Global Financial Private Client LLC Increases Stock Position in The Bank of New York Mellon Corporation $BK

Key Points

• Global Financial Private Client LLC raised its stake in The Bank of New York Mellon Corporation by 11.6%, now holding 26,704 shares valued at approximately $2.43 million.
• The Bank of New York Mellon reported $1.94 earnings per share for the last quarter, surpassing analysts' expectations of $1.73, with a year-over-year revenue increase of 9.4%.
• The company recently announced a quarterly dividend increase to $0.53 per share, resulting in an annualized yield of 2.0%.

Global Financial Private Client LLC raised its position in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 11.6% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 26,704 shares of the bank's stock after purchasing an additional 2,765 shares during the period. Bank of New York Mellon makes up approximately 0.9% of Global Financial Private Client LLC's holdings, making the stock its 22nd largest holding. Global Financial Private Client LLC's holdings in Bank of New York Mellon were worth $2,433,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Sax Wealth Advisors LLC grew its stake in shares of Bank of New York Mellon by 2.3% during the first quarter. Sax Wealth Advisors LLC now owns 5,278 shares of the bank's stock valued at $443,000 after buying an additional 117 shares during the last quarter. Hemington Wealth Management grew its stake in shares of Bank of New York Mellon by 8.0% during the first quarter. Hemington Wealth Management now owns 1,628 shares of the bank's stock valued at $136,000 after buying an additional 121 shares during the last quarter. Y.D. More Investments Ltd grew its stake in shares of Bank of New York Mellon by 13.8% during the first quarter. Y.D. More Investments Ltd now owns 1,030 shares of the bank's stock valued at $86,000 after buying an additional 125 shares during the last quarter. Resources Management Corp CT ADV grew its stake in shares of Bank of New York Mellon by 5.9% during the first quarter. Resources Management Corp CT ADV now owns 2,260 shares of the bank's stock valued at $190,000 after buying an additional 125 shares during the last quarter. Finally, RB Capital Management LLC grew its stake in shares of Bank of New York Mellon by 1.6% during the second quarter. RB Capital Management LLC now owns 7,990 shares of the bank's stock valued at $728,000 after buying an additional 127 shares during the last quarter. 85.31% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on BK. Morgan Stanley raised their target price on Bank of New York Mellon from $95.00 to $101.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 16th. Truist Financial raised their target price on Bank of New York Mellon from $100.00 to $109.00 and gave the stock a "hold" rating in a research note on Thursday, August 14th. Evercore ISI raised 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. Wells Fargo & Company raised their target price 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, Keefe, Bruyette & Woods raised their target price on Bank of New York Mellon from $105.00 to $113.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 16th. Eight investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, Bank of New York Mellon currently has a consensus rating of "Moderate Buy" and a consensus target price of $96.62.

Bank of New York Mellon Stock Performance

Shares of BK stock traded up $0.10 on Friday, reaching $108.62. The stock had a trading volume of 8,770,370 shares, compared to its average volume of 2,747,152. The stock has a market cap of $76.60 billion, a P/E ratio of 16.58, a price-to-earnings-growth ratio of 1.03 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 1 year low of $70.41 and a 1 year high of $109.21. The company has a 50 day simple moving average of $102.54 and a 200 day simple moving average of $91.17.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share for the quarter, beating analysts' consensus estimates of $1.73 by $0.21. The company 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%.Bank of New York Mellon's revenue was up 9.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.51 earnings per share. Equities research analysts expect that The Bank of New York Mellon Corporation will post 6.96 EPS for the current year.

Bank of New York Mellon Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Friday, July 25th were issued 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 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend was Friday, July 25th. Bank of New York Mellon's dividend payout ratio is currently 32.37%.

Insider Activity

In other news, EVP J Kevin Mccarthy sold 20,000 shares of the firm's stock in a transaction dated 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 trade represents a 36.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.14% of the stock is currently owned by insiders.

Bank of New York Mellon Company 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.