Caitlin John LLC Takes Position in The Bank of New York Mellon Corporation $BK

Key Points

• Caitlin John LLC has acquired a new stake in The Bank of New York Mellon Corporation, purchasing 3,865 shares valued at approximately $352,000.
• The bank recently reported $1.94 earnings per share for the last quarter, surpassing expectations, but noted its revenue was slightly below analyst forecasts.
• The company has increased its quarterly dividend to $0.53 per share, reflecting a boost from the previous dividend and indicating a 2.0% dividend yield.

Caitlin John LLC purchased a new position in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 3,865 shares of the bank's stock, valued at approximately $352,000.

A number of other institutional investors also recently made changes to their positions in BK. Revolve Wealth Partners LLC purchased a new stake in shares of Bank of New York Mellon in the 4th quarter worth about $220,000. Woodline Partners LP bought a new stake in Bank of New York Mellon during the 4th quarter valued at about $3,355,000. Vise Technologies Inc. boosted its holdings in shares of Bank of New York Mellon by 32.3% during the 4th quarter. Vise Technologies Inc. now owns 11,805 shares of the bank's stock valued at $907,000 after acquiring an additional 2,880 shares during the last quarter. Sunbelt Securities Inc. boosted its holdings in shares of Bank of New York Mellon by 1,298.5% during the 4th quarter. Sunbelt Securities Inc. now owns 7,454 shares of the bank's stock valued at $575,000 after acquiring an additional 6,921 shares during the last quarter. Finally, Mackenzie Financial Corp boosted its holdings in shares of Bank of New York Mellon by 11.8% during the 4th quarter. Mackenzie Financial Corp now owns 100,179 shares of the bank's stock valued at $7,697,000 after acquiring an additional 10,590 shares during the last quarter. Hedge funds and other institutional investors own 85.31% of the company's stock.

Insider Buying and Selling

In other news, EVP J Kevin Mccarthy sold 20,000 shares of the business'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 transaction, the executive vice president owned 35,115 shares of the company's stock, valued at approximately $3,457,071.75. The trade was a 36.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.14% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on BK. Evercore ISI lifted their price target on shares of Bank of New York Mellon from $88.00 to $90.00 and gave the company an "in-line" rating in a report on Wednesday, July 2nd. Morgan Stanley boosted 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 report on Wednesday, July 16th. Citigroup upped their price objective on shares of Bank of New York Mellon from $92.00 to $105.00 and gave the stock a "neutral" rating in a research note on Friday, September 5th. Wells Fargo & Company increased their price target 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 report on Wednesday, July 16th. Finally, Keefe, Bruyette & Woods increased their price target 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. Eight research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $96.62.

Bank of New York Mellon Trading Up 0.7%

Shares of NYSE:BK traded up $0.76 during midday trading on Monday, reaching $109.47. 2,905,255 shares of the company's stock were exchanged, compared to its average volume of 3,012,109. The stock has a market cap of $77.20 billion, a price-to-earnings ratio of 16.71, a P/E/G ratio of 1.03 and a beta of 1.14. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.72. The firm's 50 day simple moving average is $102.82 and its two-hundred day simple moving average is $91.42. The Bank of New York Mellon Corporation has a fifty-two week low of $70.41 and a fifty-two week high of $109.72.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share for the quarter, beating the consensus estimate of $1.73 by $0.21. The company had revenue of $4.77 billion during the quarter, compared to the consensus estimate of $4.80 billion. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%.Bank of New York Mellon's revenue was up 9.4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.51 EPS. As a group, sell-side analysts forecast that The Bank of New York Mellon Corporation will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Friday, July 25th were given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 1.9%. 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 was Friday, July 25th. Bank of New York Mellon's dividend 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.