Cinctive Capital Management LP Buys Shares of 81,849 The Bank of New York Mellon Corporation $BK

Key Points

• Cinctive Capital Management LP acquired 81,849 shares of The Bank of New York Mellon Corporation, valued at approximately $6.87 million, during the first quarter.
• Bank of New York Mellon recently raised its quarterly dividend to $0.53 per share, up from $0.47, resulting in a 2.0% yield.
• Analysts have a consensus rating of "Moderate Buy" for the stock, with a target price of $95.08 based on reports from several investment firms increasing their price objectives.

Cinctive Capital Management LP acquired a new position in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 81,849 shares of the bank's stock, valued at approximately $6,865,000.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Clark Capital Management Group Inc. acquired a new position in Bank of New York Mellon during the 1st quarter valued at approximately $203,000. AQR Capital Management LLC boosted its stake in Bank of New York Mellon by 37.7% during the 1st quarter. AQR Capital Management LLC now owns 3,244,204 shares of the bank's stock valued at $266,349,000 after purchasing an additional 887,361 shares during the period. Advisors Asset Management Inc. grew its position in Bank of New York Mellon by 19.4% in the 1st quarter. Advisors Asset Management Inc. now owns 93,745 shares of the bank's stock worth $7,862,000 after purchasing an additional 15,205 shares during the last quarter. Alyeska Investment Group L.P. acquired a new stake in shares of Bank of New York Mellon in the first quarter valued at approximately $676,000. Finally, Aprio Wealth Management LLC bought a new stake in shares of Bank of New York Mellon during the first quarter valued at approximately $221,000. 85.31% of the stock is owned by institutional investors and hedge funds.

Bank of New York Mellon Stock Performance

BK stock traded up $1.78 during mid-day trading on Tuesday, reaching $105.80. 1,174,782 shares of the stock traded hands, compared to its average volume of 4,100,087. The business has a 50-day moving average of $100.07 and a two-hundred day moving average of $90.03. The firm has a market capitalization of $74.62 billion, a PE ratio of 16.14, a P/E/G ratio of 0.98 and a beta of 1.14. 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 52 week low of $66.01 and a 52 week high of $106.57.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its quarterly earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share for the quarter, beating analysts' consensus estimates of $1.73 by $0.21. The firm had revenue of $4.77 billion during the quarter, compared to the consensus estimate of $4.80 billion. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. The business's revenue was up 9.4% on a year-over-year basis. During the same period in the prior year, the firm earned $1.51 EPS. As a group, equities analysts predict 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 firm also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were given a dividend of $0.53 per share. This is a boost from Bank of New York Mellon's previous quarterly dividend of $0.47. The ex-dividend date was Friday, July 25th. This represents a $2.12 dividend on an annualized basis and a yield of 2.0%. Bank of New York Mellon's dividend payout ratio is currently 32.37%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on BK shares. Morgan Stanley raised 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. Truist Financial raised their target price on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the company a "hold" rating in a research note on Thursday, August 14th. Keefe, Bruyette & Woods boosted their price target on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 16th. Citigroup increased their price objective on shares of Bank of New York Mellon from $92.00 to $105.00 and gave the company a "neutral" rating in a report on Friday. Finally, Evercore ISI boosted their target price on Bank of New York Mellon from $88.00 to $90.00 and gave the stock an "in-line" rating in a report on Wednesday, July 2nd. Eight analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $96.62.

Insider Buying and Selling

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of the business's stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $98.45, for a total value 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. 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 hyperlink. Corporate insiders own 0.14% of the company's stock.

Bank of New York Mellon Company 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.