Federated Hermes Inc. Has $102.42 Million Stake in The Bank of New York Mellon Corporation (NYSE:BK)

Key Points

• Federated Hermes Inc. increased its stake in The Bank of New York Mellon by 5.2%, now owning approximately 1.22 million shares valued at $102.4 million.
• Bank of New York Mellon is set to pay a quarterly dividend of $0.53 on August 7, which is an increase from the previous dividend of $0.47, providing an annualized yield of 2.08%.
• Recent analyst ratings reflect a positive outlook, with several firms raising their price targets for the stock, indicating a consensus rating of "Moderate Buy."

Federated Hermes Inc. raised its holdings in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 5.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,221,159 shares of the bank's stock after buying an additional 60,450 shares during the quarter. Federated Hermes Inc. owned 0.17% of Bank of New York Mellon worth $102,419,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the business. Capital Analysts LLC boosted its holdings in Bank of New York Mellon by 3.7% during the fourth quarter. Capital Analysts LLC now owns 3,317 shares of the bank's stock valued at $255,000 after purchasing an additional 119 shares in the last quarter. Syon Capital LLC grew its position in Bank of New York Mellon by 2.5% in the fourth quarter. Syon Capital LLC now owns 5,432 shares of the bank's stock valued at $417,000 after acquiring an additional 132 shares during the period. Parallel Advisors LLC raised its stake in Bank of New York Mellon by 1.1% during the first quarter. Parallel Advisors LLC now owns 12,589 shares of the bank's stock worth $1,056,000 after acquiring an additional 139 shares in the last quarter. Quotient Wealth Partners LLC lifted its holdings in shares of Bank of New York Mellon by 4.7% during the first quarter. Quotient Wealth Partners LLC now owns 3,171 shares of the bank's stock valued at $266,000 after acquiring an additional 141 shares during the period. Finally, Valmark Advisers Inc. boosted its stake in shares of Bank of New York Mellon by 1.1% in the 1st quarter. Valmark Advisers Inc. now owns 12,821 shares of the bank's stock valued at $1,075,000 after purchasing an additional 142 shares in the last quarter. Institutional investors and hedge funds own 85.31% of the company's stock.

Insider Activity

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

Bank of New York Mellon Trading Down 1.6%

Shares of NYSE:BK traded down $1.67 during trading on Friday, hitting $99.78. 3,665,800 shares of the company's stock were exchanged, compared to its average volume of 4,302,989. The firm has a 50-day moving average price of $92.92 and a two-hundred day moving average price of $86.67. The Bank of New York Mellon Corporation has a 1-year low of $60.93 and a 1-year high of $103.16. The firm has a market cap of $71.39 billion, a P/E ratio of 15.23, a PEG ratio of 0.99 and a beta of 1.12. The company has a current ratio of 0.72, a quick ratio of 0.69 and a debt-to-equity ratio of 0.86.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its earnings results on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, beating the consensus estimate of $1.73 by $0.21. The company had revenue of $4.77 billion during the quarter, compared to analysts' expectations 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 business's revenue for the quarter was up 9.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.51 EPS. Equities 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 announced a quarterly dividend, which will be paid on Thursday, August 7th. Stockholders 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 dividend yield of 2.1%. The ex-dividend date 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 dividend payout ratio is presently 32.37%.

Analyst Ratings Changes

Several brokerages recently issued reports on BK. Keefe, Bruyette & Woods lifted their price target 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. 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 research report on Wednesday, July 16th. Evercore ISI raised their price target 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. Wells Fargo & Company boosted their price objective 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. Finally, Truist Financial raised their target price on Bank of New York Mellon from $97.00 to $100.00 and gave the company a "hold" rating in a research note 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 company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target 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.