Canada Pension Plan Investment Board Acquires 156,535 Shares of The Bank of New York Mellon Corporation $BK

Key Points

• The Canada Pension Plan Investment Board increased its stake in The Bank of New York Mellon Corporation by 17.8% in Q1, owning $87.03 million worth of shares.
• Bank of New York Mellon recently declared a quarterly dividend of $0.53 per share, up from its previous dividend of $0.47, reflecting its steady financial performance.
• Several analysts have recently upgraded their price targets for Bank of New York Mellon, with average projections now around $95.08, indicating a consensus of "Moderate Buy".

Canada Pension Plan Investment Board lifted its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 17.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,037,622 shares of the bank's stock after acquiring an additional 156,535 shares during the quarter. Canada Pension Plan Investment Board owned 0.15% of Bank of New York Mellon worth $87,025,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. WPG Advisers LLC purchased a new stake in shares of Bank of New York Mellon during the first quarter valued at approximately $41,000. OMERS ADMINISTRATION Corp increased its position in shares of Bank of New York Mellon by 3.2% during the first quarter. OMERS ADMINISTRATION Corp now owns 51,650 shares of the bank's stock valued at $4,332,000 after acquiring an additional 1,587 shares during the last quarter. Wealth Preservation Advisors LLC purchased a new stake in shares of Bank of New York Mellon during the first quarter valued at approximately $39,000. Transamerica Financial Advisors LLC increased its position in shares of Bank of New York Mellon by 1.5% during the first quarter. Transamerica Financial Advisors LLC now owns 12,168 shares of the bank's stock valued at $1,021,000 after acquiring an additional 176 shares during the last quarter. Finally, Ieq Capital LLC increased its position in shares of Bank of New York Mellon by 25.3% during the first quarter. Ieq Capital LLC now owns 41,893 shares of the bank's stock valued at $3,514,000 after acquiring an additional 8,464 shares during the last quarter. 85.31% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Bank of New York Mellon

In other news, EVP J Kevin Mccarthy sold 20,000 shares of the firm's stock in a transaction 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 completion of the transaction, the executive vice president directly owned 35,115 shares of the company's stock, valued at $3,457,071.75. This trade represents a 36.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.14% of the stock is owned by insiders.

Bank of New York Mellon Stock Performance

Shares of Bank of New York Mellon stock traded up $0.84 during trading hours on Thursday, reaching $105.52. The company had a trading volume of 2,308,553 shares, compared to its average volume of 2,929,084. The Bank of New York Mellon Corporation has a one year low of $66.01 and a one year high of $106.57. The business has a fifty day simple moving average of $99.56 and a 200 day simple moving average of $89.78. 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 has a market cap of $74.41 billion, a PE ratio of 16.11, a price-to-earnings-growth ratio of 0.99 and a beta of 1.14.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its quarterly earnings results on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, topping analysts' consensus estimates 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 firm had revenue of $4.77 billion during the quarter, compared to analyst estimates of $4.80 billion. During the same period last year, the company earned $1.51 earnings per share. The business's revenue for the quarter was up 9.4% on a year-over-year basis. On average, analysts anticipate that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were issued a $0.53 dividend. The ex-dividend date of this dividend was Friday, July 25th. This is an increase 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 2.0%. Bank of New York Mellon's dividend payout ratio is 32.37%.

Analysts Set New Price Targets

BK has been the subject of a number of research analyst reports. Wells Fargo & Company increased their price target on 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. Truist Financial increased their price objective on Bank of New York Mellon from $100.00 to $109.00 and gave the company a "hold" rating in a report on Thursday, August 14th. Keefe, Bruyette & Woods increased their price objective on Bank of New York Mellon from $105.00 to $113.00 and gave the company an "outperform" rating in a report on Wednesday, July 16th. 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. Finally, Evercore ISI increased their price objective on 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. Eight analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, Bank of New York Mellon presently has an average rating of "Moderate Buy" and a consensus price target of $95.08.

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.