Endeavor Private Wealth Inc. Buys 11,496 Shares of The Bank of New York Mellon Corporation (NYSE:BK)

Key Points

• Endeavor Private Wealth Inc. increased its stake in The Bank of New York Mellon Corporation by 434.0%, now owning 14,145 shares valued at approximately $1,186,000.
• The bank has recently raised its quarterly dividend to $0.53, yielding 2.1%, reflecting an increase from the previous dividend of $0.47.
• Bank of New York Mellon beat analysts' earnings expectations with $1.94 EPS for the quarter, and several analysts have upgraded price targets for the stock.

Endeavor Private Wealth Inc. grew its stake in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 434.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 14,145 shares of the bank's stock after purchasing an additional 11,496 shares during the period. Endeavor Private Wealth Inc.'s holdings in Bank of New York Mellon were worth $1,186,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the stock. Parvin Asset Management LLC bought a new stake in Bank of New York Mellon during the 4th quarter worth approximately $25,000. Opal Wealth Advisors LLC acquired a new stake in shares of Bank of New York Mellon in the first quarter valued at $25,000. Alpine Bank Wealth Management bought a new position in shares of Bank of New York Mellon in the first quarter valued at about $25,000. Bellwether Advisors LLC bought a new stake in Bank of New York Mellon during the 4th quarter worth about $28,000. Finally, REAP Financial Group LLC increased its position in 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 valued at $30,000 after acquiring an additional 218 shares in the last quarter. 85.31% of the stock is owned by institutional investors and hedge funds.

Bank of New York Mellon Stock Down 1.6%

Shares of NYSE BK traded down $1.67 during mid-day trading on Friday, hitting $99.78. The company had a trading volume of 3,665,800 shares, compared to its average volume of 4,486,280. The Bank of New York Mellon Corporation has a one year low of $60.93 and a one year high of $103.16. The company has a current ratio of 0.72, a quick ratio of 0.69 and a debt-to-equity ratio of 0.86. The firm has a 50-day simple moving average of $93.13 and a two-hundred day simple moving average of $86.90. The company has a market capitalization of $71.39 billion, a PE ratio of 15.23, a price-to-earnings-growth ratio of 0.97 and a beta of 1.12.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.73 by $0.21. The firm had revenue of $4.77 billion for the quarter, compared to analyst estimates 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 business's revenue for the quarter was up 9.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.51 earnings per share. On average, equities analysts expect that The Bank of New York Mellon Corporation will post 6.96 EPS for the current year.

Bank of New York Mellon Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 7th. Investors of record on Friday, July 25th will be issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend is Friday, July 25th. This is an increase from Bank of New York Mellon's previous quarterly dividend of $0.47. Bank of New York Mellon's payout ratio is 32.37%.

Insiders Place Their Bets

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of the company'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 transaction, the executive vice president directly owned 35,115 shares of the company's stock, valued at $3,457,071.75. This represents a 36.29% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 0.14% of the company's stock.

Wall Street Analysts Forecast Growth

BK has been the topic of several research analyst reports. Evercore ISI increased their price target on shares of Bank of New York Mellon from $88.00 to $90.00 and gave the company an "in-line" rating in a research note on Wednesday, July 2nd. 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 note on Wednesday, July 16th. Keefe, Bruyette & Woods lifted their price objective 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. Truist Financial upped their target price on shares of Bank of New York Mellon from $97.00 to $100.00 and gave the company a "hold" rating in a research report on Wednesday, July 16th. Finally, Wells Fargo & Company lifted 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 report on Wednesday, July 16th. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $94.38.

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.