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Bridgewater Advisors Inc. Makes New Investment in The Bank of New York Mellon Corporation (NYSE:BK)

Bank of New York Mellon logo with Finance background

Bridgewater Advisors Inc. purchased a new stake in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 3,308 shares of the bank's stock, valued at approximately $265,000.

A number of other large investors also recently made changes to their positions in BK. Parvin Asset Management LLC bought a new position in Bank of New York Mellon during the 4th quarter worth about $25,000. Opal Wealth Advisors LLC bought a new position in Bank of New York Mellon during the first quarter worth about $25,000. Alpine Bank Wealth Management bought a new stake in shares of Bank of New York Mellon during the first quarter worth approximately $25,000. Bellwether Advisors LLC bought a new stake in shares of Bank of New York Mellon during the fourth quarter worth approximately $28,000. Finally, REAP Financial Group LLC raised its position in shares of Bank of New York Mellon by 123.2% in the fourth quarter. REAP Financial Group LLC now owns 395 shares of the bank's stock valued at $30,000 after buying an additional 218 shares in the last quarter. Institutional investors and hedge funds own 85.31% of the company's stock.

Bank of New York Mellon Price Performance

Shares of BK traded up $0.89 during mid-day trading on Friday, reaching $98.81. The stock had a trading volume of 5,658,224 shares, compared to its average volume of 4,133,435. The firm has a market cap of $70.69 billion, a price-to-earnings ratio of 15.09, a PEG ratio of 0.97 and a beta of 1.07. The Bank of New York Mellon Corporation has a 12 month low of $60.93 and a 12 month high of $99.04. The business has a fifty day moving average of $90.84 and a 200 day moving average of $85.28. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.69 and a current ratio of 0.72.

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 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 the consensus estimate of $4.80 billion. During the same quarter in the prior year, the firm earned $1.51 earnings per share. Bank of New York Mellon's revenue was up 9.4% on a year-over-year basis. Equities 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 firm also recently declared a quarterly dividend, which will be paid on Thursday, August 7th. Stockholders of record on Friday, July 25th will be issued a $0.53 dividend. The ex-dividend date of this dividend is Friday, July 25th. This represents a $2.12 annualized dividend and a dividend yield of 2.15%. This is a positive change from Bank of New York Mellon's previous quarterly dividend of $0.47. Bank of New York Mellon's payout ratio is currently 28.70%.

Analysts Set New Price Targets

Several brokerages have commented on BK. Truist Financial boosted their price objective on shares of Bank of New York Mellon from $97.00 to $100.00 and gave the company a "hold" rating in a research report on Wednesday. Wells Fargo & Company increased their price objective on shares of 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. Keefe, Bruyette & Woods increased their price objective on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the company an "outperform" rating in a research note on Wednesday. Morgan Stanley raised their price objective on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the stock an "overweight" rating in a report on Wednesday. Finally, Evercore ISI raised their price objective on shares of 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. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $94.38.

Check Out Our Latest Stock Analysis on BK

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 the business's stock in a transaction that occurred on Tuesday, April 29th. The shares were sold at an average price of $79.03, for a total transaction of $2,370,900.00. Following the sale, the executive vice president owned 55,115 shares of the company's stock, valued at approximately $4,355,738.45. The trade was a 35.25% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.14% of the company's stock.

Bank of New York Mellon Company Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Bank of New York Mellon (NYSE:BK)

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