Goldman Sachs Group Inc. Boosts Stock Position in The Bank of New York Mellon Corporation $BK

Key Points

• Goldman Sachs increased its stake in The Bank of New York Mellon by 26.3%, owning over 5 million shares valued at approximately $423.9 million.
• The Bank of New York Mellon recently declared a quarterly dividend increase to $0.53, representing an annualized yield of 2.0%.
• Analysts have raised their price targets for the bank, with some analysts maintaining a "Moderate Buy" rating and an average price target of $96.62.

Goldman Sachs Group Inc. lifted its holdings in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 26.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,053,744 shares of the bank's stock after acquiring an additional 1,052,145 shares during the period. Goldman Sachs Group Inc. owned approximately 0.71% of Bank of New York Mellon worth $423,858,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Alpine Bank Wealth Management bought a new position in shares of Bank of New York Mellon in the 1st quarter worth about $25,000. Opal Wealth Advisors LLC bought a new position in Bank of New York Mellon during the first quarter worth $25,000. Orion Capital Management LLC bought a new position in Bank of New York Mellon during the first quarter worth $32,000. Cornerstone Planning Group LLC boosted its stake in Bank of New York Mellon by 100.0% during the first quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank's stock worth $30,000 after acquiring an additional 196 shares in the last quarter. Finally, REAP Financial Group LLC boosted its stake in Bank of New York Mellon by 123.2% during the fourth quarter. REAP Financial Group LLC now owns 395 shares of the bank's stock worth $30,000 after acquiring an additional 218 shares in the last quarter. 85.31% of the stock is owned by institutional investors.

Insider Buying and Selling at Bank of New York Mellon

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. Insiders own 0.14% of the company's stock.

Analyst Ratings Changes

BK has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods boosted their target price on Bank of New York Mellon from $105.00 to $113.00 and gave the company an "outperform" rating in a research report on Wednesday, July 16th. Wells Fargo & Company boosted 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. Citigroup upped 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 note on Friday, September 5th. Evercore ISI upped their price objective on Bank of New York Mellon from $88.00 to $90.00 and gave the company an "in-line" rating in a research note on Wednesday, July 2nd. Finally, Truist Financial upped their price objective on Bank of New York Mellon from $100.00 to $109.00 and gave the company a "hold" rating in a research note on Thursday, August 14th. Eight equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $96.62.

Bank of New York Mellon Stock Performance

BK stock traded up $0.86 during midday trading on Friday, reaching $106.46. 2,609,349 shares of the company's stock traded hands, compared to its average volume of 2,833,322. The company has a 50-day moving average price of $101.15 and a two-hundred day moving average price of $90.49. 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 $68.51 and a 52 week high of $106.57. The firm has a market capitalization of $75.08 billion, a PE ratio of 16.25, a price-to-earnings-growth ratio of 1.00 and a beta of 1.14.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 business's revenue for the quarter was up 9.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.51 EPS. As a group, equities analysts anticipate 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 company also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were issued a $0.53 dividend. The ex-dividend date of this dividend was Friday, July 25th. 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 2.0%. Bank of New York Mellon's payout ratio 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.