Advisor OS LLC Invests $296,000 in The Bank of New York Mellon Corporation (NYSE:BK)

Key Points

• Advisor OS LLC purchased 3,531 shares of The Bank of New York Mellon Corporation, valued at approximately $296,000, as disclosed in their recent SEC filing.
• The bank recently reported an EPS of $1.94 for the quarter, surpassing analysts’ expectations, and had a revenue of $4.77 billion, which reflects a 9.4% increase year-over-year.
• Bank of New York Mellon announced a dividend increase to $0.53 per share, with an upcoming payment date of August 7th, representing a yield of 2.10%.

Advisor OS LLC purchased a new position in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 3,531 shares of the bank's stock, valued at approximately $296,000.

Several other large investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Bank of New York Mellon in the fourth quarter valued at approximately $1,150,462,000. FMR LLC grew its position in shares of Bank of New York Mellon by 19.3% in the fourth quarter. FMR LLC now owns 23,071,584 shares of the bank's stock valued at $1,772,590,000 after purchasing an additional 3,732,862 shares during the last quarter. Northern Trust Corp grew its position in shares of Bank of New York Mellon by 19.1% in the fourth quarter. Northern Trust Corp now owns 9,533,615 shares of the bank's stock valued at $732,468,000 after purchasing an additional 1,526,686 shares during the last quarter. GAMMA Investing LLC grew its position in shares of Bank of New York Mellon by 9,538.9% in the first quarter. GAMMA Investing LLC now owns 1,399,958 shares of the bank's stock valued at $117,414,000 after purchasing an additional 1,385,434 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its position in shares of Bank of New York Mellon by 17.0% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 7,751,219 shares of the bank's stock valued at $595,526,000 after purchasing an additional 1,125,493 shares during the last quarter. 85.31% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on BK. Wells Fargo & Company increased their price target on shares of Bank of New York Mellon from $96.00 to $100.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 16th. Morgan Stanley raised their target price 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. 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 report on Wednesday, July 16th. Truist Financial raised their target price on shares of Bank of New York Mellon from $97.00 to $100.00 and gave the stock a "hold" rating in a research report on Wednesday, July 16th. Finally, 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 report on Wednesday, July 2nd. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $94.38.

Insider Transactions at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 20,000 shares of Bank of New York Mellon 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 owned 35,115 shares of the company's stock, valued at $3,457,071.75. The trade was a 36.29% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.14% of the stock is owned by company insiders.

Bank of New York Mellon Trading Up 1.0%

Shares of BK traded up $0.99 during mid-day trading on Friday, reaching $100.96. The company had a trading volume of 4,123,316 shares, compared to its average volume of 4,583,163. The company has a current ratio of 0.72, a quick ratio of 0.69 and a debt-to-equity ratio of 0.86. The stock has a market cap of $72.23 billion, a price-to-earnings ratio of 15.41, a price-to-earnings-growth ratio of 0.98 and a beta of 1.07. The firm has a fifty day simple moving average of $91.96 and a 200-day simple moving average of $86.05. The Bank of New York Mellon Corporation has a fifty-two week low of $60.93 and a fifty-two week high of $101.16.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share for the quarter, beating the consensus estimate of $1.73 by $0.21. The business had revenue of $4.77 billion for the quarter, compared to analyst estimates 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 quarterly revenue was up 9.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.51 EPS. On average, 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 firm also recently announced a quarterly dividend, which will be paid on Thursday, August 7th. Investors of record on Friday, July 25th will be issued a dividend of $0.53 per share. This is a positive change from Bank of New York Mellon's previous quarterly dividend of $0.47. The ex-dividend date is Friday, July 25th. This represents a $2.12 annualized dividend and a dividend yield of 2.10%. Bank of New York Mellon's payout ratio is presently 28.70%.

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.