Aigen Investment Management LP Makes New Investment in The Bank of New York Mellon Corporation (NYSE:BK)

Key Points

• Aigen Investment Management LP invested $425,000 in The Bank of New York Mellon Corporation, acquiring 5,071 shares of stock.
• The Bank of New York Mellon recently increased its quarterly dividend from $0.47 to $0.53 per share, reflecting an annual yield of 2.0%.
• In its latest earnings report, The Bank of New York Mellon reported an EPS of $1.94, exceeding expectations and marking a 9.4% year-over-year revenue growth.

Aigen Investment Management LP acquired a new stake in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 5,071 shares of the bank's stock, valued at approximately $425,000.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Northern Trust Corp raised its holdings in shares of Bank of New York Mellon by 19.1% during the 4th quarter. Northern Trust Corp now owns 9,533,615 shares of the bank's stock valued at $732,468,000 after buying an additional 1,526,686 shares during the period. GAMMA Investing LLC increased its holdings in Bank of New York Mellon by 9,538.9% during the 1st quarter. GAMMA Investing LLC now owns 1,399,958 shares of the bank's stock worth $117,414,000 after purchasing an additional 1,385,434 shares during the last quarter. AustralianSuper Pty Ltd purchased a new stake in Bank of New York Mellon during the 1st quarter worth approximately $92,502,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Bank of New York Mellon by 15.9% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,689,477 shares of the bank's stock worth $590,783,000 after purchasing an additional 1,055,389 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings in Bank of New York Mellon by 26.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 5,053,744 shares of the bank's stock worth $423,858,000 after purchasing an additional 1,052,145 shares during the last quarter. 85.31% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the business's 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 completion of the transaction, the executive vice president owned 35,115 shares in the company, valued at $3,457,071.75. The trade was a 36.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.14% of the stock is owned by corporate insiders.

Analyst Ratings Changes

BK has been the topic of several analyst reports. Truist Financial lifted their price objective on Bank of New York Mellon from $100.00 to $109.00 and gave the stock a "hold" rating in a report on Thursday. Evercore ISI lifted their price objective 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. Keefe, Bruyette & Woods lifted their price objective on Bank of New York Mellon from $105.00 to $113.00 and gave the stock an "outperform" rating in a report on Wednesday, July 16th. Morgan Stanley lifted their price objective on Bank of New York Mellon from $95.00 to $101.00 and gave the stock an "overweight" rating in a report on Wednesday, July 16th. Finally, Wells Fargo & Company lifted their price objective on Bank of New York Mellon from $96.00 to $100.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 16th. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $95.08.

Bank of New York Mellon Stock Performance

NYSE:BK traded down $2.44 during midday trading on Friday, reaching $100.91. 3,736,893 shares of the company traded hands, compared to its average volume of 3,571,795. The Bank of New York Mellon Corporation has a twelve month low of $65.01 and a twelve month high of $104.47. The firm has a market capitalization of $71.17 billion, a price-to-earnings ratio of 15.41, a price-to-earnings-growth ratio of 0.97 and a beta of 1.12. 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 company has a fifty day moving average price of $95.77 and a 200 day moving average price of $88.09.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.73 by $0.21. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%. The business had revenue of $4.77 billion during the quarter, compared to analyst estimates of $4.80 billion. During the same quarter in the previous year, the firm posted $1.51 EPS. The business's revenue for the quarter was up 9.4% compared to the same quarter last year. On average, 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 business also recently disclosed 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. The ex-dividend date was Friday, July 25th. This represents a $2.12 dividend on an annualized basis and a yield of 2.1%. This is an increase from Bank of New York Mellon's previous quarterly dividend of $0.47. Bank of New York Mellon's payout ratio is presently 32.37%.

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.