Federation des caisses Desjardins du Quebec Raises Stake in The Bank of New York Mellon Corporation $BK

Key Points

• The Federation des caisses Desjardins du Quebec increased its stake in The Bank of New York Mellon Corporation by 58.8%, acquiring an additional 245,764 shares and holding a total of 663,812 shares worth approximately $55.7 million.
• Analysts have raised their price targets for Bank of New York Mellon, with Truist Financial increasing their price objective from $100 to $109, and several others also adjusting their targets upwards.
• Bank of New York Mellon recently increased its quarterly dividend to $0.53 per share from a previous $0.47, representing an annual yield of 2.0%.

Federation des caisses Desjardins du Quebec grew its stake in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 58.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 663,812 shares of the bank's stock after buying an additional 245,764 shares during the period. Federation des caisses Desjardins du Quebec owned 0.09% of Bank of New York Mellon worth $55,705,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the stock. Focus Partners Advisor Solutions LLC increased its position in shares of Bank of New York Mellon by 106.7% in the first quarter. Focus Partners Advisor Solutions LLC now owns 7,659 shares of the bank's stock worth $642,000 after purchasing an additional 3,953 shares during the last quarter. Point72 Europe London LLP purchased a new stake in Bank of New York Mellon in the first quarter worth $5,963,000. Royal Bank of Canada lifted its stake in Bank of New York Mellon by 2.2% in the first quarter. Royal Bank of Canada now owns 4,410,049 shares of the bank's stock worth $369,871,000 after acquiring an additional 94,095 shares during the period. Graham Capital Management L.P. purchased a new position in Bank of New York Mellon during the first quarter valued at $3,855,000. Finally, Retirement Planning Co of New England Inc. purchased a new position in Bank of New York Mellon during the first quarter valued at $287,000. 85.31% of the stock is currently owned by institutional investors.

Bank of New York Mellon Stock Performance

BK stock traded down $1.87 during midday trading on Friday, hitting $103.69. 2,780,488 shares of the stock traded hands, compared to its average volume of 2,839,570. The firm has a market cap of $73.12 billion, a P/E ratio of 15.83, a PEG ratio of 1.00 and a beta of 1.14. The Bank of New York Mellon Corporation has a 1-year low of $66.01 and a 1-year high of $106.57. The stock's fifty day simple moving average is $99.81 and its 200-day simple moving average is $89.88. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.72.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its quarterly earnings data 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 during 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 business's revenue was up 9.4% compared to the same quarter last year. During the same period in the previous year, the business earned $1.51 earnings per share. On average, analysts expect 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 company also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were given a dividend of $0.53 per share. The ex-dividend date was Friday, July 25th. This is a positive change from Bank of New York Mellon's previous quarterly dividend of $0.47. This represents a $2.12 annualized dividend and a dividend yield of 2.0%. Bank of New York Mellon's dividend payout ratio (DPR) is presently 32.37%.

Analysts Set New Price Targets

Several equities research analysts recently commented on BK shares. 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 report on Wednesday, July 16th. Truist Financial upped their price objective on Bank of New York Mellon from $100.00 to $109.00 and gave the stock a "hold" rating in a report on Thursday, August 14th. Wells Fargo & Company increased their price target on Bank of New York Mellon from $96.00 to $100.00 and gave the company an "equal weight" 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. Finally, Citigroup raised their price objective on Bank of New York Mellon from $92.00 to $105.00 and gave the company a "neutral" rating in a research report on Friday. Eight equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $96.62.

Insider Activity at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the business's stock in a transaction that occurred on Tuesday, July 22nd. The stock was 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. The trade was a 36.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.14% of the company's stock.

Bank of New York Mellon Profile

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.