Advisors Asset Management Inc. Purchases 15,205 Shares of The Bank of New York Mellon Corporation $BK

Key Points

• Advisors Asset Management Inc. increased its holdings in The Bank of New York Mellon Corporation by 19.4%, owning 93,745 shares worth approximately $7.86 million after acquiring an additional 15,205 shares.
• Several institutional investors, including Sax Wealth Advisors LLC and Hemington Wealth Management, also boosted their positions in Bank of New York Mellon during the first quarter, reflecting strong interest from the investment community.
• The Bank of New York Mellon declared a quarterly dividend increase to $0.53 per share, up from $0.47, representing an annual yield of 2.0%.

Advisors Asset Management Inc. increased its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 19.4% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 93,745 shares of the bank's stock after purchasing an additional 15,205 shares during the period. Advisors Asset Management Inc.'s holdings in Bank of New York Mellon were worth $7,862,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the business. Alyeska Investment Group L.P. acquired a new position in shares of Bank of New York Mellon during the 1st quarter worth about $676,000. Aprio Wealth Management LLC acquired a new position in shares of Bank of New York Mellon during the 1st quarter worth about $221,000. Federation des caisses Desjardins du Quebec lifted its position in shares of Bank of New York Mellon by 58.8% during the 1st quarter. Federation des caisses Desjardins du Quebec now owns 663,812 shares of the bank's stock worth $55,705,000 after purchasing an additional 245,764 shares during the last quarter. Focus Partners Advisor Solutions LLC lifted its position in shares of Bank of New York Mellon by 106.7% during the 1st quarter. Focus Partners Advisor Solutions LLC now owns 7,659 shares of the bank's stock worth $642,000 after purchasing an additional 3,953 shares during the last quarter. Finally, Point72 Europe London LLP acquired a new position in shares of Bank of New York Mellon during the 1st quarter worth about $5,963,000. Institutional investors and hedge funds own 85.31% of the company's stock.

Analyst Ratings Changes

Several research firms have commented on BK. Morgan Stanley upped 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 upped 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. Evercore ISI upped 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. Citigroup upped their price target on Bank of New York Mellon from $92.00 to $105.00 and gave the company a "neutral" rating in a report on Friday. Finally, Truist Financial upped 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, August 14th. Eight analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, Bank of New York Mellon presently has a consensus rating of "Moderate Buy" and a consensus target price of $96.62.

Bank of New York Mellon Price Performance

NYSE BK traded up $1.21 during trading hours on Tuesday, reaching $105.23. 852,270 shares of the company's stock were exchanged, compared to its average volume of 4,098,131. The stock has a market cap of $74.21 billion, a PE ratio of 16.07, a price-to-earnings-growth ratio of 0.98 and a beta of 1.14. The Bank of New York Mellon Corporation has a one year low of $66.01 and a one year high of $106.57. The firm has a fifty day moving average of $100.07 and a 200-day moving average of $90.03. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.86.

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, topping analysts' consensus estimates 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 return on equity of 13.46% and a net margin of 12.27%.Bank of New York Mellon's revenue for the quarter was up 9.4% on a year-over-year basis. During the same period in the prior year, the company earned $1.51 EPS. On average, equities research 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 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%.

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 sale, the executive vice president directly owned 35,115 shares in the company, valued at $3,457,071.75. This represents a 36.29% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.14% of the stock is currently owned by company insiders.

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.