Aprio Wealth Management LLC Invests $221,000 in The Bank of New York Mellon Corporation $BK

Key Points

• Aprio Wealth Management LLC made a new investment of $221,000 in The Bank of New York Mellon Corporation, acquiring 2,637 shares during the first quarter.
• The bank has reported a quarterly EPS of $1.94, exceeding expectations, and experienced a revenue increase of 9.4% year-over-year.
• The Bank of New York Mellon recently increased its quarterly dividend to $0.53 per share, reflecting a yield of 2.0%, up from the previous dividend of $0.47.

Aprio Wealth Management LLC 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 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,637 shares of the bank's stock, valued at approximately $221,000.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Opal Wealth Advisors LLC purchased a new position in Bank of New York Mellon during the first quarter worth about $25,000. Alpine Bank Wealth Management purchased a new position in Bank of New York Mellon during the first quarter worth about $25,000. REAP Financial Group LLC lifted its position 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 buying an additional 218 shares during the period. Cornerstone Planning Group LLC lifted its position 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 buying an additional 196 shares during the period. Finally, Orion Capital Management LLC purchased a new position in Bank of New York Mellon during the first quarter worth about $32,000. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of the firm'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 sale, the executive vice president owned 35,115 shares in the company, valued at $3,457,071.75. This trade represents a 36.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.14% of the stock is currently owned by company insiders.

Bank of New York Mellon Stock Down 1.0%

Shares of BK stock traded down $1.03 during trading hours on Wednesday, reaching $103.74. The company had a trading volume of 683,724 shares, compared to its average volume of 4,096,060. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.72 and a current ratio of 0.72. The Bank of New York Mellon Corporation has a twelve month low of $66.01 and a twelve month high of $106.57. The company has a market capitalization of $73.16 billion, a P/E ratio of 15.84, a price-to-earnings-growth ratio of 0.98 and a beta of 1.14. The stock's fifty day simple moving average is $100.35 and its 200 day simple moving average is $90.13.

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, 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 last year, the firm earned $1.51 earnings per share. The company's revenue for the quarter was up 9.4% compared to the same quarter last year. 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 disclosed a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Friday, July 25th were paid a dividend of $0.53 per share. This is a boost from Bank of New York Mellon's previous quarterly dividend of $0.47. The ex-dividend date was Friday, July 25th. This represents a $2.12 dividend on an annualized basis and a yield of 2.0%. Bank of New York Mellon's payout ratio is 32.37%.

Analyst Upgrades and Downgrades

BK has been the topic of several recent analyst reports. Keefe, Bruyette & Woods increased their target price on Bank of New York Mellon from $105.00 to $113.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 16th. Citigroup raised their price objective on Bank of New York Mellon from $92.00 to $105.00 and gave the stock a "neutral" rating in a report on Friday, September 5th. Evercore ISI raised 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. Wells Fargo & Company raised 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. Finally, Truist Financial raised 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, August 14th. Eight investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $96.62.

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.