Connor Clark & Lunn Investment Management Ltd. Buys Shares of 34,197 The Bank of New York Mellon Corporation $BK

Key Points

• Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Bank of New York Mellon Corporation by purchasing 34,197 shares valued at approximately $2.87 million during the first quarter.
• Recent analyst upgrades include price target increases from firms like Truist Financial and Morgan Stanley, with a consensus rating of "Moderate Buy" and an average target price of $95.08.
• The bank reported better-than-expected earnings for the last quarter, with an EPS of $1.94, beating the consensus estimate of $1.73, alongside a notable increase in its quarterly dividend to $0.53 per share.

Connor Clark & Lunn Investment Management Ltd. acquired a new position in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 34,197 shares of the bank's stock, valued at approximately $2,868,000.

Several other institutional investors and hedge funds have also bought and sold shares of BK. Parvin Asset Management LLC purchased a new stake in Bank of New York Mellon in the 4th quarter worth approximately $25,000. Opal Wealth Advisors LLC bought a new position in shares of Bank of New York Mellon in the 1st quarter worth approximately $25,000. Alpine Bank Wealth Management bought a new position in shares of Bank of New York Mellon in the 1st quarter worth approximately $25,000. Bellwether Advisors LLC bought a new position in shares of Bank of New York Mellon in the 4th quarter worth approximately $28,000. Finally, REAP Financial Group LLC raised its position in shares of Bank of New York Mellon by 123.2% in the 4th quarter. REAP Financial Group LLC now owns 395 shares of the bank's stock worth $30,000 after acquiring an additional 218 shares in the last quarter. Hedge funds and other institutional investors own 85.31% of the company's stock.

Bank of New York Mellon Stock Up 0.2%

BK stock traded up $0.2190 on Tuesday, reaching $101.9590. 552,814 shares of the company traded hands, compared to its average volume of 4,208,945. The Bank of New York Mellon Corporation has a one year low of $65.01 and a one 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. The company has a market cap of $71.91 billion, a P/E ratio of 15.55, a price-to-earnings-growth ratio of 0.97 and a beta of 1.12. The firm has a fifty day simple moving average of $96.00 and a 200-day simple moving average of $88.21.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 earnings per share for the quarter, beating analysts' consensus estimates 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 company had revenue of $4.77 billion during the quarter, compared to analyst estimates of $4.80 billion. During the same quarter last year, the company earned $1.51 EPS. The firm's revenue for the quarter was up 9.4% on a year-over-year basis. Research analysts anticipate 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 declared a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were issued a dividend of $0.53 per share. The ex-dividend date of this dividend 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 2.1%. Bank of New York Mellon's dividend payout ratio is currently 32.37%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on BK. Keefe, Bruyette & Woods increased 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. Morgan Stanley increased their target price on Bank of New York Mellon from $95.00 to $101.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 16th. Wells Fargo & Company increased their target price 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. Evercore ISI increased 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 report on Wednesday, July 2nd. Finally, Truist Financial increased 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. Eight analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $95.08.

Insider Activity at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 20,000 shares of Bank of New York Mellon stock in a transaction dated 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 completion of the sale, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.14% of the stock is owned by company insiders.

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.