Cerity Partners LLC Grows Holdings in The Bank of New York Mellon Corporation (NYSE:BK)

Cerity Partners LLC increased its holdings in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 42.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 86,535 shares of the bank's stock after acquiring an additional 25,600 shares during the quarter. Cerity Partners LLC's holdings in Bank of New York Mellon were worth $7,258,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of BK. Norges Bank acquired a new position in shares of Bank of New York Mellon in the 4th quarter valued at $1,150,462,000. FMR LLC increased its holdings in shares of Bank of New York Mellon by 19.3% in the 4th quarter. FMR LLC now owns 23,071,584 shares of the bank's stock valued at $1,772,590,000 after acquiring an additional 3,732,862 shares during the period. Northern Trust Corp increased its stake in Bank of New York Mellon by 19.1% in the 4th quarter. Northern Trust Corp now owns 9,533,615 shares of the bank's stock valued at $732,468,000 after buying an additional 1,526,686 shares during the period. GAMMA Investing LLC increased its stake in Bank of New York Mellon by 9,538.9% in the 1st quarter. GAMMA Investing LLC now owns 1,399,958 shares of the bank's stock valued at $117,414,000 after buying an additional 1,385,434 shares during the period. Finally, Arrowstreet Capital Limited Partnership increased its stake in Bank of New York Mellon by 17.0% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,751,219 shares of the bank's stock valued at $595,526,000 after buying an additional 1,125,493 shares during the period. 85.31% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 30,000 shares of the business's 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 sale, the executive vice president directly owned 55,115 shares in the company, valued at $4,355,738.45. The trade was a 35.25% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.14% of the stock is owned by corporate insiders.

Bank of New York Mellon Price Performance

Shares of NYSE BK traded up $0.89 during trading on Friday, hitting $98.81. 5,658,224 shares of the company were exchanged, compared to its average volume of 4,131,177. The company has a market cap of $70.69 billion, a price-to-earnings ratio of 15.09, a PEG ratio of 0.96 and a beta of 1.07. The Bank of New York Mellon Corporation has a 1 year low of $60.93 and a 1 year high of $99.03. The firm's fifty day moving average price is $90.84 and its 200 day moving average price is $85.22. 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 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 for the quarter, compared to analyst estimates of $4.80 billion. During the same period in the previous year, the firm earned $1.51 EPS. The business's revenue for the quarter was up 9.4% compared to the same quarter last year. On average, sell-side analysts expect 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 firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 7th. Investors of record on Friday, July 25th will be given a $0.53 dividend. The ex-dividend date is Friday, July 25th. This is a positive change from Bank of New York Mellon's previous quarterly dividend of $0.47. This represents a $2.12 annualized dividend and a dividend yield of 2.15%. Bank of New York Mellon's payout ratio is currently 30.62%.

Analyst Ratings Changes

Several equities analysts have issued reports on BK shares. 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 note on Wednesday. Citigroup boosted their price objective on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the company a "neutral" rating in a research note on Monday, March 24th. Keefe, Bruyette & Woods boosted 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. Evercore ISI boosted 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. Finally, Wells Fargo & Company boosted 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. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $94.38.

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.