Empirical Financial Services LLC d.b.a. Empirical Wealth Management Increases Stock Position in The Bank of New York Mellon Corporation $BK

Key Points

• Empirical Wealth Management has increased its holdings in The Bank of New York Mellon by 4.8%, bringing its total shares owned to 132,629, valued at approximately $12.08 million.
• Analysts have raised price targets for Bank of New York Mellon, with Morgan Stanley setting a target of $116 and Keefe, Bruyette & Woods at $113, reflecting a generally positive outlook on the stock.
• Bank of New York Mellon reported earnings per share of $1.94 for the latest quarter, exceeding analyst estimates, and announced a dividend increase to $0.53 per share, demonstrating its robust financial performance.

Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 4.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 132,629 shares of the bank's stock after acquiring an additional 6,037 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management's holdings in Bank of New York Mellon were worth $12,084,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of BK. Opal Wealth Advisors LLC purchased a new position in shares of Bank of New York Mellon during the first quarter worth approximately $25,000. Alpine Bank Wealth Management purchased a new position in shares of Bank of New York Mellon during the first quarter worth approximately $25,000. Cornerstone Planning Group LLC grew 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 acquiring an additional 196 shares during the last quarter. Orion Capital Management LLC purchased a new position in shares of Bank of New York Mellon during the first quarter worth approximately $32,000. Finally, Hoey Investments Inc. purchased a new position in shares of Bank of New York Mellon during the second quarter worth approximately $32,000. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Morgan Stanley raised their target price on shares of Bank of New York Mellon from $101.00 to $116.00 and gave the stock an "overweight" rating in a research report on Monday. Keefe, Bruyette & Woods increased their price target on Bank of New York Mellon from $105.00 to $113.00 and gave the stock an "outperform" rating in a report on Wednesday, July 16th. Wells Fargo & Company increased their price target on 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. TD Cowen assumed coverage on Bank of New York Mellon in a report on Thursday, September 25th. They set a "buy" rating for the company. Finally, Truist Financial increased their price target on Bank of New York Mellon from $109.00 to $118.00 and gave the stock a "hold" rating in a report on Thursday. Eight analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat, Bank of New York Mellon currently has an average rating of "Moderate Buy" and an average price target of $101.67.

Bank of New York Mellon Price Performance

Bank of New York Mellon stock opened at $106.32 on Friday. The Bank of New York Mellon Corporation has a one year low of $70.41 and a one year high of $110.87. 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 has a fifty day moving average of $104.49 and a two-hundred day moving average of $92.76. The company has a market cap of $74.98 billion, a P/E ratio of 16.23, a price-to-earnings-growth ratio of 1.01 and a beta of 1.13.

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. 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 the consensus estimate of $4.80 billion. During the same quarter last year, the company earned $1.51 earnings per share. Bank of New York Mellon's quarterly revenue was up 9.4% compared to the same quarter last year. As a group, 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 announced a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Friday, July 25th were issued a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 2.0%. This is an increase from Bank of New York Mellon's previous quarterly dividend of $0.47. The ex-dividend date of this dividend was Friday, July 25th. Bank of New York Mellon's dividend payout ratio is 32.37%.

Insider Buying and Selling

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of the firm's stock in a transaction on 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 owned 35,115 shares of the company's stock, valued at approximately $3,457,071.75. This trade represents a 36.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.14% of the company's stock.

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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