Chicago Partners Investment Group LLC Purchases New Position in The Bank of New York Mellon Corporation (NYSE:BK)

Key Points

• Chicago Partners Investment Group LLC acquired 3,948 shares of The Bank of New York Mellon Corporation, valued at approximately $331,000, during the first quarter.
• Several institutional investors increased their stakes in the bank, with Goldman Sachs Group Inc. growing its position by 26.3% to over 5 million shares, while hedge funds own 85.31% of the stock.
• The bank recently raised its quarterly dividend to $0.53 per share, reflecting an increase from the previous dividend of $0.47, and expects to post an earnings per share of 6.96 for the current fiscal year.

Chicago Partners Investment Group LLC acquired a new stake in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,948 shares of the bank's stock, valued at approximately $331,000.

A number of other hedge funds also recently bought and sold shares of the company. ASR Vermogensbeheer N.V. purchased a new stake in Bank of New York Mellon during the first quarter valued at $12,181,000. Citizens Financial Group Inc. RI increased its position in Bank of New York Mellon by 31.3% during the first quarter. Citizens Financial Group Inc. RI now owns 163,677 shares of the bank's stock valued at $13,728,000 after acquiring an additional 38,990 shares during the last quarter. Strategy Asset Managers LLC purchased a new stake in Bank of New York Mellon during the first quarter valued at $770,000. Hemington Wealth Management increased its position in Bank of New York Mellon by 8.0% during the first quarter. Hemington Wealth Management now owns 1,628 shares of the bank's stock valued at $136,000 after acquiring an additional 121 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its position in Bank of New York Mellon by 26.3% during the first quarter. Goldman Sachs Group Inc. now owns 5,053,744 shares of the bank's stock valued at $423,858,000 after acquiring an additional 1,052,145 shares during the last quarter. Hedge funds and other institutional investors own 85.31% of the company's stock.

Insider Buying and Selling

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the stock in a transaction that occurred on Tuesday, July 22nd. The stock was 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 directly owned 35,115 shares of the company's stock, valued at approximately $3,457,071.75. This represents a 36.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.14% of the company's stock.

Analysts Set New Price Targets

Several analysts have issued reports on BK shares. Truist Financial boosted their price target on Bank of New York Mellon from $100.00 to $109.00 and gave the company a "hold" rating in a report on Thursday. Evercore ISI boosted their price target on Bank of New York Mellon from $88.00 to $90.00 and gave the company an "in-line" rating in a report on Wednesday, July 2nd. Morgan Stanley boosted their price target on Bank of New York Mellon from $95.00 to $101.00 and gave the company an "overweight" rating in a report on Wednesday, July 16th. Keefe, Bruyette & Woods boosted their price target on Bank of New York Mellon from $105.00 to $113.00 and gave the company an "outperform" rating in a report on Wednesday, July 16th. Finally, Wells Fargo & Company boosted their price target on Bank of New York Mellon from $96.00 to $100.00 and gave the company an "equal weight" rating in a report on Wednesday, July 16th. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $95.08.

Bank of New York Mellon Price Performance

Shares of NYSE BK traded down $2.44 during mid-day trading on Friday, reaching $100.91. The company's stock had a trading volume of 3,736,893 shares, compared to its average volume of 3,571,795. The firm has a market capitalization of $71.17 billion, a PE ratio of 15.41, a P/E/G ratio of 1.00 and a beta of 1.12. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.72. The stock has a fifty day moving average of $95.77 and a two-hundred day moving average of $88.08. The Bank of New York Mellon Corporation has a 52 week low of $65.01 and a 52 week high of $104.47.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 earnings per share for the quarter, topping analysts' consensus estimates of $1.73 by $0.21. The firm had revenue of $4.77 billion during the quarter, compared to analyst estimates of $4.80 billion. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%. The business's quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.51 earnings per share. As a group, sell-side analysts anticipate that The Bank of New York Mellon Corporation will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were paid a dividend of $0.53 per share. The ex-dividend date of this dividend was Friday, July 25th. This is a boost 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 is currently 32.37%.

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.