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

Fortitude Family Office LLC has significantly increased its investment in The Bank of New York Mellon Co. (NYSE:BK) by raising its stake by 45.8% during the fourth quarter, according to their latest Form 13F filing with the Securities and Exchange Commission (SEC). This investment firm now holds 891 shares of the bank's stock after acquiring an additional 280 shares in that period. As of the latest reporting, the value of Fortitude Family Office LLC's holdings in The Bank of New York Mellon was approximately $68,000.

Recent activities from other institutional investors further illustrate a growing interest in this bank. Bangor Savings Bank, for example, established a new stake in Bank of New York Mellon valued at around $233,000 during the same quarter. Similarly, Neville Rodie & Shaw Inc. enhanced its holdings by an impressive 82.1%, bringing its total to 49,935 shares worth about $3,837,000 after adding 22,506 shares in the last quarter. CWA Asset Management Group LLC also increased its position by 37.4%, now owning 39,011 shares valued at $2,997,000. Meanwhile, Nordea Investment Management AB added a 5.5% increase to its stake, obtaining 62,213 shares now worth approximately $4,790,000, having acquired an additional 3,247 shares. Additionally, Modus Advisors LLC made its entry with a new investment in the bank's stock valued at about $49,000. Currently, institutional investors command about 85.31% of the stock ownership.

Wall Street Analysts Project Positive Growth

Recent commentary from various equity research analysts indicates a positive outlook for the bank's shares. In a report on December 3rd, Keefe, Bruyette & Woods elevated their price target for The Bank of New York Mellon shares from $87.00 to $96.00, designating the stock with an 'outperform' rating. Goldman Sachs also increased their price target from $74.00 to $80.00, issuing a 'buy' rating in their report on September 26th. Furthermore, Royal Bank of Canada reaffirmed a 'sector perform' rating while setting a price target of $79.00 on October 14th. However, Wolfe Research downgraded the bank's shares from 'outperform' to 'peer perform' on January 3rd. Truist Financial began its coverage with a 'buy' rating and a target price of $91.00 for the stock. Overall, five analysts currently hold a 'hold' rating while eleven rate the stock as a 'buy'. As per MarketBeat.com, the consensus rating for the stock stands at 'Moderate Buy', with a target average price of $82.64.

Insider Transactions at Bank of New York Mellon

In related news, corporate insiders have recently engaged in stock transactions. On October 15th, Vice President Hanneke Smits sold 16,475 shares of the business at an average price of $76.47, resulting in a total transaction value of $1,259,843.25. Following this sale, Smits holds 157,455 shares of the company, valued at approximately $12,040,583.85, marking a 9.47% reduction in their stake. Additionally, Executive Vice President J. Kevin McCarthy sold 25,000 shares on the same day for an average of $76.31, concluding a transaction of $1,907,750.00. Post-sale, McCarthy's holdings consist of 75,404 shares, worth around $5,754,079.24, a decrease of 24.90% in their holdings. Company insiders collectively own 0.14% of Bank of New York Mellon’s stock.

Recent Trading Performance

The shares of NYSE BK opened at $75.55 on the last trading day. The Bank of New York Mellon has experienced a 12-month low of $52.21 and a high of $82.72. The company has a 50-day moving average at $78.56 and a 200-day moving average of $71.53. Notably, Bank of New York Mellon boasts a debt-to-equity ratio of 0.89 and a current ratio of 0.70, indicating sound financial stability. As of the latest evaluation, the company's market capitalization stands at $54.93 billion, with a price-to-earnings (P/E) ratio of 16.42 and a P/E to growth (P/E/G) ratio of 0.91.

Bank of New York Mellon recently announced its quarterly earnings on October 11th, posting earnings per share (EPS) of $1.52, surpassing analysts' predictions of $1.41 by $0.11. The bank reported a net profit margin of 9.44% and a return on equity of 12.06%, with total revenue reported at $4.65 billion, exceeding the forecast of $4.52 billion. Based on current assessments, analysts predict that The Bank of New York Mellon Co. will achieve an EPS of 5.84 for the present fiscal year.

Overview of The Bank of New York Mellon

The Bank of New York Mellon Corporation offers a diverse range of financial services and products both in the United States and internationally. Its operations are categorized into several segments, including Securities Services, Market and Wealth Services, Investment and Wealth Management, and others. The Securities Services segment provides services such as custody, trust and depositary services, accounting, exchange-traded funds, middle-office solutions, transfer agency services, private equity and real estate funds management, currency exchange, securities lending, liquidity solutions, and data analytics.

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