Edgar Lomax Co. VA Has $14.20 Million Position in The Bank of New York Mellon Corporation $BK

Key Points

• Edgar Lomax Co. VA decreased its position in The Bank of New York Mellon Corporation by 17.3%, holding 169,249 shares valued at approximately $14.20 million after selling 35,475 shares in the 1st quarter.
• The Bank of New York Mellon recently increased its quarterly dividend from $0.47 to $0.53, resulting in an annualized dividend yield of 2.1%.
• Analysts have a consensus rating of "Moderate Buy" for the stock, with target price estimates ranging from $90.00 to $113.00 by various financial institutions.

Edgar Lomax Co. VA reduced its holdings in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 17.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 169,249 shares of the bank's stock after selling 35,475 shares during the period. Edgar Lomax Co. VA's holdings in Bank of New York Mellon were worth $14,195,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. TrueMark Investments LLC acquired a new position in shares of Bank of New York Mellon during the 1st quarter worth about $4,282,000. Wealth Enhancement Advisory Services LLC increased its stake in shares of Bank of New York Mellon by 29.1% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 223,438 shares of the bank's stock worth $18,740,000 after purchasing an additional 50,368 shares during the last quarter. Formidable Asset Management LLC acquired a new position in shares of Bank of New York Mellon during the 1st quarter worth about $247,000. Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in shares of Bank of New York Mellon by 121.8% during the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 183,602 shares of the bank's stock worth $15,399,000 after purchasing an additional 100,810 shares during the last quarter. Finally, Benson Investment Management Company Inc. acquired a new position in shares of Bank of New York Mellon during the 1st quarter worth about $5,259,000. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Bank of New York Mellon

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of the company'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 value of $1,969,000.00. Following the completion of the transaction, 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.14% of the company's stock.

Bank of New York Mellon Price Performance

Shares of NYSE:BK opened at $100.91 on Monday. The company has a market cap of $71.17 billion, a price-to-earnings ratio of 15.41, a PEG ratio of 0.97 and a beta of 1.12. 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 firm has a 50 day simple moving average of $95.77 and a 200 day simple moving average of $88.10. The Bank of New York Mellon Corporation has a one year low of $65.01 and a one year high of $104.47.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, beating the consensus estimate of $1.73 by $0.21. The business had revenue of $4.77 billion during the quarter, compared to the consensus estimate 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 firm's revenue was up 9.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.51 EPS. Research analysts predict that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current fiscal 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 given a $0.53 dividend. This is an increase from Bank of New York Mellon's previous quarterly dividend of $0.47. The ex-dividend date was Friday, July 25th. This represents a $2.12 annualized dividend and a yield of 2.1%. Bank of New York Mellon's dividend payout ratio is currently 32.37%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Morgan Stanley lifted their target price on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the stock an "overweight" rating in a report on Wednesday, July 16th. Evercore ISI boosted their price objective 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. Truist Financial boosted their price objective 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. Wells Fargo & Company boosted their price objective 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. Finally, Keefe, Bruyette & Woods boosted their price objective 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. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Bank of New York Mellon presently has a consensus rating of "Moderate Buy" and a consensus target price of $95.08.

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.

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