Ascent Group LLC Purchases 8,072 Shares of The Bank of New York Mellon Corporation $BK

Key Points

• Ascent Group LLC increased its holdings in Bank of New York Mellon Corporation by 52.4%, owning a total of 23,477 shares worth approximately $1.97 million as of its latest SEC filing.
• The Bank of New York Mellon recently announced a quarterly dividend of $0.53 per share, a rise from the previous dividend of $0.47, translating to an annual yield of 2.1%.
• Analysts have raised their price targets for Bank of New York Mellon, with estimates ranging from $100.00 to $113.00, reflecting a consensus rating of "Moderate Buy".

Ascent Group LLC lifted its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 52.4% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 23,477 shares of the bank's stock after purchasing an additional 8,072 shares during the period. Ascent Group LLC's holdings in Bank of New York Mellon were worth $1,969,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in BK. Parvin Asset Management LLC bought a new stake in shares of Bank of New York Mellon during the fourth quarter worth $25,000. Opal Wealth Advisors LLC acquired a new position in shares of Bank of New York Mellon during the first quarter valued at $25,000. Alpine Bank Wealth Management acquired a new position in shares of Bank of New York Mellon during the first quarter valued at $25,000. Bellwether Advisors LLC acquired a new position in shares of Bank of New York Mellon during the fourth quarter valued at $28,000. Finally, REAP Financial Group LLC lifted its stake in shares of 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 valued at $30,000 after acquiring an additional 218 shares during the period. Institutional investors own 85.31% of the company's stock.

Bank of New York Mellon Stock Up 1.4%

Shares of NYSE BK traded up $1.42 during mid-day trading on Tuesday, reaching $104.54. 3,619,553 shares of the company's stock were exchanged, compared to its average volume of 3,276,520. The firm has a market capitalization of $73.73 billion, a price-to-earnings ratio of 15.96, a PEG ratio of 0.97 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. The business has a fifty day simple moving average of $97.52 and a 200 day simple moving average of $88.89. The Bank of New York Mellon Corporation has a twelve month low of $66.01 and a twelve month high of $104.76.

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 EPS for the quarter, topping analysts' consensus estimates of $1.73 by $0.21. The company had revenue of $4.77 billion for the quarter, compared to analyst estimates 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 revenue was up 9.4% compared to the same quarter last year. During the same quarter last year, the firm posted $1.51 earnings per share. As a group, equities analysts expect 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 firm also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were given a dividend of $0.53 per share. This is an increase from Bank of New York Mellon's previous quarterly dividend of $0.47. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend was Friday, July 25th. Bank of New York Mellon's payout ratio is 32.37%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Truist Financial upped their price target on Bank of New York Mellon from $100.00 to $109.00 and gave the company a "hold" rating in a research note on Thursday, August 14th. Evercore ISI upped their price target 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 upped their price target 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. Keefe, Bruyette & Woods upped their price target on Bank of New York Mellon from $105.00 to $113.00 and gave the company an "outperform" rating in a research note on Wednesday, July 16th. Finally, Wells Fargo & Company upped 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 research note on Wednesday, July 16th. 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, Bank of New York Mellon has an average rating of "Moderate Buy" and a consensus target price of $95.08.

Insider Activity at Bank of New York Mellon

In other news, EVP J Kevin Mccarthy sold 20,000 shares of the firm's 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 sale, the executive vice president owned 35,115 shares of the company's stock, 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 SEC, which is available through this hyperlink. 0.14% of the stock is currently owned by corporate insiders.

Bank of New York Mellon Company 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.