Fragasso Financial Advisors Inc Purchases New Shares in The Bank of New York Mellon Corporation $BK

Key Points

• Fragasso Financial Advisors Inc acquired a new stake in The Bank of New York Mellon Corporation, purchasing 2,959 shares valued at approximately $270,000 during the 2nd quarter.
• Various institutional investors, including Opal Wealth Advisors LLC and Alpine Bank Wealth Management, have also increased their positions in Bank of New York Mellon, highlighting strong interest from the investment community as 85.31% of the company's stock is now owned by institutional investors.
• The bank announced a quarterly dividend increase from $0.47 to $0.53 per share, reflecting a 2.0% yield and a dividend payout ratio of 32.37%.

Fragasso Financial Advisors Inc bought a new stake in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 2,959 shares of the bank's stock, valued at approximately $270,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in BK. Nuveen LLC bought a new position in shares of Bank of New York Mellon in the 1st quarter valued at $773,627,000. GAMMA Investing LLC lifted its stake in shares of Bank of New York Mellon by 9,538.9% in the 1st quarter. GAMMA Investing LLC now owns 1,399,958 shares of the bank's stock valued at $117,414,000 after acquiring an additional 1,385,434 shares during the last quarter. AustralianSuper Pty Ltd acquired a new stake in Bank of New York Mellon in the first quarter valued at $92,502,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Bank of New York Mellon by 15.9% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,689,477 shares of the bank's stock worth $590,783,000 after purchasing an additional 1,055,389 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its position in Bank of New York Mellon by 26.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 5,053,744 shares of the bank's stock worth $423,858,000 after purchasing an additional 1,052,145 shares during the last quarter. 85.31% of the stock is currently owned by institutional investors.

Bank of New York Mellon Stock Performance

BK stock traded up $0.10 on Friday, hitting $108.62. The company had a trading volume of 8,770,370 shares, compared to its average volume of 4,091,285. The Bank of New York Mellon Corporation has a 12-month low of $70.41 and a 12-month high of $109.21. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.86. The stock's 50-day simple moving average is $102.24 and its 200 day simple moving average is $91.02. The stock has a market cap of $76.60 billion, a price-to-earnings ratio of 16.58, a P/E/G ratio of 1.01 and a beta of 1.14.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its quarterly earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share 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 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 company's revenue was up 9.4% compared to the same quarter last year. During the same quarter last year, the company posted $1.51 EPS. As a group, equities research analysts expect that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Friday, July 25th were paid a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 2.0%. The ex-dividend date was 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%.

Insider Activity

In other news, EVP J Kevin Mccarthy sold 20,000 shares of the company's stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $98.45, for a total transaction of $1,969,000.00. Following the sale, the executive vice president directly owned 35,115 shares in the company, valued at approximately $3,457,071.75. This represents a 36.29% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.14% of the company's stock.

Analysts Set New Price Targets

A number of analysts have weighed in on BK shares. 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. Wells Fargo & Company raised their price target on shares of 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. Morgan Stanley lifted their target price on shares of 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. Citigroup lifted their price target on shares of Bank of New York Mellon from $92.00 to $105.00 and gave the stock a "neutral" rating in a report on Friday, September 5th. Finally, Truist Financial boosted their price target on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the company a "hold" rating in a research report on Thursday, August 14th. Eight equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $96.62.

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.