Interchange Capital Partners LLC has increased its investment in The Bank of New York Mellon Corporation by 7.9% during the second quarter of 2023. According to the latest 13F filing with the Securities and Exchange Commission (SEC), the firm acquired an additional 287 shares, bringing its total holdings to 3,913 shares, valued at approximately $356,000 as of the end of the reporting period.
Several other institutional investors have also adjusted their positions in the bank recently. Hemington Wealth Management raised its stake by 6.3%, now owning 1,730 shares worth $157,000 after purchasing 102 additional shares. Confluence Wealth Services Inc. increased its holdings by 1.0%, acquiring 111 shares to bring its total to 11,761 shares valued at $1,072,000. Similarly, Leonard Rickey Investment Advisors P.L.L.C. expanded its stake by 2.2%, now holding 5,094 shares valued at $464,000.
Sax Wealth Advisors LLC and Y.D. More Investments Ltd. also increased their stakes, with the latter growing its holdings by 13.8% during the first quarter. Currently, institutional investors own approximately 85.31% of Bank of New York Mellon’s stock.
Stock Performance and Dividend Announcement
As of Monday, shares of The Bank of New York Mellon (NYSE: BK) opened at $107.91. The stock has experienced a 52-week range, with a low of $70.46 and a high of $110.87. The bank boasts a market capitalization of $76.10 billion, a price-to-earnings (P/E) ratio of 15.57, and a beta of 1.13. The company recently declared a quarterly dividend of $0.53 per share, to be paid on November 7, 2023. Investors on record as of October 27, 2023, will be eligible for this dividend, reflecting an annualized payout of $2.12 and a yield of 2.0%.
Analyst Ratings and Future Outlook
Recent reports from equity analysts indicate a positive outlook for Bank of New York Mellon. The Goldman Sachs Group raised its target price from $106.00 to $120.00, assigning a “buy” rating. Similarly, Wells Fargo & Company adjusted its target price from $100.00 to $109.00, maintaining an “equal weight” rating. Barclays also increased its target from $104.00 to $120.00 and rated the stock as “overweight.”
According to MarketBeat.com, the stock currently holds a consensus rating of “Moderate Buy” with a target price of $111.29. One analyst has issued a Strong Buy rating, while nine others have rated it as Buy, and six analysts have given a Hold rating.
The Bank of New York Mellon Corporation, a key player in the financial services sector, provides a wide range of products and services both in the United States and internationally. The firm operates through several segments, including Securities Services, Market and Wealth Services, and Investment and Wealth Management, among others.
