Clark Capital Management Group Inc. Acquires New Stake in The Bank of New York Mellon Corporation $BK

Key Points

• Clark Capital Management Group Inc. invested approximately $203,000 in The Bank of New York Mellon Corporation, acquiring 2,421 shares in the first quarter of the year.
• Notably, insider J Kevin Mccarthy sold 20,000 shares for around $1.97 million, representing a 36.29% decrease in their ownership.
• The Bank of New York Mellon has recently increased its quarterly dividend to $0.53 per share, reflecting a positive change from its previous dividend payout.

Clark Capital Management Group Inc. purchased a new position in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 2,421 shares of the bank's stock, valued at approximately $203,000.

Several other hedge funds have also made changes to their positions in BK. Opal Wealth Advisors LLC acquired a new stake in shares of Bank of New York Mellon during the first quarter worth about $25,000. Alpine Bank Wealth Management acquired a new stake in shares of Bank of New York Mellon during the first quarter worth about $25,000. REAP Financial Group LLC lifted its position in shares of Bank of New York Mellon by 123.2% during the fourth quarter. REAP Financial Group LLC now owns 395 shares of the bank's stock worth $30,000 after purchasing an additional 218 shares in the last quarter. Cornerstone Planning Group LLC lifted its position in shares of Bank of New York Mellon by 100.0% during the first quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank's stock worth $30,000 after purchasing an additional 196 shares in the last quarter. Finally, Orion Capital Management LLC acquired a new stake in Bank of New York Mellon in the first quarter valued at approximately $32,000. Institutional investors and hedge funds own 85.31% of the company's stock.

Bank of New York Mellon Stock Performance

Shares of BK traded up $0.24 during mid-day trading on Friday, reaching $105.84. 777,115 shares of the company's stock were exchanged, compared to its average volume of 4,086,253. 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 stock has a market capitalization of $74.64 billion, a PE ratio of 16.16, a price-to-earnings-growth ratio of 0.98 and a beta of 1.14. The business's fifty day simple moving average is $100.86 and its 200-day simple moving average is $90.35. The Bank of New York Mellon Corporation has a 52-week low of $68.51 and a 52-week high of $106.57.

Bank of New York Mellon (NYSE:BK - Get Free Report) last announced its earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 net margin of 12.27% and a return on equity of 13.46%. The company's revenue for the quarter was up 9.4% compared to the same quarter last year. During the same period last year, the firm posted $1.51 earnings per share. On average, equities research analysts expect that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current year.

Bank of New York Mellon Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Stockholders 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 dividend yield of 2.0%. This is a boost from Bank of New York Mellon's previous quarterly dividend of $0.47. The ex-dividend date was Friday, July 25th. Bank of New York Mellon's payout ratio is 32.37%.

Analyst Ratings Changes

Several analysts recently weighed in on BK shares. Truist Financial raised their target price on shares of 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 raised their target price on shares of 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. Evercore ISI raised their target price on shares of 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. Morgan Stanley raised their target price on shares of 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, Wells Fargo & Company raised their target price on shares of 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. Eight research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat.com, Bank of New York Mellon currently has a consensus rating of "Moderate Buy" and a consensus target price of $96.62.

Insider Activity

In other news, EVP J Kevin Mccarthy sold 20,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $98.45, for a total transaction of $1,969,000.00. Following the transaction, the executive vice president directly owned 35,115 shares in the company, valued at approximately $3,457,071.75. This trade represents a 36.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.14% of the company's stock.

Bank of New York Mellon Company 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.