Allstate Corp Has $2.82 Million Stock Holdings in The Bank of New York Mellon Corporation $BK

Key Points

• Allstate Corp increased its stake in The Bank of New York Mellon Corporation by 55.7%, now holding 33,599 shares valued at approximately $2.82 million.
• The company announced a quarterly dividend increase to $0.53, up from the previous $0.47, representing a 2.1% yield.
• In recent analyst ratings, firms are showing positive outlooks for Bank of New York Mellon, with price targets raised by several brokerages, and a consensus rating of "Moderate Buy".

Allstate Corp increased its position in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 55.7% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 33,599 shares of the bank's stock after purchasing an additional 12,024 shares during the period. Allstate Corp's holdings in Bank of New York Mellon were worth $2,818,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of BK. Arnhold LLC acquired a new position in Bank of New York Mellon in the first quarter valued at approximately $218,000. Compound Planning Inc. boosted its stake in Bank of New York Mellon by 382.0% in the first quarter. Compound Planning Inc. now owns 45,123 shares of the bank's stock valued at $3,784,000 after acquiring an additional 35,761 shares during the period. Barnes Wealth Management Group Inc acquired a new position in Bank of New York Mellon in the first quarter valued at approximately $213,000. Ameriprise Financial Inc. boosted its stake in Bank of New York Mellon by 1.9% in the first quarter. Ameriprise Financial Inc. now owns 12,043,601 shares of the bank's stock valued at $1,010,093,000 after acquiring an additional 221,613 shares during the period. Finally, Norinchukin Bank The boosted its stake in Bank of New York Mellon by 14.4% in the first quarter. Norinchukin Bank The now owns 37,829 shares of the bank's stock valued at $3,173,000 after acquiring an additional 4,749 shares during the period. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Bank of New York Mellon Trading Up 1.4%

Shares of Bank of New York Mellon stock traded up $1.42 during trading on Tuesday, hitting $104.54. 3,619,553 shares of the company were exchanged, compared to its average volume of 4,186,334. The firm has a market capitalization of $73.73 billion, a P/E ratio of 15.96, a price-to-earnings-growth ratio of 0.97 and a beta of 1.12. The Bank of New York Mellon Corporation has a 1-year low of $66.01 and a 1-year high of $104.76. The firm's fifty day moving average price is $97.23 and its 200 day moving average price is $88.78. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.72.

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 (EPS) for the quarter, topping the consensus estimate of $1.73 by $0.21. The company had revenue of $4.77 billion during 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%.The company's revenue for the quarter was up 9.4% compared to the same quarter last year. During the same period in the previous year, the company earned $1.51 EPS. As a group, sell-side analysts expect 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 announced a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were paid a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend was Friday, July 25th. This is a positive change from Bank of New York Mellon's previous quarterly dividend of $0.47. Bank of New York Mellon's dividend payout ratio (DPR) is currently 32.37%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Wells Fargo & Company lifted their target price on Bank of New York Mellon from $96.00 to $100.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 16th. Truist Financial boosted their target price on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the company a "hold" rating in a research note on Thursday, August 14th. 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. 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. Finally, Keefe, Bruyette & Woods lifted their price objective 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. Eight equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $95.08.

Insider Transactions at Bank of New York Mellon

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of the company'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 of the company's stock, 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 SEC, which is available through this link. Insiders own 0.14% of the company's stock.

About Bank of New York Mellon

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.