Fiduciary Family Office LLC Makes New Investment in The Bank of New York Mellon Corporation (NYSE:BK)

Key Points

• Fiduciary Family Office LLC has acquired 23,303 shares of The Bank of New York Mellon Corporation (NYSE:BK), valued at approximately $1.95 million, making it the 28th largest position in their portfolio.
• The bank recently reported quarterly earnings of $1.94 EPS, exceeding estimates, with a revenue of $4.77 billion, reflecting a 9.4% year-over-year increase.
• Bank of New York Mellon announced a dividend increase to $0.53 per share, representing a yield of 2.1%, up from the previous quarterly dividend of $0.47.

Fiduciary Family Office LLC acquired a new stake in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 23,303 shares of the bank's stock, valued at approximately $1,954,000. Bank of New York Mellon comprises about 0.7% of Fiduciary Family Office LLC's investment portfolio, making the stock its 28th largest holding.

A number of other hedge funds have also recently modified their holdings of the stock. Benjamin Edwards Inc. grew its position in shares of Bank of New York Mellon by 1.5% in the 1st quarter. Benjamin Edwards Inc. now owns 10,559 shares of the bank's stock valued at $886,000 after buying an additional 154 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Bank of New York Mellon during the 1st quarter worth $2,868,000. Zions Bancorporation National Association UT acquired a new stake in Bank of New York Mellon during the 1st quarter worth $56,000. Townsquare Capital LLC boosted its stake in Bank of New York Mellon by 2.5% during the 1st quarter. Townsquare Capital LLC now owns 30,272 shares of the bank's stock worth $2,539,000 after purchasing an additional 728 shares during the period. Finally, Forsta AP Fonden boosted its stake in Bank of New York Mellon by 6.5% during the 1st quarter. Forsta AP Fonden now owns 246,500 shares of the bank's stock worth $20,674,000 after purchasing an additional 15,000 shares during the period. 85.31% of the stock is owned by hedge funds and other institutional investors.

Bank of New York Mellon Price Performance

Shares of NYSE BK traded up $0.23 during midday trading on Monday, hitting $103.32. The company had a trading volume of 2,812,270 shares, compared to its average volume of 4,252,464. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.86. The Bank of New York Mellon Corporation has a twelve month low of $62.83 and a twelve month high of $103.97. The business has a 50-day simple moving average of $94.70 and a two-hundred day simple moving average of $87.65. The firm has a market capitalization of $72.86 billion, a price-to-earnings ratio of 15.77, a price-to-earnings-growth ratio of 0.99 and a beta of 1.12.

Bank of New York Mellon (NYSE:BK - Get Free Report) last announced its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, beating the consensus estimate of $1.73 by $0.21. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. The firm had revenue of $4.77 billion during the quarter, compared to analysts' expectations of $4.80 billion. During the same quarter last year, the business earned $1.51 earnings per share. The business's revenue for the quarter was up 9.4% compared to the same quarter last year. Equities research analysts anticipate that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current year.

Bank of New York Mellon Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Friday, July 25th were given a dividend of $0.53 per share. The ex-dividend date was Friday, July 25th. This is an increase from Bank of New York Mellon's previous quarterly dividend of $0.47. This represents a $2.12 dividend on an annualized basis and a yield of 2.1%. Bank of New York Mellon's dividend payout ratio (DPR) is presently 32.37%.

Analyst Ratings Changes

A number of brokerages recently weighed in on BK. Truist Financial increased their price target on shares of Bank of New York Mellon from $97.00 to $100.00 and gave the stock a "hold" rating in a research note on Wednesday, July 16th. Morgan Stanley increased their price target on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 16th. Keefe, Bruyette & Woods raised their target price on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 16th. Evercore ISI raised their target price on shares of Bank of New York Mellon from $88.00 to $90.00 and gave the stock an "in-line" rating in a research note on Wednesday, July 2nd. Finally, Wells Fargo & Company raised their target price on shares of Bank of New York Mellon from $96.00 to $100.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 16th. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $94.38.

Insider Transactions at Bank of New York Mellon

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of Bank of New York Mellon stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $98.45, for a total transaction of $1,969,000.00. Following the completion of the transaction, the executive vice president owned 35,115 shares in the company, valued at approximately $3,457,071.75. The trade was a 36.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.14% of the company's stock.

Bank of New York Mellon Profile

The Bank of New York Mellon Corporation provides a range of financial products and services in the United States and internationally. The company operates through Securities Services, Market and Wealth Services, Investment and Wealth Management, and other segments. The Securities Services segment offers custody, trust and depositary, accounting, exchange-traded funds, middle-office solutions, transfer agency, services for private equity and real estate funds, foreign exchange, securities lending, liquidity/lending services, and data analytics.