AustralianSuper Pty Ltd Invests $92.50 Million in The Bank of New York Mellon Corporation (NYSE:BK)

AustralianSuper Pty Ltd acquired a new position in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 1,102,919 shares of the bank's stock, valued at approximately $92,502,000. AustralianSuper Pty Ltd owned 0.15% of Bank of New York Mellon as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Kestra Private Wealth Services LLC lifted its holdings in Bank of New York Mellon by 43.3% in the 1st quarter. Kestra Private Wealth Services LLC now owns 60,521 shares of the bank's stock worth $5,076,000 after buying an additional 18,287 shares during the period. Denali Advisors LLC purchased a new stake in Bank of New York Mellon in the 1st quarter worth approximately $723,000. Csenge Advisory Group lifted its holdings in Bank of New York Mellon by 5.8% in the 1st quarter. Csenge Advisory Group now owns 3,617 shares of the bank's stock worth $276,000 after buying an additional 198 shares during the period. Formidable Asset Management LLC purchased a new stake in Bank of New York Mellon in the 1st quarter worth approximately $247,000. Finally, Private Advisor Group LLC lifted its holdings in Bank of New York Mellon by 2.2% in the 1st quarter. Private Advisor Group LLC now owns 55,294 shares of the bank's stock worth $4,638,000 after buying an additional 1,180 shares during the period. Hedge funds and other institutional investors own 85.31% of the company's stock.

Bank of New York Mellon Stock Up 0.9%

NYSE:BK traded up $0.89 during trading hours on Friday, reaching $98.81. 5,658,224 shares of the company traded hands, compared to its average volume of 4,133,435. The business's 50-day moving average price is $90.84 and its two-hundred day moving average price is $85.28. The stock has a market capitalization of $70.69 billion, a P/E ratio of 15.09, a P/E/G ratio of 0.97 and a beta of 1.07. The Bank of New York Mellon Corporation has a 1 year low of $60.93 and a 1 year high of $99.04. The company has a current ratio of 0.72, a quick ratio of 0.69 and a debt-to-equity ratio of 0.86.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its 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 business had revenue of $4.77 billion during 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%. The company's quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter last year, the company earned $1.51 EPS. Analysts predict 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 will be paid on Thursday, August 7th. Shareholders of record on Friday, July 25th will be issued a $0.53 dividend. 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 is Friday, July 25th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.15%. Bank of New York Mellon's dividend payout ratio (DPR) is presently 28.70%.

Insider Activity at Bank of New York Mellon

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 30,000 shares of Bank of New York Mellon stock in a transaction on Tuesday, April 29th. The stock was sold at an average price of $79.03, for a total value of $2,370,900.00. Following the completion of the sale, the executive vice president owned 55,115 shares of the company's stock, valued at approximately $4,355,738.45. This trade represents a 35.25% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.14% of the company's stock.

Analysts Set New Price Targets

Several research firms have weighed in on BK. Morgan Stanley increased their price objective on Bank of New York Mellon from $95.00 to $101.00 and gave the stock an "overweight" rating in a report on Wednesday. Wells Fargo & Company raised their target price 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. Truist Financial raised their target price on Bank of New York Mellon from $97.00 to $100.00 and gave the company a "hold" rating in a research note on Wednesday. Evercore ISI raised their target price 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. Finally, Keefe, Bruyette & Woods raised their target price 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. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $94.38.

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.