Brookwood Investment Group LLC Acquires New Position in The Bank of New York Mellon Corporation (NYSE:BK)

Key Points

• Brookwood Investment Group LLC has acquired a new position in The Bank of New York Mellon Corporation, purchasing 3,653 shares valued at approximately $306,000.
• The Bank of New York Mellon recently reported a quarterly earnings per share of $1.94, surpassing analysts' estimates of $1.73, with a year-over-year revenue increase of 9.4%.
• The bank declared an increased quarterly dividend of $0.53 per share, up from the previous $0.47, reflecting a dividend yield of 2.10%.

Brookwood Investment Group LLC purchased a new stake in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,653 shares of the bank's stock, valued at approximately $306,000.

Several other hedge funds have also made changes to their positions in the stock. Capital Analysts LLC grew its stake in Bank of New York Mellon by 3.7% in the 4th quarter. Capital Analysts LLC now owns 3,317 shares of the bank's stock worth $255,000 after buying an additional 119 shares in the last quarter. Syon Capital LLC grew its stake in Bank of New York Mellon by 2.5% in the 4th quarter. Syon Capital LLC now owns 5,432 shares of the bank's stock worth $417,000 after buying an additional 132 shares in the last quarter. Parallel Advisors LLC boosted its stake in shares of Bank of New York Mellon by 1.1% in the 1st quarter. Parallel Advisors LLC now owns 12,589 shares of the bank's stock valued at $1,056,000 after purchasing an additional 139 shares in the last quarter. Quotient Wealth Partners LLC boosted its stake in shares of Bank of New York Mellon by 4.7% in the 1st quarter. Quotient Wealth Partners LLC now owns 3,171 shares of the bank's stock valued at $266,000 after purchasing an additional 141 shares in the last quarter. Finally, Valmark Advisers Inc. boosted its stake in shares of Bank of New York Mellon by 1.1% in the 1st quarter. Valmark Advisers Inc. now owns 12,821 shares of the bank's stock valued at $1,075,000 after purchasing an additional 142 shares in the last quarter. Institutional investors own 85.31% of the company's stock.

Bank of New York Mellon Trading Up 1.0%

NYSE BK traded up $0.99 during trading on Friday, hitting $100.96. The company had a trading volume of 4,123,316 shares, compared to its average volume of 4,583,163. The company has a current ratio of 0.72, a quick ratio of 0.69 and a debt-to-equity ratio of 0.86. The Bank of New York Mellon Corporation has a one year low of $60.93 and a one year high of $101.16. The company has a market cap of $72.23 billion, a price-to-earnings ratio of 15.41, a price-to-earnings-growth ratio of 0.98 and a beta of 1.07. The company's fifty day moving average is $91.96 and its 200-day moving average is $86.05.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 EPS 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 business had revenue of $4.77 billion during the quarter, compared to analyst estimates of $4.80 billion. During the same period in the prior year, the business earned $1.51 EPS. The company's revenue for the quarter was up 9.4% on a year-over-year basis. On average, sell-side 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 declared a quarterly dividend, which will be paid on Thursday, August 7th. Investors of record on Friday, July 25th will be paid a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 2.10%. 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. Bank of New York Mellon's dividend payout ratio (DPR) is presently 28.70%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on BK shares. Evercore ISI upped their price objective on shares of 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 objective on shares of 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 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, July 16th. Wells Fargo & Company upped 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, July 16th. Finally, Truist Financial upped 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 note on Wednesday, July 16th. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $94.38.

Insider Activity

In related news, EVP J Kevin Mccarthy sold 30,000 shares of the stock in a transaction dated Tuesday, April 29th. The shares were sold at an average price of $79.03, for a total value of $2,370,900.00. Following the completion of the transaction, the executive vice president directly owned 55,115 shares in the company, valued at $4,355,738.45. This trade represents a 35.25% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.14% of the stock is currently owned by 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.