Caliber Wealth Management LLC KS Buys Shares of 2,515 The Bank of New York Mellon Corporation (NYSE:BK)

Key Points

• Caliber Wealth Management LLC KS invested approximately $211,000 in The Bank of New York Mellon Corporation by purchasing 2,515 shares during the first quarter.
• The Bank of New York Mellon recently announced an increase in its quarterly dividend from $0.47 to $0.53 per share, with a dividend yield of 2.10%.
• Wall Street analysts have generally rated Bank of New York Mellon with an average price target of $94.38, with a mix of hold and buy ratings from various firms.

Caliber Wealth Management LLC KS acquired a new position in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 2,515 shares of the bank's stock, valued at approximately $211,000.

Other hedge funds have also recently bought and sold shares of the company. FMR LLC raised its stake in shares of Bank of New York Mellon by 19.3% during the 4th quarter. FMR LLC now owns 23,071,584 shares of the bank's stock worth $1,772,590,000 after purchasing an additional 3,732,862 shares in the last quarter. Northern Trust Corp raised its stake in shares of Bank of New York Mellon by 19.1% during the 4th quarter. Northern Trust Corp now owns 9,533,615 shares of the bank's stock worth $732,468,000 after purchasing an additional 1,526,686 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of Bank of New York Mellon by 9,538.9% during the 1st quarter. GAMMA Investing LLC now owns 1,399,958 shares of the bank's stock worth $117,414,000 after purchasing an additional 1,385,434 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its stake in shares of Bank of New York Mellon by 17.0% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,751,219 shares of the bank's stock worth $595,526,000 after purchasing an additional 1,125,493 shares in the last quarter. Finally, AustralianSuper Pty Ltd purchased a new stake in shares of Bank of New York Mellon during the 1st quarter worth about $92,502,000. 85.31% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 20,000 shares of Bank of New York Mellon stock in a transaction on Tuesday, July 22nd. The stock was 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 directly owned 35,115 shares of the company's stock, valued at $3,457,071.75. The trade was a 36.29% decrease in their ownership of the stock. The sale 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 Trading Up 0.6%

Shares of NYSE BK traded up $0.62 during midday trading on Wednesday, hitting $102.49. The stock had a trading volume of 604,125 shares, compared to its average volume of 4,287,048. The company's 50-day simple moving average is $92.41 and its 200 day simple moving average is $86.39. The firm has a market cap of $73.32 billion, a P/E ratio of 15.65, a price-to-earnings-growth ratio of 0.98 and a beta of 1.07. The Bank of New York Mellon Corporation has a fifty-two week low of $60.93 and a fifty-two week high of $102.73. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.69.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its earnings results on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, beating the consensus estimate of $1.73 by $0.21. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%. The company had revenue of $4.77 billion during the quarter, compared to analysts' expectations of $4.80 billion. During the same period last year, the firm earned $1.51 EPS. The business's revenue for the quarter was up 9.4% on a year-over-year basis. Research analysts anticipate 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. Investors 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 a boost from Bank of New York Mellon's previous quarterly dividend of $0.47. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.07%. Bank of New York Mellon's payout ratio is 32.37%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on BK. Morgan Stanley increased their price objective on Bank of New York Mellon from $95.00 to $101.00 and gave the company an "overweight" rating in a report on Wednesday, July 16th. Truist Financial increased their price objective on Bank of New York Mellon from $97.00 to $100.00 and gave the company a "hold" rating in a report on Wednesday, July 16th. Wells Fargo & Company lifted 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 report on Wednesday, July 16th. Keefe, Bruyette & Woods lifted their price objective on 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, Evercore ISI lifted their price objective 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. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $94.38.

Bank of New York Mellon 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.