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

Fortitude Family Office LLC has significantly increased its ownership in The Bank of New York Mellon Co. (NYSE:BK) by 45.8% in the fourth quarter, as detailed in its latest 13F filing with the SEC. The institutional investor now holds 891 shares of the bank's stock, having acquired an additional 280 shares during this period. As of the end of the most recent reporting quarter, Fortitude Family Office LLC's investment in Bank of New York Mellon is valued at approximately $68,000.

Alongside Fortitude Family Office's actions, a number of other institutional investors have also made adjustments to their shares in The Bank of New York Mellon. Bangor Savings Bank has recently made a new investment in the bank worth $233,000. Meanwhile, Neville Rodie & Shaw Inc. increased its stake by 82.1%, now owning 49,935 shares valued at $3,837,000 following the acquisition of an additional 22,506 shares in the last quarter. CWA Asset Management Group LLC also raised its holdings by 37.4%, bringing its total to 39,011 shares worth $2,997,000 after an additional purchase of 10,620 shares. Additionally, Nordea Investment Management AB raised its share ownership by 5.5%, resulting in 62,213 shares valued at $4,790,000 after acquiring 3,247 more shares. Lastly, Modus Advisors LLC entered the market with a new investment around $49,000. Currently, 85.31% of The Bank of New York Mellon's stock is owned by various hedge funds and institutional investors.

Wall Street Analysts Forecast Trends

Several analysts on Wall Street have shared their insights regarding the shares of The Bank of New York Mellon. Keefe, Bruyette & Woods upgraded their price target from $87.00 to $96.00, recommending a rating of "outperform" as of December 3rd. The Goldman Sachs Group also raised their price target from $74.00 to $80.00, recommending a "buy" rating in their report from September 26th. Furthermore, Royal Bank of Canada reiterated a "sector perform" rating with a price target of $79.00 in their report released on October 14th. However, on January 3rd, Wolfe Research downgraded the stock from "outperform" to "peer perform" in a recent analysis. In addition, Truist Financial has initiated coverage with a "buy" rating, setting a target price of $91.00. The consensus rating for the stock currently reflects a "Moderate Buy" with a target average price of $82.64 according to MarketBeat.com.

Insider Transactions at the Bank

Recent insider activities at The Bank of New York Mellon are noteworthy. On October 15th, Vice President Hanneke Smits sold 16,475 shares, valued at approximately $1,259,843.25 based on an average price of $76.47 per share, marking a 9.47% reduction in their stake. After the sale, Smits retained 157,455 shares worth around $12,040,583.85. Also, on the same day, Executive Vice President J. Kevin McCarthy sold 25,000 shares at an average price of $76.31, totaling around $1,907,750.00. This reduced his share count by 24.90%, leaving him with 75,404 shares valued at about $5,754,079.24. Insider ownership currently stands at just 0.14% of the company’s total stock.

Current Trading Performance

As of the most recent trading session, The Bank of New York Mellon’s shares opened at $75.55. Over the past year, the stock has fluctuated, reaching a low of $52.21 and a high of $82.72. The company's 50-day moving average is at $78.56 while its 200-day moving average sits at $71.53. Financial metrics indicate a debt-to-equity ratio of 0.89, accompanied by current and quick ratios both standing at 0.70. The Bank of New York Mellon has a market capitalization of approximately $54.93 billion, with a price-to-earnings (P/E) ratio of 16.42 and a price-to-earnings growth (P/E/G) ratio of 0.91, alongside a beta of 1.08.

The company's recent earnings report, posted on October 11th, revealed an earnings per share (EPS) of $1.52, surpassing analysts’ estimates of $1.41 by $0.11. The bank recorded a net margin of 9.44% and a return on equity of 12.06%. Revenue for the quarter stood at $4.65 billion, exceeding the expected $4.52 billion. Looking ahead, analysts predict that The Bank of New York Mellon will achieve an EPS of 5.84 for the current fiscal year.

Company Overview

The Bank of New York Mellon Corporation provides a broad range of financial products and services both domestically and internationally. The bank operates through various segments, including Securities Services, Market and Wealth Services, Investment and Wealth Management, among others. The Securities Services division offers an array of services including custody, trust, depositary, accounting, middle-office solutions, liquidity lending, and data analytics.

investment, finance, bank