Comerica Bank Acquires 13,607 Shares of The Bank of New York Mellon Corporation $BK

Key Points

• Comerica Bank increased its holdings in The Bank of New York Mellon Corporation by 9.3% in the first quarter, owning 159,880 shares valued at approximately $13.4 million.
• Bank of New York Mellon reported a quarterly earnings per share (EPS) of $1.94, exceeding expectations and reflecting a 9.4% year-over-year revenue increase.
• The company announced a quarterly dividend increase from $0.47 to $0.53, resulting in a 2.0% annual yield for investors.

Comerica Bank lifted its stake in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 9.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 159,880 shares of the bank's stock after buying an additional 13,607 shares during the period. Comerica Bank's holdings in Bank of New York Mellon were worth $13,409,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in BK. Nuveen LLC bought a new stake in shares of Bank of New York Mellon in the 1st quarter worth approximately $773,627,000. Northern Trust Corp lifted its position in 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 worth $732,468,000 after purchasing an additional 1,526,686 shares during the period. GAMMA Investing LLC lifted its position in Bank of New York Mellon by 9,538.9% in the first quarter. GAMMA Investing LLC now owns 1,399,958 shares of the bank's stock worth $117,414,000 after purchasing an additional 1,385,434 shares during the period. AustralianSuper Pty Ltd bought a new position in Bank of New York Mellon in the first quarter worth $92,502,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Bank of New York Mellon by 15.9% in the fourth 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 purchasing an additional 1,055,389 shares during the period. Institutional investors own 85.31% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on BK shares. Evercore ISI raised their price objective on shares of Bank of New York Mellon from $88.00 to $90.00 and gave the stock an "in-line" rating in a report on Wednesday, July 2nd. Morgan Stanley raised their price target 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. Wells Fargo & Company raised their price target on shares of Bank of New York Mellon from $96.00 to $100.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 16th. Truist Financial raised their target price on Bank of New York Mellon from $100.00 to $109.00 and gave the stock a "hold" rating in a research report on Thursday, August 14th. Finally, Keefe, Bruyette & Woods raised their target price on Bank of New York Mellon from $105.00 to $113.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 16th. Eight research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $95.08.

Insider Buying and Selling at Bank of New York Mellon

In other news, EVP J Kevin Mccarthy sold 20,000 shares of the business's 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 sale, the executive vice president owned 35,115 shares in the company, valued at $3,457,071.75. The trade was a 36.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.14% of the stock is currently owned by insiders.

Bank of New York Mellon Price Performance

Shares of NYSE BK traded down $0.43 during trading on Friday, reaching $105.67. The company had a trading volume of 2,933,101 shares, compared to its average volume of 3,174,358. The Bank of New York Mellon Corporation has a 52 week low of $66.01 and a 52 week high of $106.57. The stock has a market cap of $74.52 billion, a PE ratio of 16.13, a PEG ratio of 1.00 and a beta of 1.12. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.72 and a current ratio of 0.72. The business's 50 day moving average price is $98.37 and its 200-day moving average price is $89.31.

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 for the quarter, topping analysts' consensus estimates 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 company had revenue of $4.77 billion during the quarter, compared to the consensus estimate of $4.80 billion. During the same period in the previous year, the firm posted $1.51 earnings per share. The company's revenue was up 9.4% on a year-over-year basis. 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 company 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. The ex-dividend date was Friday, July 25th. This is an increase 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 dividend yield of 2.0%. Bank of New York Mellon's dividend payout ratio is presently 32.37%.

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.