First Pacific Financial Invests $4.30 Million in The Bank of New York Mellon Corporation $BK

Key Points

• First Pacific Financial invested approximately $4.30 million in The Bank of New York Mellon Corporation, acquiring 47,220 shares, which represents about 0.6% of its investment portfolio.
• In the first quarter, several institutional investors, including Nuveen LLC and Goldman Sachs Group Inc., made significant acquisitions, increasing their positions in Bank of New York Mellon.
• The bank announced a quarterly dividend increase from $0.47 to $0.53 per share, reflecting a 1.9% dividend yield based on the current payout ratio of 32.37%.

First Pacific Financial acquired a new position in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 47,220 shares of the bank's stock, valued at approximately $4,302,000. Bank of New York Mellon accounts for about 0.6% of First Pacific Financial's investment portfolio, making the stock its 24th largest holding.

A number of other institutional investors have also made changes to their positions in BK. Nuveen LLC acquired a new position in Bank of New York Mellon in the first quarter valued at about $773,627,000. AustralianSuper Pty Ltd acquired a new position in shares of Bank of New York Mellon during the first quarter worth about $92,502,000. Goldman Sachs Group Inc. boosted its position in shares of Bank of New York Mellon by 26.3% during the first quarter. Goldman Sachs Group Inc. now owns 5,053,744 shares of the bank's stock worth $423,858,000 after buying an additional 1,052,145 shares during the period. Wellington Management Group LLP raised its holdings in Bank of New York Mellon by 257.6% during the first quarter. Wellington Management Group LLP now owns 1,236,255 shares of the bank's stock worth $103,685,000 after acquiring an additional 890,593 shares in the last quarter. Finally, AQR Capital Management LLC raised its holdings in Bank of New York Mellon by 37.7% during the first quarter. AQR Capital Management LLC now owns 3,244,204 shares of the bank's stock worth $266,349,000 after acquiring an additional 887,361 shares in the last quarter. 85.31% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the 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 owned 35,115 shares of the company's stock, valued at $3,457,071.75. This represents a 36.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.14% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms have issued reports on BK. Keefe, Bruyette & Woods upped their price objective on Bank of New York Mellon from $105.00 to $113.00 and gave the company an "outperform" rating in a research note on Wednesday, July 16th. Truist Financial increased their price target on Bank of New York Mellon from $100.00 to $109.00 and gave the stock a "hold" rating in a research report on Thursday, August 14th. TD Cowen began coverage on Bank of New York Mellon in a research report on Thursday, September 25th. They set a "buy" rating on the stock. Morgan Stanley increased their price target on Bank of New York Mellon from $101.00 to $116.00 and gave the stock an "overweight" rating in a research report on Monday. Finally, Evercore ISI raised their target price on Bank of New York Mellon from $91.00 to $110.00 and gave the company an "in-line" rating in a report on Tuesday. Eight research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $100.92.

Bank of New York Mellon Price Performance

BK stock opened at $109.04 on Wednesday. The company has a market capitalization of $76.90 billion, a P/E ratio of 16.65, a price-to-earnings-growth ratio of 1.04 and a beta of 1.14. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.72 and a current ratio of 0.72. The Bank of New York Mellon Corporation has a 52-week low of $70.41 and a 52-week high of $110.87. The business has a 50-day simple moving average of $104.22 and a two-hundred day simple moving average of $92.50.

Bank of New York Mellon (NYSE:BK - Get Free Report) last announced its earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share for the quarter, topping analysts' consensus estimates of $1.73 by $0.21. The firm 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 return on equity of 13.46% and a net margin of 12.27%.The company's revenue was up 9.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.51 EPS. Research analysts expect that The Bank of New York Mellon Corporation will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Friday, July 25th were given a dividend of $0.53 per share. This is an increase 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 1.9%. The ex-dividend date was Friday, July 25th. Bank of New York Mellon's dividend payout ratio (DPR) is currently 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.

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