Banque Cantonale Vaudoise Invests $2.69 Million in The Bank of New York Mellon Corporation (NYSE:BK)

Key Points

• Banque Cantonale Vaudoise has acquired 32,027 shares of The Bank of New York Mellon Corporation, valued at approximately $2.7 million, marking their entry into the company's stock during the first quarter.
• Several analysts have upgraded their price targets for Bank of New York Mellon, with estimates ranging from $90 to $113, indicating a generally positive outlook on the stock, which currently holds a consensus rating of "Moderate Buy."
• The company recently announced a quarterly dividend increase from $0.47 to $0.53, with an annualized yield of 2.08%, reflecting its financial stability and commitment to returning value to shareholders.

Banque Cantonale Vaudoise bought a new stake in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 32,027 shares of the bank's stock, valued at approximately $2,686,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. TrueMark Investments LLC bought a new stake in Bank of New York Mellon during the 1st quarter valued at about $4,282,000. Wealth Enhancement Advisory Services LLC boosted its position in shares of Bank of New York Mellon by 29.1% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 223,438 shares of the bank's stock valued at $18,740,000 after buying an additional 50,368 shares during the last quarter. Formidable Asset Management LLC purchased a new position in Bank of New York Mellon in the 1st quarter worth about $247,000. Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in shares of Bank of New York Mellon by 121.8% during the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 183,602 shares of the bank's stock valued at $15,399,000 after acquiring an additional 100,810 shares during the last quarter. Finally, Benson Investment Management Company Inc. bought a new stake in shares of Bank of New York Mellon in the first quarter worth approximately $5,259,000. 85.31% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

BK has been the subject of several research analyst reports. Truist Financial lifted their price objective on Bank of New York Mellon from $97.00 to $100.00 and gave the stock a "hold" rating in a report on Wednesday, July 16th. Morgan Stanley lifted their price target on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 16th. Evercore ISI raised their target price 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 research note on Wednesday, July 16th. Finally, Keefe, Bruyette & Woods lifted their price objective on Bank of New York Mellon from $105.00 to $113.00 and gave the company an "outperform" rating in a research report on Wednesday, July 16th. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $94.38.

Insider Transactions 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 that occurred on Tuesday, July 22nd. The stock was sold at an average price of $98.45, for a total value of $1,969,000.00. Following the completion of the sale, the executive vice president directly owned 35,115 shares of the company's stock, valued at $3,457,071.75. This trade represents a 36.29% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.14% of the stock is currently owned by company insiders.

Bank of New York Mellon Price Performance

NYSE BK traded down $1.67 during trading on Friday, hitting $99.78. 3,665,800 shares of the stock traded hands, compared to its average volume of 4,302,989. The company has a quick ratio of 0.69, a current ratio of 0.72 and a debt-to-equity ratio of 0.86. The Bank of New York Mellon Corporation has a 12-month low of $60.93 and a 12-month high of $103.16. The firm has a 50-day simple moving average of $92.92 and a 200-day simple moving average of $86.67. The company has a market capitalization of $71.39 billion, a P/E ratio of 15.23, a price-to-earnings-growth ratio of 0.99 and a beta of 1.12.

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 for the quarter, topping 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 for the quarter, compared to analysts' expectations of $4.80 billion. During the same quarter in the previous year, the business posted $1.51 earnings per share. Bank of New York Mellon's quarterly revenue was up 9.4% on a year-over-year basis. As a group, analysts predict 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 business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 7th. Shareholders of record on Friday, July 25th will be paid a dividend of $0.53 per share. The ex-dividend date of this dividend is Friday, July 25th. This is an increase from Bank of New York Mellon's previous quarterly dividend of $0.47. This represents a $2.12 annualized dividend and a yield of 2.1%. Bank of New York Mellon's payout ratio is presently 32.37%.

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.