Citizens Financial Group Inc. RI Purchases 38,990 Shares of The Bank of New York Mellon Corporation (NYSE:BK)

Key Points

• Citizens Financial Group Inc. RI has increased its stake in The Bank of New York Mellon Corporation by 31.3% in the first quarter, now owning 163,677 shares valued at approximately $13.7 million.
• The Bank of New York Mellon recently announced a quarterly dividend increase to $0.53 per share, resulting in an annual yield of 2.1%.
• Analysts are optimistic about the stock, with multiple firms raising their price targets, resulting in an average rating of "Moderate Buy" and a consensus target price of $94.38.

Citizens Financial Group Inc. RI grew its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 31.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 163,677 shares of the bank's stock after purchasing an additional 38,990 shares during the quarter. Citizens Financial Group Inc. RI's holdings in Bank of New York Mellon were worth $13,728,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of the business. Northern Trust Corp raised its position in shares of Bank of New York Mellon by 19.1% in the fourth quarter. Northern Trust Corp now owns 9,533,615 shares of the bank's stock valued at $732,468,000 after purchasing an additional 1,526,686 shares during the period. GAMMA Investing LLC boosted its holdings 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 buying an additional 1,385,434 shares during the period. AustralianSuper Pty Ltd acquired a new position in Bank of New York Mellon in the 1st quarter valued at $92,502,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Bank of New York Mellon by 15.9% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,689,477 shares of the bank's stock worth $590,783,000 after acquiring an additional 1,055,389 shares during the period. Finally, Goldman Sachs Group Inc. lifted its position in Bank of New York Mellon by 26.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 5,053,744 shares of the bank's stock worth $423,858,000 after acquiring an additional 1,052,145 shares during the last quarter. Institutional investors and hedge funds own 85.31% of the company's stock.

Bank of New York Mellon Stock Performance

Shares of NYSE BK traded up $1.01 during trading hours on Friday, reaching $103.22. The stock had a trading volume of 3,083,288 shares, compared to its average volume of 4,312,141. The company has a market cap of $72.79 billion, a price-to-earnings ratio of 15.76, a PEG ratio of 0.99 and a beta of 1.12. The Bank of New York Mellon Corporation has a twelve month low of $62.83 and a twelve month high of $103.98. The business's fifty day moving average is $94.41 and its two-hundred day moving average is $87.48. 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 announced its quarterly earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.73 by $0.21. The firm had revenue of $4.77 billion for the quarter, compared to analyst estimates of $4.80 billion. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. The business's revenue for the quarter was up 9.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.51 EPS. As a group, 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 was paid on Thursday, August 7th. Shareholders of record on Friday, July 25th were paid a dividend of $0.53 per share. This is a positive change 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 yield of 2.1%. The ex-dividend date was Friday, July 25th. Bank of New York Mellon's dividend payout ratio is 32.37%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on BK shares. Truist Financial upped their price target on shares of 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. Evercore ISI raised 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. Wells Fargo & Company lifted their price target on Bank of New York Mellon from $96.00 to $100.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 16th. 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 research report on Wednesday, July 16th. Finally, Morgan Stanley raised their price objective on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 16th. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $94.38.

Insider Buying and Selling

In other news, EVP J Kevin Mccarthy sold 20,000 shares of the company's stock in a transaction that occurred 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 sale, the executive vice president directly owned 35,115 shares in the company, valued at approximately $3,457,071.75. This represents a 36.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 0.14% of the stock is currently owned by corporate insiders.

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.