Bank of New York Mellon Co. (NYSE:BK) experienced significant changes in institutional holdings during the third quarter of 2024. Legacy Bridge LLC increased its stake by 730%, acquiring 14,418 additional shares, bringing its total to 16,393 shares valued at approximately $1.18 million. Other notable movements include McClarren Financial Advisors, which raised its stake by 586.4%, and Olistico Wealth LLC, which entered a new position valued at $30,000.
In related news, corporate insiders sold substantial amounts of stock. VP Hanneke Smits sold 16,475 shares at an average price of $76.47, totaling over $1.25 million, while EVP J. Kevin McCarthy sold 25,000 shares for approximately $1.91 million. These transactions reduced their ownership stakes by 9.47% and 24.90%, respectively.
Equities research analysts have recently issued optimistic price targets for the bank. JPMorgan Chase raised its target from $69.00 to $77.00, while Goldman Sachs increased its target from $74.00 to $80.00, both assigning 'buy' ratings. The average target price among analysts now stands at $77.23.
As of today, shares of Bank of New York Mellon opened at $78.65, reflecting a 12-month low of $46.71 and a high of $80.29. The bank's earnings report released on October 11 indicated an EPS of $1.52, surpassing estimates, and a revenue of $4.65 billion.
Additionally, the bank announced a quarterly dividend of $0.47 per share, payable on November 1, representing an annualized yield of 2.39%.