Harvest Fund Management Co. Ltd Boosts Position in The Bank of New York Mellon Corporation (NYSE:BK)

Key Points

• Harvest Fund Management Co. Ltd boosted its stake in The Bank of New York Mellon Corporation by 45.5%, acquiring a total of 12,025 shares valued at $1,009,000.
• Major institutional investors, including TrueMark Investments LLC and Sumitomo Mitsui DS Asset Management, also increased their holdings in the bank during the first quarter, showing strong investor confidence as 85.31% of the stock is owned by hedge funds and institutional investors.
• The Bank of New York Mellon recently declared a quarterly dividend of $0.53 per share, up from $0.47, reflecting a commitment to returning value to shareholders with an annualized dividend yield of 2.08%.

Harvest Fund Management Co. Ltd increased its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 45.5% in the first quarter, according to its most recent filing with the SEC. The fund owned 12,025 shares of the bank's stock after acquiring an additional 3,762 shares during the period. Harvest Fund Management Co. Ltd's holdings in Bank of New York Mellon were worth $1,009,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of BK. TrueMark Investments LLC purchased a new stake in shares of Bank of New York Mellon in the first quarter valued at approximately $4,282,000. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Bank of New York Mellon by 29.1% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 223,438 shares of the bank's stock worth $18,740,000 after buying an additional 50,368 shares during the period. Formidable Asset Management LLC bought a new position in shares of Bank of New York Mellon during the 1st quarter worth $247,000. Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in shares of Bank of New York Mellon by 121.8% during the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 183,602 shares of the bank's stock valued at $15,399,000 after buying an additional 100,810 shares during the period. Finally, Benson Investment Management Company Inc. bought a new stake in shares of Bank of New York Mellon in the first quarter valued at about $5,259,000. Hedge funds and other institutional investors own 85.31% of the company's stock.

Bank of New York Mellon Stock Down 1.6%

NYSE BK traded down $1.67 during trading on Friday, hitting $99.78. The company's stock had a trading volume of 3,665,800 shares, compared to its average volume of 4,302,989. The Bank of New York Mellon Corporation has a fifty-two week low of $60.93 and a fifty-two week high of $103.16. The company has a market cap of $71.39 billion, a PE ratio of 15.23, a P/E/G ratio of 0.99 and a beta of 1.12. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.69. The business's 50 day simple moving average is $92.92 and its 200-day simple moving average is $86.67.

Bank of New York Mellon (NYSE:BK - Get Free Report) last announced its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, beating the consensus estimate of $1.73 by $0.21. The firm had revenue of $4.77 billion during the quarter, compared to analyst estimates of $4.80 billion. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. Bank of New York Mellon's revenue was up 9.4% on a year-over-year basis. During the same period last year, the firm posted $1.51 EPS. On average, equities analysts anticipate 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 disclosed a quarterly dividend, which will be paid on Thursday, August 7th. Stockholders of record on Friday, July 25th will be issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.1%. This is a boost from Bank of New York Mellon's previous quarterly dividend of $0.47. The ex-dividend date of this dividend is Friday, July 25th. Bank of New York Mellon's dividend payout ratio is presently 32.37%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on BK. Truist Financial upped their price objective on shares of Bank of New York Mellon from $97.00 to $100.00 and gave the stock a "hold" rating in a research note on Wednesday, July 16th. Keefe, Bruyette & Woods increased their price objective on shares of 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. Evercore ISI boosted 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 research note on Wednesday, July 2nd. Wells Fargo & Company increased their target price on 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. Finally, Morgan Stanley boosted their price target on 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. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $94.38.

Insider Buying and Selling at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the firm's 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 completion of the transaction, the executive vice president owned 35,115 shares in the company, valued at $3,457,071.75. This trade represents a 36.29% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.14% of the stock is owned by company insiders.

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.