Graham Capital Management L.P. Takes Position in The Bank of New York Mellon Corporation $BK

Key Points

• Graham Capital Management L.P. has purchased a new stake in The Bank of New York Mellon Corporation, buying 45,960 shares valued at approximately $3.86 million during the first quarter.
• The Bank of New York Mellon also announced a quarterly dividend increase to $0.53, up from $0.47, representing a 2.0% yield on an annualized basis.
• Equities analysts have a consensus rating of "Moderate Buy" for the stock, with several firms increasing their target prices to ranges between $90 and $113, indicating optimism for future growth.

Graham Capital Management L.P. bought a new position in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 45,960 shares of the bank's stock, valued at approximately $3,855,000.

A number of other institutional investors have also made changes to their positions in the stock. Sax Wealth Advisors LLC grew its stake in shares of Bank of New York Mellon by 2.3% during the 1st quarter. Sax Wealth Advisors LLC now owns 5,278 shares of the bank's stock worth $443,000 after purchasing an additional 117 shares during the period. Hemington Wealth Management boosted its position in shares of Bank of New York Mellon by 8.0% in the 1st quarter. Hemington Wealth Management now owns 1,628 shares of the bank's stock worth $136,000 after buying an additional 121 shares in the last quarter. Y.D. More Investments Ltd boosted its position in shares of Bank of New York Mellon by 13.8% in the 1st quarter. Y.D. More Investments Ltd now owns 1,030 shares of the bank's stock worth $86,000 after buying an additional 125 shares in the last quarter. Haverford Trust Co boosted its stake in shares of Bank of New York Mellon by 4.3% during the 1st quarter. Haverford Trust Co now owns 3,133 shares of the bank's stock worth $263,000 after purchasing an additional 130 shares during the last quarter. Finally, Pinnacle Wealth Planning Services Inc. boosted its stake in shares of Bank of New York Mellon by 2.4% during the 1st quarter. Pinnacle Wealth Planning Services Inc. now owns 5,906 shares of the bank's stock worth $495,000 after purchasing an additional 136 shares during the last quarter. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Bank of New York Mellon Price Performance

BK stock traded up $0.84 during trading on Thursday, hitting $105.52. The company had a trading volume of 2,308,553 shares, compared to its average volume of 4,131,892. The Bank of New York Mellon Corporation has a fifty-two week low of $66.01 and a fifty-two week high of $106.57. 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 firm has a market capitalization of $74.41 billion, a price-to-earnings ratio of 16.11, a P/E/G ratio of 1.00 and a beta of 1.14. The business has a 50 day moving average of $99.25 and a 200 day moving average of $89.66.

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, beating analysts' consensus estimates of $1.73 by $0.21. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. The company had revenue of $4.77 billion during the quarter, compared to the consensus estimate of $4.80 billion. During the same period in the prior year, the company earned $1.51 EPS. Bank of New York Mellon's revenue was up 9.4% on a year-over-year basis. As a group, research analysts predict 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 firm also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Friday, July 25th were issued a $0.53 dividend. 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. This is a positive change from Bank of New York Mellon's previous quarterly dividend of $0.47. Bank of New York Mellon's dividend payout ratio is currently 32.37%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on BK shares. Evercore ISI increased their price objective on shares of Bank of New York Mellon from $88.00 to $90.00 and gave the stock an "in-line" rating in a report on Wednesday, July 2nd. Keefe, Bruyette & Woods raised their price target on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the company an "outperform" rating in a report on Wednesday, July 16th. Wells Fargo & Company boosted their target price on shares of Bank of New York Mellon from $96.00 to $100.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 16th. Truist Financial boosted their target price on shares of 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. Finally, Morgan Stanley lifted their price target on shares of 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. Eight equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat, Bank of New York Mellon presently has an average rating of "Moderate Buy" and a consensus price target of $95.08.

Insider Transactions at Bank of New York Mellon

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of the business's stock in a transaction dated 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 sale, the executive vice president owned 35,115 shares in the company, valued at approximately $3,457,071.75. The trade was a 36.29% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.14% of the company's stock.

About Bank of New York Mellon

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.