Alteri Wealth LLC purchased a new stake in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 3,239 shares of the bank's stock, valued at approximately $272,000.
Several other institutional investors have also recently made changes to their positions in BK. FMR LLC lifted its holdings 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 worth $1,772,590,000 after buying an additional 3,732,862 shares in the last quarter. Northern Trust Corp lifted its position in Bank of New York Mellon by 19.1% during 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 raised its stake 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 acquiring an additional 1,385,434 shares during the period. Arrowstreet Capital Limited Partnership increased its stake in Bank of New York Mellon by 17.0% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,751,219 shares of the bank's stock worth $595,526,000 after buying an additional 1,125,493 shares during the period. Finally, AustralianSuper Pty Ltd bought a new position in Bank of New York Mellon during the 1st quarter worth about $92,502,000. Institutional investors own 85.31% of the company's stock.
Bank of New York Mellon Stock Performance
Shares of NYSE BK traded down $0.38 during mid-day trading on Thursday, hitting $101.92. 901,132 shares of the company were exchanged, compared to its average volume of 4,282,250. The company has a quick ratio of 0.69, a current ratio of 0.72 and a debt-to-equity ratio of 0.86. The stock has a 50 day simple moving average of $92.67 and a 200-day simple moving average of $86.50. The Bank of New York Mellon Corporation has a 1-year low of $60.93 and a 1-year high of $103.16. The firm has a market cap of $72.92 billion, a price-to-earnings ratio of 15.56, a price-to-earnings-growth ratio of 0.99 and a beta of 1.07.
Bank of New York Mellon (NYSE:BK - Get Free Report) last released its earnings results on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, beating analysts' consensus estimates of $1.73 by $0.21. The company had revenue of $4.77 billion during the quarter, compared to the consensus estimate 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 quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter last year, the company earned $1.51 earnings per share. On average, sell-side analysts forecast 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 will be paid on Thursday, August 7th. Investors of record on Friday, July 25th will be given a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 2.08%. The ex-dividend date is Friday, July 25th. This is a boost 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 Analysts Forecast Growth
A number of analysts have recently weighed in on BK shares. Evercore ISI raised 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 boosted their target price on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the company an "overweight" rating in a research note on Wednesday, July 16th. Keefe, Bruyette & Woods upped 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 report on Wednesday, July 16th. Truist Financial boosted their price target on shares of Bank of New York Mellon from $97.00 to $100.00 and gave the company a "hold" rating in a research report on Wednesday, July 16th. Finally, Wells Fargo & Company upped their target price 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. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $94.38.
View Our Latest Stock Analysis on BK
Insider Activity
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 transaction, the executive vice president directly owned 35,115 shares of the company's stock, valued at approximately $3,457,071.75. The trade was a 36.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.14% of the company's stock.
Bank of New York Mellon Company Profile
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Free Report)
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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