AMF Tjanstepension AB Acquires 24,654 Shares of The Bank of New York Mellon Corporation $BK

Key Points

• AMF Tjanstepension AB has increased its stake in The Bank of New York Mellon Corporation by 13.8%, acquiring an additional 24,654 shares to reach a total of 203,294 shares valued at approximately $18.5 million.
• The company recently announced a quarterly dividend increase from $0.47 to $0.53, representing a 2.0% yield with an annualized payout of $2.12.
• Several institutional investors have recently made significant purchases of Bank of New York Mellon shares, with institutional ownership now at 85.31%.

AMF Tjanstepension AB boosted its holdings in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 13.8% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 203,294 shares of the bank's stock after buying an additional 24,654 shares during the quarter. AMF Tjanstepension AB's holdings in Bank of New York Mellon were worth $18,535,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the business. Nuveen LLC bought a new stake in shares of Bank of New York Mellon during the 1st quarter valued at approximately $773,627,000. AustralianSuper Pty Ltd bought a new position in Bank of New York Mellon in the 1st quarter valued at approximately $92,502,000. Goldman Sachs Group Inc. boosted its position in Bank of New York Mellon by 26.3% in the first quarter. Goldman Sachs Group Inc. now owns 5,053,744 shares of the bank's stock valued at $423,858,000 after buying an additional 1,052,145 shares in the last quarter. Wellington Management Group LLP boosted its position in Bank of New York Mellon by 257.6% in the first quarter. Wellington Management Group LLP now owns 1,236,255 shares of the bank's stock valued at $103,685,000 after buying an additional 890,593 shares in the last quarter. Finally, AQR Capital Management LLC grew its stake in shares of Bank of New York Mellon by 37.7% during the first quarter. AQR Capital Management LLC now owns 3,244,204 shares of the bank's stock worth $266,349,000 after buying an additional 887,361 shares during the last quarter. Institutional investors and hedge funds own 85.31% of the company's stock.

Insider Buying and Selling

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of the stock in a transaction dated 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 sale, the executive vice president directly owned 35,115 shares in the company, valued at approximately $3,457,071.75. This trade represents a 36.29% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.14% of the company's stock.

Bank of New York Mellon Price Performance

Bank of New York Mellon stock opened at $106.48 on Friday. The firm has a market cap of $75.09 billion, a P/E ratio of 16.26, a P/E/G ratio of 1.00 and a beta of 1.13. The stock's 50 day moving average is $104.60 and its 200 day moving average is $92.93. 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 Bank of New York Mellon Corporation has a one year low of $70.46 and a one year high of $110.87.

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 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.73 by $0.21. The firm had revenue of $4.77 billion during the quarter, compared to analyst estimates of $4.80 billion. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. The company's revenue was up 9.4% compared to the same quarter last year. During the same quarter last year, the business earned $1.51 EPS. As a group, research analysts expect that The Bank of New York Mellon Corporation will post 6.96 EPS for the current year.

Bank of New York Mellon Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were issued a $0.53 dividend. The ex-dividend date was Friday, July 25th. This is a positive change from Bank of New York Mellon's previous quarterly dividend of $0.47. This represents a $2.12 annualized dividend and a yield of 2.0%. Bank of New York Mellon's dividend payout ratio (DPR) is presently 32.37%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on BK shares. Morgan Stanley raised their price objective on Bank of New York Mellon from $101.00 to $116.00 and gave the company an "overweight" rating in a report on Monday, September 29th. Citigroup lifted their price target 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. Wells Fargo & Company boosted their price target 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. Weiss Ratings reiterated a "buy (b+)" rating on shares of Bank of New York Mellon in a report on Saturday, September 27th. Finally, Evercore ISI boosted their target price on shares of Bank of New York Mellon from $91.00 to $110.00 and gave the stock an "in-line" rating in a report on Tuesday. Ten equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $103.46.

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.

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