Board of the Pension Protection Fund Boosts Stock Holdings in The Bank of New York Mellon Corporation $BK

Key Points

• The Board of the Pension Protection Fund increased its stake in The Bank of New York Mellon Corporation by 69.6% in Q2, now holding 17,300 shares worth approximately $1.58 million.
• A significant number of institutional investors, including Nuveen LLC and Wellington Management Group, have also substantially increased their positions in BK, with an overall 85.31% of shares owned by institutional investors.
• The Bank of New York Mellon recently raised its quarterly dividend to $0.53 per share, representing a yield of 2.0%, reflecting strong financial performance.

Board of the Pension Protection Fund boosted its stake in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 69.6% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 17,300 shares of the bank's stock after acquiring an additional 7,100 shares during the period. Bank of New York Mellon accounts for 1.7% of Board of the Pension Protection Fund's portfolio, making the stock its 11th largest holding. Board of the Pension Protection Fund's holdings in Bank of New York Mellon were worth $1,576,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in BK. Nuveen LLC purchased a new position in shares of Bank of New York Mellon in the 1st quarter worth $773,627,000. AustralianSuper Pty Ltd purchased a new position in shares of Bank of New York Mellon in the 1st quarter worth $92,502,000. Goldman Sachs Group Inc. grew its stake in shares of Bank of New York Mellon by 26.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 5,053,744 shares of the bank's stock worth $423,858,000 after buying an additional 1,052,145 shares in the last quarter. Wellington Management Group LLP grew its stake in shares of Bank of New York Mellon by 257.6% in the 1st quarter. Wellington Management Group LLP now owns 1,236,255 shares of the bank's stock worth $103,685,000 after buying an additional 890,593 shares in the last quarter. Finally, AQR Capital Management LLC grew its stake in shares of Bank of New York Mellon by 37.7% in the 1st quarter. AQR Capital Management LLC now owns 3,244,204 shares of the bank's stock worth $266,349,000 after buying an additional 887,361 shares in the last quarter. 85.31% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, EVP J Kevin Mccarthy sold 20,000 shares of Bank of New York Mellon stock in a transaction dated Tuesday, July 22nd. The shares were 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 filing with the SEC, which is available through the SEC website. 0.14% of the stock is owned by insiders.

Analyst Ratings Changes

A number of brokerages have commented on BK. Evercore ISI lifted their price objective on shares of Bank of New York Mellon from $91.00 to $110.00 and gave the stock an "in-line" rating in a research note on Tuesday, September 30th. Truist Financial lifted their price objective on shares of Bank of New York Mellon from $109.00 to $118.00 and gave the stock a "hold" rating in a research note on Thursday, October 2nd. Weiss Ratings restated a "buy (b+)" rating on shares of Bank of New York Mellon in a report on Wednesday. Keefe, Bruyette & Woods raised their target price on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the stock an "outperform" rating in a report on Wednesday, July 16th. Finally, Citigroup raised their target price on shares of 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. Ten research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Bank of New York Mellon has an average rating of "Moderate Buy" and an average target price of $106.77.

Bank of New York Mellon Price Performance

Bank of New York Mellon stock opened at $104.63 on Friday. The firm has a 50-day moving average price of $105.10 and a 200-day moving average price of $93.74. The firm has a market capitalization of $73.79 billion, a PE ratio of 15.97, a price-to-earnings-growth ratio of 0.98 and a beta of 1.13. 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 Bank of New York Mellon Corporation has a 12-month low of $70.46 and a 12-month high of $110.87.

Bank of New York Mellon (NYSE:BK - Get Free Report) last announced its quarterly earnings data on Tuesday, March 26th. The bank reported $1.30 earnings per share for the quarter. 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 $4.38 billion during the quarter. As a group, equities research analysts forecast 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 was paid on Thursday, August 7th. Investors of record on Friday, July 25th were issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date was Friday, July 25th. This is a positive change from Bank of New York Mellon's previous quarterly dividend of $0.47. Bank of New York Mellon's dividend payout ratio (DPR) is 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.

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