FCG Investment Co Invests $1.38 Million in The Bank of New York Mellon Corporation $BK

Key Points

• FCG Investment Co acquired a new stake in The Bank of New York Mellon Corporation, purchasing 16,431 shares valued at approximately $1,378,000.
• The bank reported earnings of $1.94 EPS for the last quarter, surpassing the consensus estimate by $0.21, with a year-over-year revenue increase of 9.4%.
• The company recently raised its quarterly dividend from $0.47 to $0.53 per share, resulting in a dividend yield of 2.1%.

FCG Investment Co acquired a new stake in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 16,431 shares of the bank's stock, valued at approximately $1,378,000.

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

Insider Buying and Selling at Bank of New York Mellon

In other news, EVP J Kevin Mccarthy sold 20,000 shares of the business'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 transaction, the executive vice president directly owned 35,115 shares of the company's stock, valued at $3,457,071.75. The trade was a 36.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.14% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several brokerages have recently weighed in on BK. Wells Fargo & Company upped 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 note on Wednesday, July 16th. Truist Financial increased their price objective on Bank of New York Mellon from $100.00 to $109.00 and gave the company a "hold" rating in a research note on Thursday, August 14th. Evercore ISI upped their target price on 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. Morgan Stanley increased their price target on 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. Finally, 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. Eight investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, Bank of New York Mellon presently has an average rating of "Moderate Buy" and a consensus price target of $95.08.

Bank of New York Mellon Stock Performance

BK traded down $0.7530 during trading on Tuesday, hitting $100.9870. 3,206,861 shares of the stock were exchanged, compared to its average volume of 3,457,185. The firm has a market capitalization of $71.22 billion, a P/E ratio of 15.42, a PEG ratio of 0.98 and a beta of 1.12. The Bank of New York Mellon Corporation has a 1-year low of $65.01 and a 1-year high of $104.47. The stock has a fifty day moving average price of $96.22 and a two-hundred day moving average price of $88.30. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.86.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its quarterly earnings results on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $4.80 billion. During the same quarter in the previous year, the company posted $1.51 earnings per share. The firm's revenue was up 9.4% compared to the same quarter last year. As a group, sell-side analysts predict 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 business also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were issued a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.1%. 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 was Friday, July 25th. Bank of New York Mellon's payout ratio 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.