Aberdeen Group plc Purchases 64,157 Shares of The Bank of New York Mellon Corporation $BK

Key Points

• Aberdeen Group plc increased its stake in The Bank of New York Mellon Corporation by 10.5% during the second quarter, acquiring an additional 64,157 shares, bringing its total ownership to 676,637 shares valued at approximately $61.6 million.
• The Bank of New York Mellon has raised its quarterly dividend from $0.47 to $0.53 per share, representing a 2.0% yield and a payout ratio of 32.37%.
• Several analysts have recently adjusted their price targets for Bank of New York Mellon, with Goldman Sachs setting a target of $120.00 and confirming a "buy" rating, while the average consensus price target is $106.77.

Aberdeen Group plc raised its position in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 10.5% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 676,637 shares of the bank's stock after purchasing an additional 64,157 shares during the quarter. Aberdeen Group plc owned 0.09% of Bank of New York Mellon worth $61,608,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Nuveen LLC bought a new stake in shares of Bank of New York Mellon in the first quarter worth approximately $773,627,000. AustralianSuper Pty Ltd bought a new stake in shares of Bank of New York Mellon in the first quarter worth approximately $92,502,000. Goldman Sachs Group Inc. grew its stake in shares of Bank of New York Mellon by 26.3% in the first quarter. Goldman Sachs Group Inc. now owns 5,053,744 shares of the bank's stock worth $423,858,000 after acquiring an additional 1,052,145 shares during the period. Wellington Management Group LLP grew its stake in shares of Bank of New York Mellon by 257.6% in the first quarter. Wellington Management Group LLP now owns 1,236,255 shares of the bank's stock worth $103,685,000 after acquiring an additional 890,593 shares during the period. Finally, AQR Capital Management LLC grew its stake in shares of Bank of New York Mellon by 37.7% in the first quarter. AQR Capital Management LLC now owns 3,244,204 shares of the bank's stock worth $266,349,000 after acquiring an additional 887,361 shares during the period. 85.31% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

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 that occurred on 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 transaction, the executive vice president owned 35,115 shares of the company's stock, valued at $3,457,071.75. The trade was a 36.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.14% of the stock is owned by corporate insiders.

Bank of New York Mellon Price Performance

Shares of NYSE:BK opened at $104.63 on Friday. 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 Bank of New York Mellon Corporation has a 1-year low of $70.46 and a 1-year high of $110.87. The company has a market capitalization of $73.79 billion, a P/E ratio of 15.97, a P/E/G ratio of 0.98 and a beta of 1.13. The firm's 50 day simple moving average is $105.10 and its two-hundred day simple moving average is $93.74.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its quarterly earnings results on Tuesday, March 26th. The bank reported $1.30 earnings per share for the quarter. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. The business had revenue of $4.38 billion for the quarter. Research analysts expect 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. Shareholders of record on Friday, July 25th were issued a dividend of $0.53 per share. This is an increase from Bank of New York Mellon's previous quarterly dividend of $0.47. This represents a $2.12 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend was Friday, July 25th. Bank of New York Mellon's payout ratio is presently 32.37%.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Truist Financial lifted their price target on shares of Bank of New York Mellon from $109.00 to $118.00 and gave the stock a "hold" rating in a research note on Thursday, October 2nd. Evercore ISI lifted their price target on shares of Bank of New York Mellon from $91.00 to $110.00 and gave the stock an "in-line" rating in a research note on Tuesday, September 30th. Wells Fargo & Company lifted their price target 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. The Goldman Sachs Group boosted their target price on shares of Bank of New York Mellon from $106.00 to $120.00 and gave the company a "buy" rating in a research report on Monday, October 6th. Finally, TD Cowen assumed coverage on shares of Bank of New York Mellon in a research report on Thursday, September 25th. They set a "buy" rating for the company. Ten investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat, Bank of New York Mellon currently has an average rating of "Moderate Buy" and a consensus price target of $106.77.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.