HB Wealth Management LLC Raises Stake in The Bank of New York Mellon Corporation (NYSE:BK)

Key Points

• HB Wealth Management LLC has increased its stake in The Bank of New York Mellon Corporation by 58.6%, holding a total of 29,849 shares valued at approximately $2.5 million.
• The bank reported earnings of $1.94 per share for the quarter, exceeding estimates by $0.21, alongside a revenue of $4.77 billion, which was slightly below the consensus.
• The Bank of New York Mellon has announced an increase in its quarterly dividend to $0.53, representing a 2.08% yield, with the payout ratio currently at 32.37%.

HB Wealth Management LLC boosted its position in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 58.6% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 29,849 shares of the bank's stock after purchasing an additional 11,034 shares during the period. HB Wealth Management LLC's holdings in Bank of New York Mellon were worth $2,503,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Parvin Asset Management LLC bought a new stake in shares of Bank of New York Mellon in the fourth quarter worth $25,000. Opal Wealth Advisors LLC acquired a new position in Bank of New York Mellon during the 1st quarter worth about $25,000. Alpine Bank Wealth Management acquired a new position in Bank of New York Mellon during the 1st quarter worth about $25,000. Bellwether Advisors LLC bought a new stake in shares of Bank of New York Mellon in the 4th quarter valued at about $28,000. Finally, REAP Financial Group LLC increased its stake in shares of Bank of New York Mellon by 123.2% in the fourth quarter. REAP Financial Group LLC now owns 395 shares of the bank's stock valued at $30,000 after buying an additional 218 shares during the period. 85.31% of the stock is currently owned by institutional investors.

Bank of New York Mellon Stock Down 1.7%

BK traded down $1.72 during midday trading on Friday, hitting $99.73. The company had a trading volume of 1,548,614 shares, compared to its average volume of 4,284,549. The stock's 50 day moving average price is $92.92 and its 200 day moving average price is $86.67. The Bank of New York Mellon Corporation has a 52 week low of $60.93 and a 52 week high of $103.16. The company has a market capitalization of $71.35 billion, a price-to-earnings ratio of 15.24, a PEG ratio of 1.00 and a beta of 1.07. The company has a quick ratio of 0.69, a current ratio of 0.72 and a debt-to-equity ratio of 0.86.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, topping analysts' consensus estimates 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 return on equity of 13.46% and a net margin of 12.27%. The company's revenue for the quarter was up 9.4% on a year-over-year basis. During the same period in the previous year, the company posted $1.51 EPS. On average, research analysts anticipate 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 company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 7th. Shareholders of record on Friday, July 25th will be paid a $0.53 dividend. This is a positive change from Bank of New York Mellon's previous quarterly dividend of $0.47. The ex-dividend date is Friday, July 25th. This represents a $2.12 annualized dividend and a yield of 2.1%. Bank of New York Mellon's dividend payout ratio (DPR) is 32.37%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Truist Financial raised their price objective on Bank of New York Mellon from $97.00 to $100.00 and gave the stock a "hold" rating in a research report on Wednesday, July 16th. Evercore ISI increased their target price on shares of Bank of New York Mellon from $88.00 to $90.00 and gave the company an "in-line" rating in a research report on Wednesday, July 2nd. Wells Fargo & Company boosted their price target 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. Keefe, Bruyette & Woods upped 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. Finally, 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 note on Wednesday, July 16th. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, Bank of New York Mellon has an average rating of "Moderate Buy" and a consensus target price of $94.38.

Insider Buying and Selling

In other news, EVP J Kevin Mccarthy sold 20,000 shares of the business's stock in a transaction that occurred 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 in the company, valued at $3,457,071.75. The trade was a 36.29% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.14% of the company's stock.

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.