Abner Herrman & Brock LLC Raises Holdings in The Bank of New York Mellon Corporation $BK

Key Points

• Abner Herrman & Brock LLC significantly increased its holdings in The Bank of New York Mellon, raising its position by 98.3% during the second quarter, resulting in ownership of over 53,875 shares valued at approximately $4.9 million.
• Several hedge funds have also added or reduced their stakes in the bank, with 85.31% of the stock now owned by institutional investors, indicating strong institutional support.
• The Bank of New York Mellon recently announced a quarterly dividend increase from $0.47 to $0.53, representing an annual yield of 2.0% as of the last payment on August 7th.

Abner Herrman & Brock LLC increased its position in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 98.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 53,875 shares of the bank's stock after buying an additional 26,700 shares during the quarter. Abner Herrman & Brock LLC's holdings in Bank of New York Mellon were worth $4,909,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in BK. RB Capital Management LLC grew its stake in shares of Bank of New York Mellon by 1.6% during the second quarter. RB Capital Management LLC now owns 7,990 shares of the bank's stock valued at $728,000 after acquiring an additional 127 shares in the last quarter. Kera Capital Partners Inc. grew its stake in Bank of New York Mellon by 25.0% in the second quarter. Kera Capital Partners Inc. now owns 3,608 shares of the bank's stock worth $329,000 after purchasing an additional 721 shares in the last quarter. AG2R LA Mondiale Gestion D Actifs acquired a new position in Bank of New York Mellon in the first quarter valued at approximately $2,395,000. Swedbank AB boosted its stake in Bank of New York Mellon by 1.5% in the first quarter. Swedbank AB now owns 809,573 shares of the bank's stock valued at $67,899,000 after acquiring an additional 11,809 shares during the period. Finally, Invst LLC acquired a new position in Bank of New York Mellon in the first quarter valued at approximately $705,000. 85.31% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently weighed in on BK. Keefe, Bruyette & Woods lifted 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. 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 report on Wednesday, July 16th. Morgan Stanley lifted their price objective on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 16th. Citigroup lifted their price objective on shares of Bank of New York Mellon from $92.00 to $105.00 and gave the stock a "neutral" rating in a research report on Friday, September 5th. Finally, Evercore ISI boosted their price target on shares of 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. Eight research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $96.62.

Insider Activity at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the firm's stock in a transaction 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 sale, the executive vice president directly owned 35,115 shares in the company, valued at $3,457,071.75. This trade represents a 36.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.14% of the stock is currently owned by insiders.

Bank of New York Mellon Price Performance

Shares of Bank of New York Mellon stock opened at $106.46 on Friday. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.86. The stock has a market capitalization of $75.08 billion, a price-to-earnings ratio of 16.25, a P/E/G ratio of 1.00 and a beta of 1.14. The Bank of New York Mellon Corporation has a 1-year low of $68.51 and a 1-year high of $106.57. The firm's 50-day moving average price is $101.15 and its two-hundred day moving average price is $90.51.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its quarterly earnings results 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 business had revenue of $4.77 billion for the quarter, compared to analysts' expectations of $4.80 billion. During the same period in the prior year, the firm earned $1.51 earnings per share. Bank of New York Mellon's revenue was up 9.4% compared to the same quarter last year. On average, equities analysts predict that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Friday, July 25th were issued a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 2.0%. 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. Bank of New York Mellon's dividend payout ratio (DPR) is 32.37%.

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.

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