Empirical Financial Services LLC d.b.a. Empirical Wealth Management Buys 119,415 Shares of The Bank of New York Mellon Corporation (NYSE:BK)

Key Points

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Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its stake in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 1,663.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 126,592 shares of the bank's stock after purchasing an additional 119,415 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management's holdings in Bank of New York Mellon were worth $10,617,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Harbour Investments Inc. increased its holdings in shares of Bank of New York Mellon by 32.1% during the first quarter. Harbour Investments Inc. now owns 1,627 shares of the bank's stock worth $136,000 after buying an additional 395 shares in the last quarter. Alliance Wealth Management Group bought a new stake in Bank of New York Mellon during the 1st quarter worth $201,000. Towercrest Capital Management acquired a new position in Bank of New York Mellon in the 1st quarter worth about $201,000. Davis R M Inc. acquired a new position in Bank of New York Mellon in the 1st quarter worth about $212,000. Finally, Natixis Advisors LLC raised its position in Bank of New York Mellon by 17.1% in the first quarter. Natixis Advisors LLC now owns 334,905 shares of the bank's stock valued at $28,089,000 after purchasing an additional 48,940 shares during the last quarter. Institutional investors and hedge funds own 85.31% of the company's stock.

Insider Activity at Bank of New York Mellon

In other news, EVP J Kevin Mccarthy sold 20,000 shares of the stock in a transaction dated 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 completion of 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.14% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

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

Bank of New York Mellon Price Performance

Bank of New York Mellon stock opened at $102.35 on Thursday. The Bank of New York Mellon Corporation has a 52 week low of $60.93 and a 52 week high of $103.16. The company has a quick ratio of 0.69, a current ratio of 0.72 and a debt-to-equity ratio of 0.86. The stock has a market cap of $73.22 billion, a price-to-earnings ratio of 15.63, a PEG ratio of 0.99 and a beta of 1.07. The business has a 50-day simple moving average of $92.67 and a 200 day simple moving average of $86.50.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its earnings results on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, beating analysts' consensus estimates of $1.73 by $0.21. The business had revenue of $4.77 billion for the quarter, compared to analysts' expectations of $4.80 billion. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%. The firm's revenue was up 9.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.51 earnings per share. On average, research analysts forecast 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 business also recently declared a quarterly dividend, which will be paid on Thursday, August 7th. Investors of record on Friday, July 25th will be given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 2.07%. This is a positive change from Bank of New York Mellon's previous quarterly dividend of $0.47. The ex-dividend date of this dividend is Friday, July 25th. Bank of New York Mellon's dividend payout ratio (DPR) is presently 32.37%.

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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