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

Fortitude Family Office LLC has significantly increased its stake in The Bank of New York Mellon Co. (NYSE:BK) by 45.8% during the fourth quarter of the last year, as indicated by its recent 13F filing with the SEC. After acquiring an additional 280 shares, the family office now holds a total of 891 shares. Their investment in the bank's stock is valued at approximately $68,000 as of the last reporting period.

In addition to Fortitude, several institutional investors have also adjusted their holdings in Bank of New York Mellon recently. Bangor Savings Bank, for example, has added a new position in the company worth $233,000 during the same quarter. Similarly, Neville Rodie & Shaw Inc. boosted its investment in the stock by 82.1%, bringing its total ownership to 49,935 shares, valued at about $3,837,000 after purchasing an additional 22,506 shares. CWA Asset Management Group LLC increased its position in the bank's shares by 37.4%, now owning 39,011 shares worth roughly $2,997,000 with the addition of 10,620 shares. Furthermore, Nordea Investment Management AB raised its stake by 5.5%, owning 62,213 shares valued at around $4,790,000 after acquiring 3,247 additional shares. Modus Advisors LLC also entered the market with a new stake worth approximately $49,000. Overall, it is reported that 85.31% of the shares are currently held by hedge funds and institutional investors.

Market Predictions and Ratings

Equities research analysts have made updates regarding the future performance of BK stock. Keefe, Bruyette & Woods raised their price target on Bank of New York Mellon shares from $87.00 to $96.00 and classified the stock as “outperform” in a report released on December 3rd. Moreover, the Goldman Sachs Group also increased its price forecast for the stock from $74.00 to $80.00, assigning a “buy” rating on September 26th. The Royal Bank of Canada has reiterated a “sector perform” rating while suggesting a price target of $79.00 in a report dated October 14th. In contrast, Wolfe Research lowered its rating from “outperform” to “peer perform” in a note from January 3rd. Truist Financial commenced coverage on Bank of New York Mellon shares recently, giving them a “buy” rating and a target price of $91.00. Currently, five analysts rate the stock as a hold, while eleven give it a buy rating, leading to a consensus rating of “Moderate Buy” and an average target price of $82.64 according to MarketBeat.com.

Insider Activity

Recent insider trading has seen VP Hanneke Smits sell 16,475 shares of the bank at an average price of $76.47, amounting to a transaction total of approximately $1,259,843.25. Post-sale, her remaining shares in the company are estimated to be worth around $12,040,583.85. This transaction reflected a 9.47% decrease in her holdings. In a similar case, EVP J. Kevin McCarthy sold 25,000 shares at an average price of $76.31, resulting in a total of about $1,907,750. Following this sale, he holds 75,404 shares valued at approximately $5,754,079. Company insiders collectively own just 0.14% of the bank’s stock.

Bank of New York Mellon Market Performance

As of Friday, NYSE BK opened at $75.55, with the stock performing down by 3.1%. The Bank of New York Mellon Co. has seen a 12-month low of $52.21 and a high of $82.72. Current moving averages show a 50-day average of $78.56 and a 200-day average of $71.53. The debt-to-equity ratio for the company stands at 0.89, with both current and quick ratios at 0.70. The bank holds a market capitalization of $54.93 billion, a price-to-earnings ratio of 16.42, a price-to-earnings-to-growth ratio of 0.91, and a beta of 1.08.

Notably, the Bank of New York Mellon recently reported its quarterly earnings on October 11th, posting an earnings per share (EPS) of $1.52, surpassing analysts' average expectations of $1.41 by $0.11. The company's net margin was measured at 9.44%, and it achieved a return on equity of 12.06%. Total revenues for the quarter were recorded at $4.65 billion, exceeding the consensus estimate of $4.52 billion. Looking forward, equity analysts forecast that The Bank of New York Mellon Co. will report annual earnings per share of about 5.84.

Company Overview

The Bank of New York Mellon Corporation delivers a comprehensive suite of financial products and services both in the United States and internationally. The institution operates through various segments including Securities Services, Market and Wealth Services, Investment and Wealth Management, along with others. The Securities Services segment specifically provides services such as custody, trust and depositary, accounting, exchange-traded funds, middle-office solutions, transfer agency services, private equity, and real estate fund services, securities lending, foreign exchange, and liquidity services, among other analytics.

investment, stake, financial, market, analysis