Arnhold LLC Makes New Investment in The Bank of New York Mellon Corporation $BK

Key Points

• Arnhold LLC purchased a new stake in The Bank of New York Mellon Corporation, acquiring 2,594 shares valued at approximately $218,000 in the first quarter.
• The bank recently reported quarter earnings of $1.94 EPS, surpassing the forecast of $1.73, and announced a quarterly dividend increase to $0.53 per share.
• Analysts have upgraded their price targets for Bank of New York Mellon, with estimates ranging from $90.00 to $113.00, reflecting strong interest and ratings from multiple institutions.

Arnhold LLC bought a new stake in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 2,594 shares of the bank's stock, valued at approximately $218,000.

Other institutional investors have also recently bought and sold shares of the company. Revolve Wealth Partners LLC acquired a new stake in shares of Bank of New York Mellon in the fourth quarter worth $220,000. OneDigital Investment Advisors LLC increased its stake in shares of Bank of New York Mellon by 1.7% in the fourth quarter. OneDigital Investment Advisors LLC now owns 25,376 shares of the bank's stock worth $1,950,000 after purchasing an additional 435 shares during the period. Syon Capital LLC increased its position in Bank of New York Mellon by 2.5% during the fourth quarter. Syon Capital LLC now owns 5,432 shares of the bank's stock worth $417,000 after acquiring an additional 132 shares during the period. Integrated Wealth Concepts LLC raised its holdings in Bank of New York Mellon by 14.7% in the 4th quarter. Integrated Wealth Concepts LLC now owns 42,975 shares of the bank's stock valued at $3,302,000 after acquiring an additional 5,509 shares in the last quarter. Finally, Voya Investment Management LLC raised its stake in shares of Bank of New York Mellon by 4.8% in the 4th quarter. Voya Investment Management LLC now owns 1,486,961 shares of the bank's stock valued at $114,243,000 after buying an additional 68,653 shares in the last quarter. Hedge funds and other institutional investors own 85.31% of the company's stock.

Bank of New York Mellon Price Performance

Bank of New York Mellon stock opened at $101.7220 on Friday. The business has a 50-day moving average of $96.69 and a 200-day moving average of $88.50. The Bank of New York Mellon Corporation has a 1 year low of $65.24 and a 1 year high of $104.47. The firm has a market capitalization of $71.74 billion, a P/E ratio of 15.53, a PEG ratio of 0.96 and a beta of 1.12. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.86.

Bank of New York Mellon (NYSE:BK - Get Free Report) last announced its quarterly earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.73 by $0.21. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. The company had revenue of $4.77 billion during the quarter, compared to analyst estimates of $4.80 billion. During the same quarter in the previous year, the business earned $1.51 EPS. The firm's revenue was up 9.4% on a year-over-year basis. On average, equities analysts anticipate 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 given a $0.53 dividend. The ex-dividend date of this dividend was Friday, July 25th. This represents a $2.12 dividend on an annualized basis and a yield of 2.1%. This is a boost from Bank of New York Mellon's previous quarterly dividend of $0.47. Bank of New York Mellon's payout ratio is 32.37%.

Analyst Ratings Changes

BK has been the topic of several recent analyst reports. Evercore ISI boosted their target price on shares of 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 boosted their price target on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the company an "overweight" rating in a research report on Wednesday, July 16th. Keefe, Bruyette & Woods raised their price target 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. Wells Fargo & Company lifted their price target on Bank of New York Mellon from $96.00 to $100.00 and gave the company an "equal weight" rating in a report on Wednesday, July 16th. Finally, Truist Financial increased their price objective on shares of 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 assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $95.08.

Insiders Place Their Bets

In other news, EVP J Kevin Mccarthy sold 20,000 shares of Bank of New York Mellon stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $98.45, for a total value of $1,969,000.00. Following the sale, the executive vice president directly owned 35,115 shares in the company, valued at $3,457,071.75. This trade represents a 36.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.14% of the stock is currently owned by company insiders.

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.

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