Fiera Capital Corp Increases Holdings in The Bank of New York Mellon Corporation (NYSE:BK)

Key Points

• Fiera Capital Corp increased its stake in The Bank of New York Mellon Corporation by 19.2% during Q1, now owning a total of 103,930 shares valued at approximately $8.72 million.
• The Bank of New York Mellon recently increased its quarterly dividend from $0.47 to $0.53, resulting in an annualized dividend of $2.12 and a yield of 2.08%.
• The company reported a quarterly EPS of $1.94, surpassing expectations, as revenue rose by 9.4% compared to the same quarter last year.

Fiera Capital Corp boosted its position in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 19.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 103,930 shares of the bank's stock after buying an additional 16,741 shares during the quarter. Fiera Capital Corp's holdings in Bank of New York Mellon were worth $8,717,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the business. Parvin Asset Management LLC acquired a new position in Bank of New York Mellon in the fourth quarter valued at approximately $25,000. Opal Wealth Advisors LLC purchased a new position in shares of Bank of New York Mellon during the first quarter valued at $25,000. Alpine Bank Wealth Management purchased a new stake in shares of Bank of New York Mellon during the first quarter worth $25,000. Bellwether Advisors LLC acquired a new stake in shares of Bank of New York Mellon in the fourth 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 worth $30,000 after buying an additional 218 shares during the period. 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 company'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 transaction, the executive vice president directly owned 35,115 shares of the company's stock, valued at approximately $3,457,071.75. This represents a 36.29% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.14% of the stock is owned by insiders.

Analyst Ratings Changes

BK has been the topic of several recent analyst reports. Morgan Stanley boosted their target price on shares of 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. Evercore ISI increased their target price on Bank of New York Mellon from $88.00 to $90.00 and gave the stock an "in-line" rating in a research note on Wednesday, July 2nd. Truist Financial boosted 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. Keefe, Bruyette & Woods boosted their price target 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. Finally, Wells Fargo & Company raised their price objective on Bank of New York Mellon from $96.00 to $100.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 16th. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $94.38.

Bank of New York Mellon Price Performance

Shares of Bank of New York Mellon stock traded down $1.67 during trading on Friday, reaching $99.78. 3,665,800 shares of the company's stock were exchanged, compared to its average volume of 4,302,989. The company 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 debt-to-equity ratio of 0.86, a quick ratio of 0.69 and a current ratio of 0.72. The firm's 50-day moving average price is $92.92 and its 200 day moving average price is $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.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its 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. The business had revenue of $4.77 billion for the quarter, compared to the consensus estimate 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 firm's revenue was up 9.4% compared to the same quarter last year. During the same period last year, the company earned $1.51 EPS. As a group, research analysts anticipate 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. Investors of record on Friday, July 25th will be given a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date is Friday, July 25th. This is a boost 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%.

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.