnings-growth ratio of 0.99 and a beta of 1.09. The Bank of New York Mellon Co. has a 52 week low of $39.65 and a 52 week high of $52.26. The company has a quick ratio of 0.72, a current ratio of 0.71 and a debt-to-equity ratio of 0.83.

Bank of New York Mellon (NYSE:BK – Get Free Report) last announced its quarterly earnings data on Tuesday, October 17th. The bank reported $1.27 EPS for the quarter, beating the consensus estimate of $1.15 by $0.12. The business had revenue of $4.37 billion during the quarter, compared to analysts’ expectations of $4.32 billion. Bank of New York Mellon had a net margin of 11.81% and a return on equity of 11.84%. The business’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same period in the previous year, the business posted $1.21 EPS. Sell-side analysts anticipate that The Bank of New York Mellon Co. will post 4.86 EPS for the current year.

Bank of New York Mellon Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 9th. Shareholders of record on Friday, October 27th will be issued a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 4.05%. The ex-dividend date is Thursday, October 26th. Bank of New York Mellon’s payout ratio is 39.44%.

Analyst Ratings Changes

Several equities analysts have issued reports on BK shares. StockNews.com began coverage on shares of Bank of New York Mellon in a report on Thursday, October 5th. They issued a “hold” rating on the stock. Bank of America reduced their target price on Bank of New York Mellon from $55.00 to $53.00 in a research report on Tuesday, October 10th. Deutsche Bank Aktiengesellschaft decreased their price target on Bank of New York Mellon from $45.00 to $44.00 and set a “hold” rating for the company in a research note on Wednesday, October 11th. Evercore ISI dropped their price target on Bank of New York Mellon from $47.00 to $45.00 in a research note on Thursday, October 5th. Finally, Morgan Stanley decreased their price objective on shares of Bank of New York Mellon from $48.00 to $46.00 and set an “underweight” rating for the company in a research report on Tuesday, October 3rd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $52.40.

View Our Latest Report on BK

Insiders Place Their Bets

In other news, insider Kurtis R. Kurimsky sold 14,045 shares of the business’s stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $45.64, for a total value of $641,013.80. Following the completion of the transaction, the insider now owns 23,816 shares of the company’s stock, valued at approximately $1,086,962.24. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.10% of the stock is owned by insiders.

Bank of New York Mellon Profile

(Free Report)

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.