Fortitude Family Office LLC Raises Stake in The Bank of New York Mellon Co. (NYSE:BK)

Fortitude Family Office LLC grew its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 45.8% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 891 shares of the bank’s stock after purchasing an additional 280 shares during the period. Fortitude Family Office LLC’s holdings in Bank of New York Mellon were worth $68,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. Bangor Savings Bank purchased a new stake in shares of Bank of New York Mellon during the 4th quarter worth $233,000. Neville Rodie & Shaw Inc. boosted its position in shares of Bank of New York Mellon by 82.1% in the 4th quarter. Neville Rodie & Shaw Inc. now owns 49,935 shares of the bank’s stock worth $3,837,000 after buying an additional 22,506 shares in the last quarter. CWA Asset Management Group LLC boosted its position in shares of Bank of New York Mellon by 37.4% in the 4th quarter. CWA Asset Management Group LLC now owns 39,011 shares of the bank’s stock worth $2,997,000 after buying an additional 10,620 shares in the last quarter. Nordea Investment Management AB boosted its position in shares of Bank of New York Mellon by 5.5% in the 4th quarter. Nordea Investment Management AB now owns 62,213 shares of the bank’s stock worth $4,790,000 after buying an additional 3,247 shares in the last quarter. Finally, Modus Advisors LLC purchased a new stake in shares of Bank of New York Mellon in the 4th quarter worth about $49,000. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on BK shares. Keefe, Bruyette & Woods boosted their price objective on shares of Bank of New York Mellon from $87.00 to $96.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. The Goldman Sachs Group boosted their price objective on shares of Bank of New York Mellon from $74.00 to $80.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $79.00 price objective on shares of Bank of New York Mellon in a research report on Monday, October 14th. Wolfe Research downgraded shares of Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. Finally, Truist Financial initiated coverage on shares of Bank of New York Mellon in a research note on Tuesday. They issued a “buy” rating and a $91.00 target price for the company. Five analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $82.64.

Insider Transactions at Bank of New York Mellon

In other news, VP Hanneke Smits sold 16,475 shares of the business’s stock in a transaction dated 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 completion of the sale, the vice president now owns 157,455 shares in the company, valued at approximately $12,040,583.85. The trade was a 9.47 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP J Kevin Mccarthy sold 25,000 shares of the business’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $76.31, for a total value of $1,907,750.00. Following the sale, the executive vice president now owns 75,404 shares of the company’s stock, valued at $5,754,079.24. The trade was a 24.90 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.14% of the company’s stock.

Bank of New York Mellon Trading Down 3.1 %

NYSE BK opened at $75.55 on Friday. The Bank of New York Mellon Co. has a 12 month low of $52.21 and a 12 month high of $82.72. The company has a 50-day moving average of $78.56 and a 200-day moving average of $71.53. 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 company has a market cap of $54.93 billion, a P/E ratio of 16.42, a P/E/G ratio of 0.91 and a beta of 1.08.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings data 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 net margin of 9.44% and a return on equity of 12.06%. The company had revenue of $4.65 billion during the quarter, compared to the consensus estimate of $4.52 billion. As a group, equities analysts predict that The Bank of New York Mellon Co. will post 5.84 earnings per share for the current year.

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.