Fortitude Family Office LLC Increases Stock Holdings in The Bank of New York Mellon Co. (NYSE:BK)

Fortitude Family Office LLC lifted its position in The Bank of New York Mellon Co. (NYSE:BK) by 45.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 891 shares of the bank’s stock after purchasing an additional 280 shares during the quarter. 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.

A number of other hedge funds have also recently modified their holdings of BK. FMR LLC boosted its stake in Bank of New York Mellon by 78.6% during the third quarter. FMR LLC now owns 19,338,722 shares of the bank’s stock worth $1,389,680,000 after buying an additional 8,512,404 shares during the period. Wellington Management Group LLP boosted its stake in shares of Bank of New York Mellon by 2,707.1% in the third quarter. Wellington Management Group LLP now owns 3,258,967 shares of the bank’s stock valued at $234,189,000 after purchasing an additional 3,142,869 shares during the period. Marshall Wace LLP boosted its stake in shares of Bank of New York Mellon by 99.4% in the second quarter. Marshall Wace LLP now owns 2,631,213 shares of the bank’s stock valued at $157,583,000 after purchasing an additional 1,311,969 shares during the period. Zacks Investment Management purchased a new position in shares of Bank of New York Mellon in the third quarter valued at approximately $62,589,000. Finally, State Street Corp boosted its stake in shares of Bank of New York Mellon by 2.0% in the third quarter. State Street Corp now owns 33,313,594 shares of the bank’s stock valued at $2,393,915,000 after purchasing an additional 659,096 shares during the period. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Insider Activity

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

Bank of New York Mellon Stock Down 3.1 %

BK stock opened at $75.55 on Friday. The company’s 50 day moving average is $78.56 and its two-hundred day moving average is $71.53. The stock has a market cap of $54.93 billion, a P/E ratio of 16.42, a PEG ratio of 0.91 and a beta of 1.08. The Bank of New York Mellon Co. has a twelve month low of $52.21 and a twelve month high of $82.72. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.89.

Bank of New York Mellon (NYSE:BK) last announced its 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. The business had revenue of $4.65 billion for the quarter, compared to analysts’ expectations of $4.52 billion. Bank of New York Mellon had a net margin of 9.44% and a return on equity of 12.06%. Research analysts expect that The Bank of New York Mellon Co. will post 5.84 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently commented on BK. UBS Group raised their price objective on shares of Bank of New York Mellon from $73.00 to $82.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. StockNews.com raised shares of Bank of New York Mellon from a “hold” rating to a “buy” rating in a research note on Saturday, December 14th. Evercore ISI raised their price objective on shares of Bank of New York Mellon from $66.00 to $77.00 and gave the company an “in-line” rating in a research note on Monday, October 14th. Truist Financial started coverage on shares of Bank of New York Mellon in a report on Tuesday. They issued a “buy” rating and a $91.00 target price on the stock. Finally, Citigroup raised their target price on shares of Bank of New York Mellon from $75.00 to $82.00 and gave the company a “neutral” rating in a report on Monday, November 25th. Five equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $82.64.

About Bank of New York Mellon

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.