The Bank of New York Mellon Corporation (NYSE:BK) Shares Acquired by Citigroup Inc.

Key Points

• Citigroup Inc. increased its stake in The Bank of New York Mellon Corporation by 126.9% in the first quarter, owning a total of 1,557,145 shares valued at approximately $130.6 million.
• The Bank of New York Mellon recently reported quarterly earnings of $1.94 per share, beating analyst estimates of $1.73, with a net margin of 12.27% and revenue of $4.77 billion.
• The firm announced an increase in its quarterly dividend from $0.47 to $0.53 per share, resulting in an annualized dividend yield of 2.1%.

Citigroup Inc. boosted its position in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 126.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,557,145 shares of the bank's stock after buying an additional 870,844 shares during the quarter. Citigroup Inc. owned approximately 0.22% of Bank of New York Mellon worth $130,598,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Revolve Wealth Partners LLC bought a new stake in Bank of New York Mellon in the fourth quarter valued at about $220,000. Cerity Partners LLC lifted its stake in shares of Bank of New York Mellon by 15.0% during the 4th quarter. Cerity Partners LLC now owns 60,935 shares of the bank's stock worth $4,578,000 after buying an additional 7,953 shares during the last quarter. DRW Securities LLC acquired a new position in Bank of New York Mellon in the fourth quarter valued at about $510,000. CenterBook Partners LP acquired a new position in shares of Bank of New York Mellon in the 4th quarter valued at approximately $1,189,000. Finally, Scotia Capital Inc. lifted its stake in Bank of New York Mellon by 8.7% in the 4th quarter. Scotia Capital Inc. now owns 14,527 shares of the bank's stock valued at $1,116,000 after purchasing an additional 1,164 shares during the last quarter. 85.31% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

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 transaction, the executive vice president directly 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 sale was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 0.14% of the company's stock.

Wall Street Analyst Weigh In

BK has been the topic of several analyst reports. Evercore ISI upped their target price 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. Keefe, Bruyette & Woods increased their price objective on Bank of New York Mellon from $105.00 to $113.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 16th. Morgan Stanley boosted their price objective on Bank of New York Mellon from $95.00 to $101.00 and gave the company an "overweight" rating in a research note 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 stock a "hold" rating in a report on Wednesday, July 16th. 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 stock an "equal weight" rating in a report on Wednesday, July 16th. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, Bank of New York Mellon presently has an average rating of "Moderate Buy" and an average price target of $94.38.

Bank of New York Mellon Stock Down 2.3%

Shares of Bank of New York Mellon stock traded down $2.34 on Wednesday, reaching $101.28. 2,316,816 shares of the company were exchanged, compared to its average volume of 4,237,657. The stock's 50 day moving average price is $94.98 and its 200-day moving average price is $87.76. The company has a market cap of $71.42 billion, a P/E ratio of 15.45, a price-to-earnings-growth ratio of 1.00 and a beta of 1.12. The Bank of New York Mellon Corporation has a 1-year low of $63.50 and a 1-year high of $104.47. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.72.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share for the quarter, topping the consensus estimate of $1.73 by $0.21. The business had revenue of $4.77 billion for the quarter, compared to analyst estimates of $4.80 billion. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%. The business's quarterly revenue was up 9.4% on a year-over-year basis. During the same quarter last year, the company earned $1.51 EPS. As a group, equities analysts forecast 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 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 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend was 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 payout ratio is 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.