The Bank of New York Mellon Corporation (NYSE:BK) Shares Bought by Cetera Investment Advisers

Key Points

• Cetera Investment Advisers increased its holdings in The Bank of New York Mellon, acquiring an additional 37,693 shares, resulting in a total ownership of 293,722 shares, valued at $24.6 million.
• Several brokerages have raised their price targets for Bank of New York Mellon, with Truist Financial setting a target of $100.00 and Keefe, Bruyette & Woods at $113.00 while maintaining varied ratings for the stock.
• Bank of New York Mellon announced a dividend increase to $0.53 per share, up from the previous $0.47, reflecting a positive change in its financial outlook.

Cetera Investment Advisers raised its position in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 14.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 293,722 shares of the bank's stock after buying an additional 37,693 shares during the quarter. Cetera Investment Advisers' holdings in Bank of New York Mellon were worth $24,634,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Revolve Wealth Partners LLC bought a new stake in shares of Bank of New York Mellon in the 4th quarter valued at approximately $220,000. Loomis Sayles & Co. L P lifted its stake in shares of Bank of New York Mellon by 32.0% in the 4th quarter. Loomis Sayles & Co. L P now owns 1,840 shares of the bank's stock valued at $141,000 after purchasing an additional 446 shares during the last quarter. Blair William & Co. IL lifted its stake in shares of Bank of New York Mellon by 3.9% in the 4th quarter. Blair William & Co. IL now owns 24,605 shares of the bank's stock valued at $1,890,000 after purchasing an additional 930 shares during the last quarter. New Age Alpha Advisors LLC lifted its stake in shares of Bank of New York Mellon by 5,626.8% in the 4th quarter. New Age Alpha Advisors LLC now owns 14,546 shares of the bank's stock valued at $1,118,000 after purchasing an additional 14,292 shares during the last quarter. Finally, Pictet Asset Management Holding SA lifted its stake in shares of Bank of New York Mellon by 12.0% during the 4th quarter. Pictet Asset Management Holding SA now owns 485,346 shares of the bank's stock worth $37,289,000 after acquiring an additional 52,112 shares during the last quarter. Hedge funds and other institutional investors own 85.31% of the company's stock.

Insider Buying and Selling at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the 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 transaction, the executive vice president directly owned 35,115 shares of the company's stock, valued at approximately $3,457,071.75. This trade represents a 36.29% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.14% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on BK. Morgan Stanley lifted their price target 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. Keefe, Bruyette & Woods lifted their price target 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. Wells Fargo & Company lifted 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 report on Wednesday, July 16th. Truist Financial boosted their target price on Bank of New York Mellon from $97.00 to $100.00 and gave the stock a "hold" rating in a research note on Wednesday, July 16th. Finally, Evercore ISI upped their target price on Bank of New York Mellon from $88.00 to $90.00 and gave the stock an "in-line" rating in a research note on Wednesday, July 2nd. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $94.38.

Bank of New York Mellon Stock Performance

NYSE BK traded up $0.17 on Thursday, hitting $102.47. 662,880 shares of the company's stock were exchanged, compared to its average volume of 4,280,594. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.69. The firm's 50-day moving average price is $92.67 and its two-hundred day moving average price is $86.50. The Bank of New York Mellon Corporation has a fifty-two week low of $60.93 and a fifty-two week high of $103.16. The firm has a market cap of $73.31 billion, a price-to-earnings ratio of 15.64, a P/E/G ratio of 0.99 and a beta of 1.07.

Bank of New York Mellon (NYSE:BK - Get Free Report) last announced its quarterly earnings results 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 return on equity of 13.46% and a net margin of 12.27%. The business had revenue of $4.77 billion for the quarter, compared to analyst estimates of $4.80 billion. During the same quarter in the previous year, the company earned $1.51 EPS. The company's quarterly revenue was up 9.4% on a year-over-year basis. On average, research analysts expect 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 firm also recently declared a quarterly dividend, which will be paid on Thursday, August 7th. Shareholders of record on Friday, July 25th will be paid a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.07%. 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. Bank of New York Mellon's dividend payout ratio is currently 32.37%.

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.