Interchange Capital Partners LLC has increased its holdings in The Bank of New York Mellon Corporation (NYSE: BK) by 7.9%, according to its latest filing with the Securities and Exchange Commission (SEC). The firm now owns a total of 3,913 shares after acquiring an additional 287 shares in the second quarter of 2023. At the end of the reporting period, these shares were valued at approximately $356,000.
Other institutional investors have also adjusted their stakes in the bank. Hemington Wealth Management increased its position by 6.3%, now holding 1,730 shares valued at $157,000 after adding 102 shares. Similarly, Confluence Wealth Services Inc. raised its stake by 1.0%, bringing its total to 11,761 shares worth $1,072,000 following the acquisition of 111 shares.
Leonard Rickey Investment Advisors P.L.L.C. and Sax Wealth Advisors LLC also expanded their holdings, increasing their stakes by 2.2% and 2.3%, respectively. Leonard Rickey now owns 5,094 shares valued at $464,000, while Sax Wealth holds 5,278 shares worth $443,000. Y.D. More Investments Ltd. reported a significant increase of 13.8% in its stake during the first quarter, now owning 1,030 shares valued at $86,000. Notably, institutional investors collectively own approximately 85.31% of The Bank of New York Mellon’s stock.
Bank of New York Mellon Stock Performance and Dividends
As of the latest trading session, shares of The Bank of New York Mellon opened at $107.91. The stock has shown a 52-week range between a low of $70.46 and a high of $110.87. With a market capitalization of $76.10 billion, the company has a price-to-earnings (P/E) ratio of 15.57 and a beta of 1.13. The bank’s performance indicators include a fifty-day simple moving average of $106.07 and a two-hundred day simple moving average of $95.79.
The bank also announced a quarterly dividend of $0.53 per share, which will be distributed on November 7, 2023. Shareholders on record as of October 27, 2023 will receive this payment. The annualized dividend totals $2.12, yielding approximately 2.0% of the stock’s value. The company’s payout ratio stands at 30.59%.
Analyst Ratings and Market Insights
Several analysts have recently evaluated The Bank of New York Mellon’s stock. The Goldman Sachs Group increased its target price from $106.00 to $120.00, assigning a “buy” rating in a research note dated October 6, 2023. Similarly, Wells Fargo & Company raised their target from $100.00 to $109.00, maintaining an “equal weight” rating.
Barclays has also increased its target price to $120.00 while issuing an “overweight” rating. In a notable upgrade, Weiss Ratings improved its rating from “buy (b+)” to “buy (a-).” Additionally, BMO Capital Markets began coverage on the bank’s stock with an “outperform” rating and a price target of $125.00.
Currently, one analyst has rated the stock as a Strong Buy, nine have given it a Buy rating, and six have issued Hold ratings. According to data from MarketBeat.com, the consensus rating is “Moderate Buy” with an average target price of $111.29.
The Bank of New York Mellon Corporation continues to offer a wide range of financial products and services both in the United States and internationally. The firm operates through various segments, including Securities Services, Market and Wealth Services, and Investment and Wealth Management, among others.
