Horan Capital Advisors LLC. Makes New $209,000 Investment in The Bank of New York Mellon Corporation (NYSE:BK)

Key Points

• Horan Capital Advisors LLC has made a significant investment of approximately $209,000 in The Bank of New York Mellon Corporation, acquiring 2,487 shares in the first quarter.
• The Bank of New York Mellon reported a net margin of 12.27% and a return on equity of 13.46%, with quarterly earnings of $1.94 per share, exceeding estimates by $0.21.
• In a recent disclosure, the bank announced an increase in its quarterly dividend to $0.53 per share, up from $0.47, reflecting a yield of 2.10%.

Horan Capital Advisors LLC. 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 Form 13F filing with the Securities & Exchange Commission. The firm bought 2,487 shares of the bank's stock, valued at approximately $209,000.

A number of other institutional investors have also added to or reduced their stakes in the company. Revolve Wealth Partners LLC bought a new position in Bank of New York Mellon during the fourth quarter worth about $220,000. LPL Financial LLC lifted its stake in Bank of New York Mellon by 20.1% during the fourth quarter. LPL Financial LLC now owns 448,672 shares of the bank's stock worth $34,471,000 after purchasing an additional 74,948 shares during the period. Financial Counselors Inc. lifted its stake in Bank of New York Mellon by 4.5% during the fourth quarter. Financial Counselors Inc. now owns 4,260 shares of the bank's stock worth $327,000 after purchasing an additional 184 shares during the period. Loomis Sayles & Co. L P lifted its stake in Bank of New York Mellon by 32.0% during the fourth quarter. Loomis Sayles & Co. L P now owns 1,840 shares of the bank's stock worth $141,000 after purchasing an additional 446 shares during the period. Finally, Blair William & Co. IL lifted its stake in Bank of New York Mellon by 3.9% during the fourth quarter. Blair William & Co. IL now owns 24,605 shares of the bank's stock worth $1,890,000 after purchasing an additional 930 shares during the period. 85.31% of the stock is owned by institutional investors and hedge funds.

Bank of New York Mellon Trading Down 0.3%

BK stock traded down $0.31 during trading on Thursday, hitting $102.00. The company had a trading volume of 1,196,898 shares, compared to its average volume of 4,283,539. The company has a quick ratio of 0.69, a current ratio of 0.72 and a debt-to-equity ratio of 0.86. The firm has a 50-day moving average price of $92.67 and a 200-day moving average price of $86.50. The Bank of New York Mellon Corporation has a 12 month low of $60.93 and a 12 month high of $103.16. The stock has a market cap of $72.97 billion, a price-to-earnings ratio of 15.57, a PEG ratio of 0.99 and a beta of 1.07.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $4.77 billion during the quarter, compared to analysts' expectations of $4.80 billion. During the same quarter in the previous year, the company posted $1.51 EPS. Bank of New York Mellon's revenue was up 9.4% on a year-over-year basis. As a group, 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 business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 7th. Investors of record on Friday, July 25th will be given a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 2.08%. The ex-dividend date is Friday, July 25th. This is a boost from Bank of New York Mellon's previous quarterly dividend of $0.47. Bank of New York Mellon's payout ratio is 32.37%.

Insider Buying and Selling

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of Bank of New York Mellon stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $98.45, for a total transaction of $1,969,000.00. Following the completion of the sale, the executive vice president owned 35,115 shares of the company's stock, valued at approximately $3,457,071.75. The trade was a 36.29% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.14% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on BK. Evercore ISI lifted 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 note on Wednesday, July 2nd. Truist Financial lifted their target price on shares of Bank of New York Mellon from $97.00 to $100.00 and gave the company a "hold" rating in a research note on Wednesday, July 16th. Wells Fargo & Company lifted their target price on shares of Bank of New York Mellon from $96.00 to $100.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 16th. Morgan Stanley lifted their target price on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the company an "overweight" rating in a research note on Wednesday, July 16th. Finally, Keefe, Bruyette & Woods lifted their target price 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. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, Bank of New York Mellon currently has an average rating of "Moderate Buy" and a consensus price target of $94.38.

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.