Alyeska Investment Group L.P. Acquires New Shares in The Bank of New York Mellon Corporation $BK

Key Points

• Alyeska Investment Group L.P. has acquired 8,061 shares of The Bank of New York Mellon Corporation, valued at approximately $676,000, as part of its new position during the first quarter.
• Bank of New York Mellon increased its quarterly dividend from $0.47 to $0.53, resulting in an annualized dividend yield of 2.0%.
• In recent analyst evaluations, Bank of New York Mellon's stock received multiple target price increases, with a consensus average rating of "Moderate Buy" and an average target price of $96.62.

Alyeska Investment Group L.P. bought a new position in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 8,061 shares of the bank's stock, valued at approximately $676,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in BK. Opal Wealth Advisors LLC acquired a new stake in Bank of New York Mellon during the first quarter worth $25,000. Alpine Bank Wealth Management acquired a new stake in Bank of New York Mellon during the first quarter worth $25,000. REAP Financial Group LLC increased its stake in Bank of New York Mellon by 123.2% during the fourth quarter. REAP Financial Group LLC now owns 395 shares of the bank's stock worth $30,000 after acquiring an additional 218 shares during the last quarter. Cornerstone Planning Group LLC increased its stake in Bank of New York Mellon by 100.0% during the first quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank's stock worth $30,000 after acquiring an additional 196 shares during the last quarter. Finally, Orion Capital Management LLC acquired a new stake in Bank of New York Mellon during the first quarter worth $32,000. Institutional investors and hedge funds own 85.31% of the company's stock.

Insider Activity

In other 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 completion of the transaction, the executive vice president directly owned 35,115 shares of the company's stock, valued at approximately $3,457,071.75. This represents a 36.29% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.14% of the company's stock.

Analyst Ratings Changes

BK has been the subject of several recent analyst reports. Truist Financial raised their target price on Bank of New York Mellon from $100.00 to $109.00 and gave the stock a "hold" rating in a research note on Thursday, August 14th. Wells Fargo & Company lifted their price objective 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. Evercore ISI lifted their price objective on Bank of New York Mellon from $88.00 to $90.00 and gave the company an "in-line" rating in a research note on Wednesday, July 2nd. Morgan Stanley lifted their price objective on 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. Finally, Citigroup lifted their price objective on Bank of New York Mellon from $92.00 to $105.00 and gave the company a "neutral" rating in a research note on Friday, September 5th. Eight analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $96.62.

Bank of New York Mellon Stock Performance

BK traded up $0.86 on Friday, hitting $106.46. 2,609,349 shares of the company traded hands, compared to its average volume of 2,833,322. The company has a 50 day moving average of $101.15 and a 200-day moving average of $90.49. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.86. The stock has a market capitalization of $75.08 billion, a PE ratio of 16.25, a PEG ratio of 1.00 and a beta of 1.14. The Bank of New York Mellon Corporation has a 12-month low of $68.51 and a 12-month high of $106.57.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, beating the consensus estimate of $1.73 by $0.21. The firm 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%.The firm's revenue was up 9.4% compared to the same quarter last year. During the same period in the prior year, the business earned $1.51 EPS. Sell-side analysts anticipate that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current year.

Bank of New York Mellon Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were paid 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 of this dividend was Friday, July 25th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.0%. Bank of New York Mellon's dividend payout ratio (DPR) is currently 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.